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Social and behavioral changes in the cryptocurrency industry - SBP Conference

When we first saw the cryptocurrency make its debut it was nothing special. In fact, it was such an insignificant happening in the financial world that most of the world ignored it. While some set out to mine the bitcoin for a promise of a better tomorrow, many did not even want to trade with it once they were offered. Slowly bitcoin clawed its way to the limelight and as stories grew how people traded hundreds of bitcoins for a pizza and other stories. People started to take notice of the bitcoin. As time progressed bitcoin slowly gained ground and even the financial world started to notice its presence and they had to plan either around it or with it. The first signs of the social impact of the cryptocurrency were present. However, this was not going to be the end of big social and behavioral changes. That the cryptocurrency would leave upon the world.

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Soon enough the bitcoin hit a huge increase in its value and with a relatively easy approach. Many people started to mine it for an easy profit. The bitcoins were flowing from all sides and people were getting rich overnight. This made bitcoin a household name when it came to discussing cryptocurrencies. The social impact was once again felt as people were spending thousands of dollars with the desire to make even more.

It was like the perfect pyramid scheme, but with more and more people actually getting something out of it. Instead of having thousands that were tricked. And duped it actually provided a good opportunity for smart people and opportunistic people. As the presence of the cryptocurrency grew so did the social acceptance of such an item in today’s world. In just a couple of years, the cryptocurrency had made ground from an unknown thing to the biggest technological advancement of the age right behind the invention of the internet.

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At this point, people are not even focused on one cryptocurrency as there have been hundreds. That have spawned over a couple of years and even though some went under the radar. Many achieved their goal and became a trading factor in today’s world.

How has cryptocurrency affected our social behaviors?

With cryptocurrency becoming another accepted form of trading. It has helped people share and connect with their money in a faster and cheaper way than the traditional banking method.

While the banks are still here to stay, there has definitely been a shift in awareness of the power of the cryptocurrency and we can expect that in the near future there will either be a push from the banking industry to lower the value of the cryptocurrency or there will be a push from the people to bring down the old banking system in favor of the faster, more viable, and far superior online cryptocurrency banking methods.

It still remains to be seen just how big of an impact. The cryptocurrency of this age will have on both us and the future generation.