Cryptocurrency

Cryptocurrency is a newer invention that is changing the way people exchange money. It has both positive and negative effects on the economy and is widely discussed among millennial and Gen Z populations. With new inventions like this having the ability to influence our economy, it is important to dive deeper and understand the idea as a whole to weigh the risks and rewards of implementing this into society. 

What started out as a resource mainly used by just tech investors and business account managers has now extended to the general public. Today anyone can access crypto currency and use it for what they see fit. This has opened a lot of opportunities for global trade of art and other goods and services on a smaller scale than we have seen in the past. Previously, global trade was carried out through major corporations, but now with access to crypto currency, it is much more accessible for people to partake in global trade affairs. 

Cryptocurrency is unique in the sense that it allows for anonymity and accessibility. People can now wire money all over the world with an automatic exchange rate. It is a way to partake in fast transactions with low cost. This form of payment can offer privacy to the buyer as well as various investment opportunities. These features have made crypto attractive to the general public and caused this form of currency to skyrocket with nearly 1 in 5 American adults having used or invested in cryptocurrency. 

With that being said, there is still a large majority of the population that is skeptical of the safety and legitimacy of crypto currency. Older generations are wary of allowing technology to infiltrate our economy and have a harder time understanding the pull towards crypto currency. These opinions weigh heavy on younger generations as well as these are the parents and grandparents of potential investors. This is evident as there has been a recent decline in the value of major crypto currencies, like Bitcoin. 

    Overall, I can see both sides of this argument for cryptocurrency. While it is an exciting new way to make transactions, I still have some reservations on the safety and legitimacy of some of these crypto currencies. There seems to be a large potential for scammers and hackers to find a creative way to get you to “invest” your money and you end up losing it. While I am not currently a regular user of cryptocurrency, I still appreciate the advancements it is making in finance and technology and look forward to seeing other ways it may shape those aspects in the future.