The long anticipated "Brexit" referendum took place on Thursday and, in an unprecedented move, voters in the United Kingdom have decided to leave the European Union. This has sent shock waves throughout the world as the fiscal markets have been moving erratically. Prime Minister David Cameron, a leader of the "Remain" campaign, announced his resignation shortly after the results became clear.

"Leave" won by a slight margin of 52 percent to 48 percent, with a voter turnout of 71.8 percent, the highest turnout in over 20 years. A "Brexit" will have an impact on all walks of life, from business to travel, to tourism and even sports.

The results of the referendum also have big implications for the rest of the EU, as well as the existence of the UK.

Throughout the EU, there have long been voices against the union and in favor of leaving. With the surprise result in the UK, some of these other anti-EU voices could gain motivation and momentum. Euroskeptic French politician Marine Le Pen celebrated the result and called for similar referendums in all EU countries.

Just a few days before the UK referendum, the Euroskeptic Italian political party Five Star Movement (M5S) won major victories in the country's capital, Rome, and industrial heart, Turin. Other states who could likely hold a similar referendum and possibly have a "Brexit" of their own are among the biggest in the EU, with Italy leading the list, followed by France and Sweden.

The results of this referendum can also have a huge impact on the existence of an intact UK. The referendum results varied by nation, with Scotland and Northern Ireland voting heavily in favor of staying.

As most voters who favored leaving were in Wales and England, many Scottish and Northern Irish politicians have suggested having an independence referendum to leave the UK and remain in the EU. Scottish First Minister Nicola Sturgeon has said Scotland should "never leave EU" and that another independence referendum is "highly likely."

What happens from now is unknown, as of course, no member state has ever left the EU. To formally leave the EU, the Prime Minister must notify the European Council of the UK's intention to leave, invoking Article 50 of the Lisbon Treaty. This will be followed by a long and complicated negotiation process.

For now, it is hard to call this move a positive or negative. It is surely a victory for democracy - even if you are in favor of the EU, you cannot argue with a referendum - it is the ultimate display of democracy and the will of the people should always be followed by government.

This referendum is a result of years of problems within the EU, where the average citizen has not seen the ample rewards promised from joining. Some would call it a failed experiment and that the "Brexit" is the first crack in the facade that may ultimately crumble. Certainly the exit of the UK has come as a shock and it is hard to imagine how the EU will recover. This may not be the last referendum we see.