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Blockchain Generation: Why Our Society Is so Fond of Blockchain and Crypto?

Updated on April 20, 2019
Natali Zhuravel profile image

Interested in modern technologies and how they correlate with society.

The hype around the blockchain and cryptocurrencies – the fuel of blockchain technology – has been around for a while. At times, it drove the prices of crypto almost to $20,000 from the initial rate at less than $1.

Talks about cryptocurrencies

Cryptocurrencies leave no one indifferent because of the controversial nature of digital assets. They are promising, but they also evoke suspicions. Owing to this, cryptocurrencies have divided everyone who knows about them into three major groups:

  • crypto enthusiasts, who believe that crypto is the future of money;
  • crypto haters, who consider cryptocurrencies a bubble and scam;
  • crypto spectators, who observe the whole situation and wait to see what the future brings.

But no matter what the society thinks of cryptocurrencies, they seem to stay for long, together with the technology they power.

Why are blockchain and cryptocurrencies so popular?

Crypto has earned attention and popularity as an innovative asset developed on forward-looking principles. Let’s dive into the reasons underlying such an interest and contributing to the growth of the sphere. Here are some of the advantages cryptocurrencies and blockchain offer:

Transparency and openness

Blockchain is an attempt to get rid of centralization and enable open relations between people. It allows everyone to track the flow of money and information in a way that eliminates the third parties. And the community looking for transparency will make sure that blockchain evolves, advances, and stays.

Freedom of thought and actions

People often refer to the twentieth century as the time of fighting for empowerment and freedom. This involves freedom of speech, freedom of movement, freedom of action, freedom of choice. Blockchain has strengthened all those freedoms by providing a venue where everyone can be free in what one does but within a defined framework.

Connection and community

Community has also come to the foreground within the last several decades, and people have also realized the power of the community. That’s why making something to what everyone can contribute is in the spirit of the time. Even more, blockchain is a common experience which cannot be denied and bases on the community, so it brings people together.

Creation and contribution

Following technology advances, people tend to be connected while being more isolated from each other. That is how they come to an idea that everyone wants to be a creator rather than a user. People tend to value personal contribution, and blockchain allows them to make it. Blockchain is open, so everyone can take part in it and become one of the creators.

Utility value and use cases

People are not fond of useless things anymore. Valued is only what has utility and can practically be used. Therefore cryptocurrencies are valued primarily for their use cases. Ethereum, for instance, powers the DAPPs and supports the work of smart contracts, while Ripple allows for faster cross border payments. With those use cases, cryptocurrencies will be well-regarded for long.

Lack of power and authority

The primary goal for the creators of cryptocurrencies was to create a tool that will work independently of the authorities. As such, it is not subject to any regulatory control and, once again, supports freedom. Lack of authority and decentralization of decisions is what many see as the future, so cryptocurrencies powering blockchain are an essential element in achieving this goal.

Cryptocurrencies are taking a firmer position in society. They offer opportunities for the modern generation to realize themselves, to become what they want to become, and to find the new ways of doing things. In the spirit of our time, cryptocurrencies affirm important values, and they don’t show any signs of walking away soon. The only thing that’s left for everyone is to decide which side to join. To be a liberal enthusiast, conservative hater, or a side observer. The choice is all yours.

© 2019 Natali Zhuravel

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