Cryptocurrency And Globalization

Globalization is a hot topic this days, its impact is already being felt in some places. The pandemic did accelerate the concept of remote work. Since then, more than 50% of employees are reluctant to go back to the office.

This led many companies utilizing all kinds of schemes to get them back. Some adapted and went with the trend, like Airbnb who told there employees that they can forever work from home. Others couldn’t, their model doesn’t fit with this new system.

It’s quite evident now that remote work is here to stay and it will flip ‘work in the office’ in the coming years. Some westerners do fear that immigrants will continue to come to their countries and take away their jobs. But now, they don’t even have to come anymore, they can take it from where they are!

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A Short Overview

The internet was one of the first steps in creating a global community, it is a platform that anyone could connect to from anywhere in the world. Over the years it has become an indispensable tool in people’s life. That’s why people like Elon Musk are building an ‘internet network’ to connect the whole globe.

While progress is being made in one avenue, another new avenue begins. Web 2.0 is the second iteration of the internet. This gave birth to the new social media apps, digital banking and finance apps, commerce apps, communications apps etc.

The apps were easy to use and their infrastructures enable the expansion of the ‘globalization effect’. You could talk with anyone anywhere in the world, buy goods (or services) from anywhere in the world, and see or know about any part of the world (digitally).

On the financial side, it enabled the flow of money from and to most parts of the world (through trade). Markets that were once close or unreachable are now open and reachable. The biggest gainers were the early adopters (of web 2.0) who got wealthy from it. They were the ones who mostly built the infrastructure and the first to utilize it.

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While the first cycle has almost reached its end and the second cycle is already half way, another new cycle begins. In less than half a century, there has been an iteration of the internet three times, history sort of repeating itself three times, each time in another more marvelous form. Each of them building further from where the latter left off, 'deeply' connecting the global community. Could the fourth iteration of the internet begin before two decades from now?

Enters Cryptocurrency

It’s already possible to work from almost anywhere in the world and get paid in one of the strongest currencies (USD). The problem is that you’re not paid the full amount and trading it to your native currency will incur some charges. In the end, you’re left with barely half the amount you’re paid.

We live in a global world but we don’t have a global currency, with crypto we do. Cryptocurrency is like a key piece in the globalization puzzle. Now, we can work and earn or save (or even spend) with crypto.

With blockchain technology and its ability for decentralization, resources are no longer tied to one or a few places rather they are spread in multiple locations. This means that one doesn’t need to be at a certain place to be able to access resources. Through decentralization, globalization can happen in many aspects and not just in resources.

In Conclusion

Cryptocurrency and blockchain technology via the capabilities they impart will play a vital role in globalization. One will be able to work from anywhere and get paid in full. One will also be able to travel without being worried of conversion fees in different destinations. Since its crypto, one’s funds aren’t tied to any location. Isn’t that true globalization?

Thanks For Reading!

Profile: Young Kedar

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