| Source: Shutterstock
Crypto and blockchain continue to make major strides across global industries but much like other breakthrough tech or innovations, they are still in a relative stage of infancy and remain marked by layers of confusion, misunderstanding, or even apprehension.
Further exacerbating misperceptions or even aversion to crypto use is the fact that its versatility is sometimes overshadowed by its role in conducting illegal transactions through Bitcoin or even popular privacy coins such as Zcash and Monero. It is estimated that around $72 billion worth of illegal activity is being funded by Bitcoin and has become a preferred method of payment to access illegal markets such as the infamous Silk Road marketplace.
Crypto often receives negative press on a first glance and there are still many who view Bitcoin and blockchain as being synonymous which has led to rampant confusion among those new to the blockchain phenomenon.
An excellent analogy to simplify the distinction compares cryptocurrency such as Bitcoin to casino chips. While the chips represent a measure of value, it is only the existence of the casino (blockchain networks) that provide it with its core transactional capabilities.
Readily accessible financial services for all
The considerable synergy of crypto and blockchain has helped to facilitate quick and efficient payments without a central authority to throttle the process through various solutions for streamlining the process of sending and receiving money around the globe.
Crypto has been thoroughly embraced by countries that have been hit hard by inflation such as Venezuela, which is seeing record numbers of Bitcoin trading as the bolivar continues to plummet. Similar growth in Bitcoin’s popularity is also readily apparent in other countries like Argentina as the PESO sees similar trends in devaluation.