Los Angeles, CA, July 27, 2020 (GLOBE NEWSWIRE) — Cryptocurrencies have grown enormously over the last decade or so. It has grown from a mere concept to a thriving industry. While cryptocurrencies are still mysterious to the majority of the population, those familiar with the concept are predicting that these will be the primary means of exchange as the world becomes increasingly borderless.
Kenneth Mak, a 21-year-old aspiring technology entrepreneur from Singapore, believes cryptocurrencies are the future of the way we hold our wealth. Living in the most expensive city in the world, and being an alumnus of the Anglo Chinese School, he is quite familiar with the power of wealth.
Mak, creator of the URL shortening service URL.io and co-founder of a Web Development company that offers bespoke innovative web solutions for businesses (particularly in networking and communications), is naturally optimistic about all blockchain technologies has to offer, including cryptocurrencies.
Blockchain is a particularly difficult concept for those not in the tech sphere to get their heads around, but it is essentially a way to exchange data publicly. For cryptocurrency, it means that transactions are stored on public “blocks”, but can’t be intercepted. They are neither controlled by a centralized authority, unlike traditional currencies.
Fiat/traditional currency poses several major problems like lack of control over one’s own money, dependence on third-parties, risk of inflation, etc. Cryptocurrency, being decentralized, solves these issues with ease. They operate on a network of “nodes” which are computers that hold that information. All in all, cryptocurrencies have a huge potential to be the much-needed trustless system of exchange.
In 2017, 6.2 billion dollars were invested into cryptocurrency startups alone, showing that many of the world’s top entrepreneurs and investors see a strong future for blockchain technologies and cryptocurrency in particular. Today, with increasing currency volatility and unrest, it’s likely cryptocurrency will be embraced even more heavily.
Predicting the future of cryptocurrency isn’t easy, but Mak’s believes that it has the potential to become the currency we use. In the era of globalization, we need a currency that can eliminate the high fees when we deal with cross-border transactions. To sum it up, cryptocurrency solves most of the major problems that has crippled the traditional financial set-up for decades.
To find out more about Kenneth Mak, his company, or his thoughts on the future of cryptocurrency, follow him on http://kennethmak.com/.