Income Inequality: Can Bitcoin or Other Cryptocurrencies Fix This?

Crypto-Currency has been a revolutionary new form of exchange in terms of the security and transparency it has brought to the game. The innovative blockchain technology, as well as the beauty of the peer-to-peer network, will go into many finance-history books. But the fact remains, that investors tend to be the ones that have a few thousand to spare not the ones that live from hand to mouth. Experts are now asking the question of whether crypto-currency will begin to change hand and thus be the harbinger of justice through wage-parity. The question is one of incredible importance and calls for a detailed and perfectly analysed answer. 

The Precursors of the change

The pandemic has brought a lot of ruin to nations all across the world. Many economies are stretched tight to offset the effects it has caused by printing more and more money which is a short-term solution but a long-term disaster. Economic experts predict a huge crisis to be looming in the horizon where altcoins may play a vital role that may tip the scales. The inception of Bitcoin had been a game-changer because of a fixed treasury against the government economy where the money is minted without care. The problem of inflation was thus fixed in the cryptocurrency ecosystem.

How will it happen?

The Coronavirus pandemic has played havoc on the old systems of the economy with a sudden and abrupt end to its progress which will inevitably be followed by further ruin in the likes of the great depression. Amid all this chaos, crypto-currency is steadily gaining ground as the money keeps blowing into its premises due to technical reasons that have been strengthened by the peculiar conditions forcible imposed by the pandemic. Further, blockchain technology is another golden guide waiting to show different aspects of society how beautifully it operates. Its transparency and efficacy can positively affect the upcoming fate of data protection in almost every sphere of importance, be it medicine, politics or personal wealth.

Crypto-currency can be the global bridge between all forms of financial products. It can be a country’s greatest asset is its ability to restore the disturbing times that the pandemic has brought upon humanity and its social constructs. It may not be the sole survivor who can magically solve the imminent crisis and bring everything back to normal. But it can surely improve the picture.

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