The good performance of Cryptocurrencies last year managed to give it the right set of tools to shake the financial world. The usage of cryptocurrency also increased, as well as its popularity and convenience. Countries around the world are starting to adopt new policies for Bitcoin usage. Trading Bitcoins and other cryptocurrencies are getting more popular than trading in the stock market.
Cryptocurrency and financial intermediaries
When your money is digital, secure, anonymous, and can be used all around the world, transactions will have a reliance on technology.
Therefore, financial intermediaries such as banks, lending firms, and basically anything that operates in cash and fiat money might cease to exist if Cryptocurrency is used as a national currency. Accountants, bankers, business lawyers, and other people who work with reliance on banking might have problems in the future.
The reason for this is that even though banks incorporated technology in their operations, they still need the human component. Even though banks have a big reliance on technology for their transactions, what's inside those big databases of transactions are inputted by humans. That's right, humans are needed to verify the transactions for inconsistencies (e.g. fake money / wrong information ) that can cause fraud.
The friendly teller that meets you every time you go to your bank acts like a big filter to keep your money safe and also record transactions of the day.
Jobs in tech
These mundane tasks will be eliminated through the use of Cryptocurrency. The Blockchain system is a very effective tool that makes your transactions secure, and it will even know immediately if a hacker is trying to tamper data.
Transactions or "blocks" will be connected to the blocks before it, making it easier to detect attempts of data tampering. Individual blocks are also heavily encrypted, which makes hacking it a hard task. And because of this, you might not see a friendly teller greeting at you anymore every time you hit the bank, that is if you will still hit the bank.
On the other hand, Jobs in the tech industry will increase. Since this system is digital, new businesses and operational setups will depend largely on the Internet blockchain. The demand for services online will increase because some people are doing everything that they do on the internet.
