Cryptocurrency and blockchain technology is going to reopen individual finance in the next decade.
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Even if you never buy bitcoin, atherium or any other digital currency, the effect can affect how you save, spend and manage how to save your money. Here are three ways that Crypto can change your financial life to 2035.
Streamlined payment across boundaries
The most immediate change will be how people send and receive money.
Like the US dollar, 1: 1 to 1: 1, Stabechines brought stability for fiat currencies, which lacked cryptocurrency, making them practical for everyday transactions. For a decade from now, sending money across the borders will be faster and cheaper.
“We pay in the capacity of Stabechines and to streamline commerce and commerce in the value chain,” said MasterCard Chief Product Officer Zourne Lambert.
This means that your future paycheake, bill payment and international transfer can flow through all blockchain-based systems that operate 24/7 without traditional banking middlemen.
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Stablecoins can spend everyday
Stablecoins are already receiving traction for everyday use due to their speed and low fees.
“We have seen some interest where banks and other companies would like to make their stabelcoins,” said CEO of Coinbase, Brian Armstrong.
In fact, companies such as Circle and JP Morgan have already developed their own stabelcoins to facilitate rapid payment at lower fees than traditional banks.
Since stabechines are more integrated into finance, they can strengthen everyday expenses from paying bills to online shopping and transfer, providing more flexibility and efficiency.
Defi may replace traditional banking
The most revolutionary change can come from decentralized finance (DEFI), which can completely remove traditional banking middlemen.
Currently, some DEFI platforms allow users to lend directly through smart contracts, borrow and earn interest. These platforms provide better returns than traditional savings accounts.
After a decade from now, people can completely bypass banks when it comes to saving, borrowing and even lending.
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This article originally appeared on gobankingrates.com: 3 ways can change cryptocurrency how you manage your money within a decade
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