Yes, cryptocurrency is an effective instrument for wealth creation. The industry is gaining huge attention among investors due to its tenacity to offer huge returns. A portfolio containing a host of crypto assets tends to reward users massively in the long run. Cryptocurrency without a doubt is indeed a vast industry with a host of quality and game-changing innovations. Crypto offers users an enormous source of earning passively and it has proven to be a promising avenue to earn massively.
With the support of blockchain technology, crypto has proved effective in various industries. However, there is a misconception that crypto is limited to just finance. This is due to how the major theme of the innovation is heavily concentrated around finance. Nevertheless, crypto is an effective innovation that extends beyond finance and lengthens to other areas like climate change, governance, certification, agriculture, and many more.
How crypto walks side by side with finance has also raised questions about its effectiveness as a means of investment. Investors, regulators, and critics have questioned if cryptocurrency is just about creating wealth. From a broad view, cryptocurrency isn’t just about creating wealth. Most cryptocurrency projects primarily focus on establishing themselves as a reliable means of payment and exchange.
Crypto as a Means of Payment
Projects like Ripple, Litecoin, Polygon, and Solana focus more on completing transactions faster. These aforementioned projects intend to become a reliable substitute that can facilitate cheap and secure transactions, breaking down regulatory and geographical barriers to sending money. With the presence of these crypto projects, users now rely on virtual assets to make payments. Consequently, how these cryptocurrencies work is a strong basis for the argument to dislodge claims that cryptocurrency is all about creating wealth.
Also, cryptocurrency has as well found its way into the gambling sector. The presence of crypto among punters has provided them with a reliable option for playing their preferred casino and sports games without restrictions. Playing on crypto-supported platforms allows gamblers to play without restrictions. Additionally, it provides them with support to make deposits and withdrawals swiftly compared to using fiat payment channels.
Crypto For Greener Earth
Another pointer to the fact that crypto is beyond wealth creation is the emergence of climate change-focused projects. For instance, Chimpzee a tree-planting and climate change crypto-focus project encourages users to support the initiative for a greener earth. The project supports users to make a positive impact on the environment and save animals from extinction. Furthermore, through the initiative, various groups and organizations have donated to Chimpzee to encourage its efforts against climate change.
So far, Chimpzee has managed to plant 32,000 trees in Brazil and Guatemala. In recent times, the crypto project donated $15,000 to save Elephants globally. However, the project incentivizes users for their commitment. Nevertheless, it doesn’t take away anything from the reality that Chimpzee is another initiative that reflects the influence of crypto beyond wealth creation.
Conclusion
The school of thought that believes crypto is limited to just wealth creation can be right to an extent. On the flip side, we’ve seen various innovations emerge from the industry that extend beyond wealth creation. These innovations are central to prominent industries and issues relating to the day-to-day life of a human. However, most crypto projects tend to offer their users and adopters something in return for their commitment to the initiative. Some of these incentives are mostly financial returns which many critics represent as a venue for wealth creation.
Likewise, most cryptocurrencies are usually volatile and their value can fluctuate regardless of their use case. Most investors and financial speculators tend to acquire a crypto asset with the intention of keeping it to increase its value. Basically, this approach can push crypto under the category of a wealth-creation instrument. Above all, it is fair to submit that cryptocurrency can help create wealth. Nonetheless, their usefulness isn’t just limited to wealth creation as we’ve witnessed various use cases attached to different cryptocurrencies.