What is Crypto?
Background
Crypto is a digital asset that can be exchanged and used to buy goods and services. However, due to the majority of crypto having their value determined solely through supply and demand, speculation has led to their prices rise drastically. Crypto consists of coins and tokens that are built on top of a blockchain network. All transactions on the network are done through crypto and many companies build decentralized applications on top of these networks. The greatest appeal of transacting through a blockchain network is the security behind each transaction.
The Crypto Industry
Currently, there are over 10,000 different cryptocurrencies publicly traded with a total market cap of over $1 trillion. As more people began to see crypto as the currency of the future, more people started to build Dapps, most of them being DEFI (decentralized financial) applications.
How Does Crypto Benefit the World?
First and foremost the crypto industry has created a lot of wealth for a large number of people. The industry has created thousands of jobs and provided everyone a new form of asset to invest in. In many countries where basic banking services are not accessible, crypto has become a part of their daily lives. Things such as loans, checking accounts, savings accounts, and investing can all be done without the physical infrastructure. Moreover, crypto to many is an alternative to traditional fiat currencies for those in countries in crises. For example, many Venezuelans have used crypto as an alternative to their national currency due to hyperinflation. Finally, being decentralized has also allowed assets to be transferred freely across borders, enabling more people to seek a more prosperous life.
Crypto as an investment
The main goal of investing in any asset is making money and Investing in crypto can accomplish this goal. Not only did the value of Coins and Tokens explode this past year, but opportunities for staking crypto have also increased significantly. More DeFi applications are being created every day providing every person with financial tools previously inaccessible. Investing in crypto is not just investing in a digital asset, it's investing in a revolutionary technology that is trustless, censorship-resistant, and truly secure.
