The world is changing due to the crypto industry. Behind the curtains, every industry is comprised of silent, diligent workers that are coordinating the show. The crypto industry is no different.
Crypto Industry Impact
On the surface, it may seem like the crypto industry is a hosh-posh group of rouge cypherpunks buying and selling fake money. Most traditional investors consider the crypto market to be the wild west of money. But that is not the case, at least not entirely.
There is a truth to the idea that the crypto industry is a volatile and emotionally driven realm. Beside its apparent downfalls, the crypto market is a thriving ecosystem of talent, education and inspirational leaders. Additionally, there are thousands of jobs entering the market, constant wealth creation, and technological advancements unlike ever before.
In this post I would like to discuss why the crypto industry is good for the world, besides the currency aspect or blockchain specific use-cases.
First thing I want to focus on is the jobs that are being created within this industry. To give a brief idea, Linkedin has almost 4000 blockchain related jobs as of May 2019 on that platform alone.
Each project has a dedicated team of developers and community managers. This means there are thousands upon thousands of jobs created for developers because there are over 3000 cryptocurrencys alone. This does not even include the exchanges, communities and white hats. To say the crypto industry has brought tens of thousands of jobs to the global job market will soon become an understatement.
Impact of Cryptocurrency Exchanges
Let’s think about the exchanges for a second. An exchange needs a strong team of diversified developers, community managers for all their platforms, accountants, executive team, marketing managers, custodial services, possibly insurance, market data engineers, customer service representatives, office managers, and of course a dependable legal team. Taking this into consideration and the fact that there are hundreds of exchanges, that’s a lot of jobs flooding the market.
Besides exchanges, there is an entire ecosystem of financial products hitting the market. To name a few:
- Bitcoin gateway payment providers like CryptoChill or Bitpay
- Futures markets and margin accounts are on exchanges like Kraken and Bitfinex
- Potential ETF proposal through the SEC and Bakkt
- Banking products like XRP to circumvent SWIFT
- Derivatives and options market
- Custodial solutions and crypto processing companies
Cryptocurrency Wealth Creation
Besides the job market expanding, there is obvious signs of wealth creation. Investors pay real money to obtain these digital assets. That money does not disappear and the tokens go from being worthless to being worth “something” when they are traded on an exchange.
This is a basic example of wealth creation. Additionally, every time a miner takes his reward and puts it on the market, wealth is in essence being created in forms of these digital assets. This can lead to the global economy shifting over the next 10-15 years if the crypto market becomes a stable ranking of world power.
Blockchain Technological Advancements
Finally, the crypto industry has lead to many amazing things besides the traditional blockchain data structure. New systems like Hyper Ledger, DAG, and complete coding languages are developing due to this movement. In addition, industries like AI, Supply Chain, and IOT are thriving from an influx of projects and use-cases. As scalability becomes the norm throughout the market, we should see an increase in industry specific use-cases.
Additionally, crypto has the potential to reach the unbanked and provide liquidity for every human with a cell phone though new products being pushed in Africa. Regions in Africa are now becoming apart of the global economy that never were before. Another instance of this is from the Middle East. Some women do not own a bank accounts due to their religious laws, but now they have Bitcoin addresses to get paid for their work.
Is Crypto Good for the World?
In summary, yes. Crypto is essentially providing a capitalistic society for the entire globe to become involved in. It provides a way for every person, not only traditional or certified investors, to invest and become larger parts of the market scene. This continual influx of cash flow and liquidity from a global real time market will provide a surge in new products, discovering new solutions, and bringing the future to today.