Can Cryptocurrencies Build a Future of Democracy and Financial Freedom?

Cryptocurrencies have been booming and growing for the last couple of years to become a trillion-dollar industry. Last September, the total market capitalization hit 2 trillion as more mainstream and individual players embraced the market. Although cryptocurrencies have been around for a long time, they are only beginning to be acknowledged as financial tools that folks can use to bring about financial freedom, among other benefits. They can help boost the global economy by making it easier for people to access capital and financial services. However, can cryptocurrencies build a future of democracy and financial freedom? Let’s find out; Eliminating Intermediaries Bitcoin was created to allow people to conduct transactions without a third-party intermediary, such as a bank. It was initially designed to address the concerns about the erosion of privacy in our digital age. The introduction of Bitcoin in 2009 was timed to come after the financial crisis, which severely affected the trust levels of banks and governments. Although Bitcoin does not guarantee that people will be able to keep their identities secret, the ability to conduct secure, somewhat private financial transactions helps explain cryptocurrency’s growing appeal. The rise of bitcoin has also primarily been attributed to its blockchain technology. This type of digital ledger is used to record the transactions using it. Although it doesn’t contain the identities of t...