It is always amazing to consider how quickly technology is evolving around the world. Just when you think things cannot get even more efficient or faster, innovation pops up and dazzles the world beyond belief. One area that this is more evident than most is with communication.
The Internet continues to get faster and more secure. Mobile communications are more accessible than ever before. That is best illustrated by the advent of 5G technology. While its rollout might be slower than many people like, this is an evolution in communication that will quickly make 4G feel like it is from the Stone Age.
What Does This Mean For Cryptocurrency?
While 4G networks are still predominately in use around the world, there is no denying that 5G provides significantly faster and secure connections. The cost of implementing this system is quite high, which is why it has not been installed throughout many communities to this point. However, the day is rapidly approaching when the infrastructure will be in place to support 5G.
Emerging markets such as India have already started the process to implement 5G infrastructure in some of their larger cities. This in combination with the India government lifting the ban on cryptocurrency trading in March 2020 has show a sharp increase in P2P Bitcoin trading in India. This trend is exacerbated by the Bitcoin price in India. It surely is going to continue across the globe in markets who employ pro crypto regulations and invest in 5G technology.
The Crypto Wallet May Be a Thing of the Past
The market is currently saturated with digital wallets. In essence, the significance of this might be overrated. In order to expand cryptocurrency options around the globe, 5G will bring more tools to the table. Even at a low level, 5G will allow cryptocurrency wallets to work in harmony with UX. It will also make it so much easier for users to send and receive cryptocurrency. In essence, the mystery will be taken out of this payment method.
Bandwidth Will Be a Game-Changer
Bandwidth is often an issue when it comes to using many applications on a mobile device. With 5G technology, this is all about to change. There is going to be more than sufficient bandwidth to run streaming technology and gaming platforms. Power consumption will be reduced at the same time. This is going to bring even more cryptocurrency users into the fold as it becomes easier to pay for these items right from a smartphone or tablet.
The Perfect Partner
You will also find that 5G is the perfect companion to cryptocurrency. To begin with, mobile banking networks will become more secure. This will make it even difficult for hackers to take advantage of certain vulnerabilities in the system. Transactions will be able to take place more quickly than ever before, with security measures in place the entire time. People who are not properly serviced by banks in their local area will now be able to use cryptocurrency as a way to access the products and services that they rely on the most. This is all made possible with 5G technology.
With 5G technology now available in many major cities around the world, 2021 is slated to be the year that much of the rest of the world begins to see progress as well. Putting steps in place now to embrace this technology and its positive impact on the cryptocurrency market is the wise thing to do. It has wide ranging implications across a broad spectrum of industries.
