Mar 2, 2021
University life is usually fast-paced and one can often find themselves expeditiously cruising through the university experience at such high speeds that they conclude their academic journey with only a degree and nothing else. On one hand, this is the expected outcome where one would express a high degree of elation at such a result. On the other hand, however, the graduate would have only acquired explicit book knowledge without any non pedagogical skills. Examples of such skills include learning a new language, engaging in physical activity such as joining a sports team, or acquiring money management skills such as cryptocurrency trading. These are just a few examples of the possible skills available, but this segment will pay particular attention to the cryptocurrency technology. Why would a university student benefit from appropriating their time, energy, and in some cases financial resources to learning about cryptocurrencies?
- Cryptocurrencies are expected to disrupt the financial world. As such, students in various fields of study, be it accounting or finance really need to understand the basic concepts of cryptocurrencies. The technology as well as the economic concepts surrounding cryptocurrencies also become very important.
- The technological characteristics of cryptocurrency can also aid in sharpening a person's computer literacy. University pupils can learn how computer coding and the generation of particular software programs can impact society as a whole. These skills are not only useful in the workplace but understanding the technological functionality of computers is a bonus.
- As many corporations worldwide implement cryptocurrency in their day-to-day operations, this enables the students who choose to acquire cryptocurrency as a skill to have a deeper understanding and appreciation of global current affairs. It is always advantageous to keep up to date with societal trend shifts.
Cryptocurrency does not end in university as it is an ever-changing concept. Blockchain software must constantly keep up with the rapidly changing technological advancements to remain fundamental to our daily living. Many entrepreneurs stress the importance of developing a second income which is otherwise referred to as a “side hustle”, as relying exclusively on a 9-5 job may not necessarily be sustainable for someone with “big picture” dreams, especially for employees with aspirations to reach certain levels of self-actualization. Often, such individuals are encouraged to start capitalizing off of their unutilized resources ( time, finances, etc). This may include expanding knowledge or investing in cryptocurrency. Adopting all necessary knowledge surrounding cryptocurrency and its technological mechanisms is advantageous in the sense that:
- Individuals will be provided with the appropriate ammunition to help them prepare for the expected disruption that cryptocurrency will cause in society as it is believed that cryptocurrency will likely reconstruct the ways in which various sectors operate significantly. By gaining a better perception and comprehension of this technology, employees will easily adapt to the shift in the future.
- Individuals will gain the adequate intel necessary in generating multiple streams of revenue. This will inevitably broaden the variety in their overall skill set, and educate them being more flexible, innovative and broader in their thinking.
- Also, businesses are going to face more competition in the future. Companies will start expecting employees to act as innovators within their own job structure and as such, knowing about cryptocurrencies and blockchains in general is a valuable asset to have.
Cryptocurrencies are increasingly becoming an accepted payment method across many international corporations. Companies like Tesla have implemented cryptocurrency payments and continue to maintain their corporate success. Because cryptocurrencies eliminate the need for any intermediary parties to catalyze the transaction process, employing this concept as a business could lead to the following advantages:
- The absence of a third party reduces the processing time of these financial transactions as the funds are transferred directly from the sender to the receiver. With less intermediaries, the company will inevitably spend less time waiting for their transactions to materialize. This increases a company’s operating efficiency, and allows for rapid productivity and consequently, more success for the business.
- By circumventing the intermediaries, the company which chooses to employ cryptocurrency will automatically eliminate the costs associated with the intermediary charges. As a result of reduced costs, the business can focus its assets more on a higher profit maximization, which is normally the end goal for many corporations today. This is ideal and convenient to stay afloat in today's cutthroat competitive climate.
- Incorporating cryptocurrency as a payment method offers a company’s clients more variety when it comes to initiating a payment. Clients enjoy endless options and are not limited in the means by which they can pay the corporation. This strategic business move conveys the business as flexible and adaptive to contemporary fast-changing trends.
- Lastly, administrative labor is reduced when it comes to interacting with the intermediary bank. The business, therefore, avoids the painstaking documentation associated with dealing with an intermediary bank. Instead, a business can focus its resources on other urgent matters.
While there are specific groups who would benefit greatly from cryptocurrency literacy, anyone with adequate resources is capable of capitalizing off of such a fundamental technology. Many may be intimidated by the complexity of cryptocurrencies but the latter is expected to have a profound impact on the society and as such, learning about something so important can only lead to a better future. In general, this is an imperative skill that could provide considerable long term returns to an individual who takes a genuine interest in adopting this skill.
by Melanie Kondo