Even after 20 years into the 21st Century, today there are billions of people with no access to banking & finance. These people are waiting to become financially free, but with the centralized approach of the current financial sector, this cannot be possible.
To overcome this, the crypto industry has been looked at as a bright spot for unbanked people globally.
Cryptocurrency is the space that can bring all unbanked into the financial fold and can change their lives, redefining financial independence for anyone living anywhere in the world.
What is an altcoin?
An altcoin is an alternative digital currency to Bitcoin. Altcoin means alternative coin. Of the over 17,000 plus crypto projects, Bitcoin is the only one, and others are categorized as altcoins.
Klever (KLV), Polygon (MATIC), Kusama (KSM), Litecoin (LTC), Ethereum (ETH), Dash (DASH), are some of the popular altcoins today.
Let us now understand how altcoins can bring financial freedom.
A majority of crypto projects allow you to stake your tokens and earn interest, which allows you to earn passive income and grow your crypto assets. This is similar to making fixed deposits in the bank.
You can also lend your crypto and earn interest for this. Currently, you cannot do this in the financial system, as only banks and financial institutions can grant loans.
The ability to send crypto tokens to anyone located in any part of the world is instant; however, to send fiat currency, you must go to a bank and fulfill all their conditions before sending the funds. In this case, the bank is the confirming authority.
But in crypto, the community is the owner, there is no third party to confirm the transactions. Once the transaction is done, any person or the sender or the receiver can view the transactions done on a platform.
Many crypto projects reward their holders with airdrops at regular intervals so that they don’t dump the tokens. This helps more crypto adopters and the value of the project also increases among the users. But, in the current banking & finance system, there is no airdrop. You don’t get a single cent from the bank.
In contrast to the banking and finance sector, the crypto sector operates 24X7. It is not dependent on third parties. You just need an electronic device to access the internet and a reliable uninterrupted internet connection. CRYPTO NEVER SLEEPS.
Crypto holders can exchange tokens for services in the real world. You can use Klever (KLV) tokens to buy air tickets and book hotels on Travala.com.
Klever is one of the fastest-growing crypto projects with various use cases. They have various products for their users. Currently, they are serving over 3 million-plus users spread across the globe.
Klever Wallet, which users have been using for many months, Klever Exchange; Klever Web 3 browser connecting your wallet with the exchanges; Klever Bank, Klever Hardware Wallet, Klever OS SDK kit to build on KleverChain; Klever ID, Klever Pay, and Klever Wealth Management are some to be mentioned.
Crypto sector today
As of January 2022, there are over 17,052 cryptocurrencies. According to CoinMarketCap, only two cryptocurrencies that include Bitcoin (BTC) and Ethererum (ETH) alone accounted for 58.9% of the total cryptocurrency market in January 2022, while the other 17,050 crypto projects also known as altcoins accounted for the remaining percentage.
Till today, prices of altcoins often rely on the prices of Bitcoin and sway as the price of Bitcoin goes up or down.
Cryptocurrency is in its early stages; therefore, experts predict that the maturation of cryptocurrency ecosystems and the development of new markets of altcoins will allow price movements to be independent of Bitcoin’s trading signals in the upcoming year.
Altcoins are basically based on their use cases. There are many crypto projects that are solving various problems, some are working on data privacy, some on energy, some working to make finance accessible to masses, some solving higher charges for remittance and some are purely community-based.
There has been a rally in community-based meme tokens that have flooded the crypto market. This is the project, where you see huge traction. There are some crypto projects that have made millionaires with an investment of just a few dollars and that too in just less than a year. A classic example is the Shiba Inu crypto project that has created many millionaires.
The project was launched in August 2020 and was trading at $0.000000000145, and in October 2021 the prices were all-time high of $0.00008.
Imagine, you have invested $15 in August 2020 and purchased 100 billion Shiba Inu tokens, this would have been worth a whopping $8 million in October 2021.
With this, the crypto industry was flooded with 1000s of such meme projects. However, experts believe that this can happen only with a few projects, not all meme projects will give such a return.
The market is becoming very mature and there are many more use cases projects that have been launched working specifically for that purpose.
In years to come, if global governments support crypto, it will become an avenue for financial freedom.
Disclaimer: This is not financial advice. Do your own research. Consult a professional investment advisor before making any investment decisions.