This is a million dollar question that no one seems to be interested in answering. Then allow me to present what I see cryptos will do to our economy in near future. And please keep an open mind as I am no financial advisor or crypto guru. What I am going to is abbreviate just what I learned from my ventures with cryptos.
Once there were beans that controlled the world. If you didn't know beans were once used as money. Then came coins. They were shiny, weren't they? Then came the paper money revolution.
Did you notice something? How the next one always takes the place of the previous ones? Yes. They all followed the same path. And now its cryptocurrencies turn.
As I conducted my research online about how cryptos are affecting the economy now and will affect in the next decade all the articles repeated 3 effects again and again. Let me describe what will happen if cryptos become globalized.
1. The Dollar Shift...
Imagine the world's economy as a spider web. Now follow the threads to the middle and you will find dollars sitting there. Its an unspoken taboo for us normal individuals to talk about how dollars are controlling all the other adverse markets shining a light on the global economy. Oil, clothing gold and whatnot. Many others tried to challenge dollars authority but none succeeded until bitcoin came along. It showed the possibility of how cryptos can shift this centralized dollar polarization. In this year experts seem to think the crypto market will reach over 800 billion dollars. That like hundred countries in lowest of the lists GDP combined for five years. It is only been a decade and cryptos has come this far. Everyday 5 or 6 new icos come to life. And the dollar centralization coming to a halt is only a matter of time
2. The Middleman...
Imagine a world where you don't need to pay for every transaction you do. You don't have to pay to withdraw money or to deposit money. And now open your eyes. Yes. This that world now. Now you don't need to pay money to hold your money. Online wallets cut the middleman out like they were surgeons cutting out a tumor. And the transaction fees came down to almost zero.
3. The Crowdfunding Approach...
Now in the days of cryptos, you don't need to ask for loans from banks. You have a business that you want to take online, an idea or a project or whatever you think can bring value to the society you can accomplish by just Offering ICOs. Now in this world ideas, concepts are tokenized.
I am sure there is much other in-depth analysis of how cryptos are affecting the economy and their causation. But those are conversations for future.