Hello everyone and welcome to another article for the blog Vendata's journey of the crypto world! We all know that the crypto world is amazing, a huge buzzing ecosystem with thousands of coins and perhaps millions of users interacting with each other within the ecosystem, where that be indirectly through a validation, or directly like a transaction or comment. Many of us think that the crypto world would stay in the virtual world, never to spread out into the real world. That is a fair point, especially since cryptocurrency is entirely based online (exclude the machines and resources needed). Why should we have cryptocurrency being used in this imperfect real world when it can be properly used inside in its ecosystem, which is reliable and perfect, fully automated by machines that throw the word "imperfection" out from their dictionary. Turns out that the crypto world is a big thing in the real world, helping many people have better lives across many different areas. And it is not stopping there, it is getting used more and more, the crypto world colliding with the real world. So where do we use crypto in the real world? Let's have a look at some of them!
Making Reliable Currencies
Cryptocurrencies are unarguably the best currency that is available in today's society. One of the big things that make cryptocurrencies so good is their resistance to inflation. What this means is that people cannot stop creating billions and billions of a cryptocurrency, which pulls the price down from the high influx of supply. Yes, cryptocurrencies like Ethereum do have an infinite supply, but it is not subject to extreme creation events, made only by those who sell it alongside other activities regulated by technology.
For real-world currencies, it is a much different story. Governments can print as much money as they want, spilling it into the economy hoping that it may solve something, making its value dump. Venezuela is an African country that has one of the severest cases of inflation. Its inflation was estimated at 80,000% by 2018, which is 800 times the original price! And that was three years ago, imagine now! This inflation is so bad that 1 USD equates to Bs.S (Venezuelan bolívar) 1,889,000 (officially at March 7, 2021)! That is crazy! This is where cryptocurrencies come to save the day! In response to this crisis, Venezuela has adopted cryptocurrencies, especially Bitcoin, into its country's economy. This is great! Not only will people get more money because Bitcoin's price almost always goes up over time, but it is super reliable, as I have mentioned earlier!
Helping The Global Healthcare
Another instance of cryptocurrencies helping out the real world is through global healthcare, which you may have not known! A popular example that is popping into my mind is Folding@Home (F@A). For those who do not know what F@A is, F@A is a company that provides a mining application that is easy to start and use. However, this mining application has a generous and great reward for its miners, helping out the healthcare. Now, how do they help with healthcare? Through research! When you mine with F@A, you are computing heavy technological processes that researchers need to develop their projects, such as modelling complex proteins in a virus to learn how to defeat them. F@A supports a variety of different diseases, many of which are unfortunately prevalent and lethal in our current worlds, such as COVID-19, Alzheimer's, cancer and Parkinson's. On the good side, you are helping not only the researchers with your mining but the entire world, even yourself! By helping out these researchers, an effective treatment/cure can be made on the disease, which flows throughout the world, and thus yourself.
This is just one small piece of the massive pie in cryptocurrency's help with global healthcare. I cannot think of any other massive companies that run or support cryptocurrency, but I can think of plausible cases where cryptocurrency is used to make better healthcare in the world. One would be transacting crypto from one person to another, but for medication to help the receiver's loved ones since centralised e-cash is unreliable or unavailable on the seller's account. If you know any other examples, I am happy if you leave them below in the comment section, teaching us more of the greatness of the crypto world in the real world!
Now comes the end of this post! I hope you found the information interesting and useful, teaching you more about crypto so you can admire its power not only in the virtual world but the physical world as well! Of course, I have missed, many, many other cases of crypto in the real world, but it would take all the long to explain them all. What is the main fact to learn from this post is this: the crypto world does not only help the crypto community but the real world community in a variety of ways. Also, note that it does not only support the rich but the poor as well. Yes, the rich may have a greater benefit, but to a much less extent on commodity currencies (e.g. USD, EUR, CAD), which only makes crypto better!
Looking at real-life cases of crypto in use, I begin to appreciate more of the generosity and greatness of crypto, which will soon dominate the entire globe with its glad tidings.