Is Cryptocurrency the Future of Money?

What does the future look like? Go straight to the restaurant and look up the digital menu on your favorite mix. Only, it looks like 009 BTC instead of $ 8.99.

Could it really be the future of money? The answer to this question is based on a general consensus on a number of key decisions, from ease of use to safety and regulation.

Let’s examine both sides of the (digital) coin and compare traditional face money with fossils

The first and most important part is faith.

It is important to trust the money that people spend. What does the dollar value? Is it gold? No, the dollar has not been backed by gold since the 1970s. Then what is the value of the dollar (or any other currency)? The currency of some countries is considered more stable than others. Finally, it is widely believed that the government will stand firm and will “prove its worth” to the government.

How does trust work with Bitcoin? Because it is decentralized, isn’t it the governing body that issues their coins? Bitcoin is basically placed on a blockchain, an online accounting platform that allows you to view every and every transaction around the world. Each of these transactions is verified by fraudsters (peer-to-peer network operators), preventing fraud and ensuring double cost. To maintain the integrity of the blockchain, miners will be charged for each transaction they verify in exchange for their services. There are so many types of minerals that they check each other and make mistakes. This process verification block chain has never been hacked. Basically, this belief is valuable to Bitcoin.

Next, consider the safety of a close friend of faith.

What if the bank is robbed or there is fraud on my credit card? My deposit with the bank is in ADDC. Occasionally Ban will cancel any payment on a card he never made. That does not mean that criminals cannot at least be frustrated and time consuming. The peace of mind that comes from knowing that I can be saved from any abuse is more or less the same.

When it comes to where to store your money in cryptocurrencies, there are many options. It is important to know that transactions are guaranteed for your protection. There are records such as Binance and Coinbase for correcting mistakes made by their customers. It is the same with cryptocurrencies, just as there are banks around the world.

What happens if I throw twenty dollars into the fire? The same goes for cryptocurrencies. If I lose my registration marks on certain digital wallets or exchanges, then I will not be able to access those coins. Again, I can’t adequately explain the importance of doing business with a well-known company.

The next issue is extensive. This could be a major obstacle to preventing people from doing more transactions on the blockchain. When it comes to the speed of transactions, face-to-face transactions move much faster than cryptocurrencies. Visa can handle up to 40,000 transactions per second. Under normal circumstances, the block can handle only 10 seconds. However, a new protocol is being developed that will increase this speed by up to 60,000 transactions per second. Known as the Lightning Network, it involves encrypting future money.

The discussion will not be complete without comfort. What do people usually like about traditional banking and spending methods? Obviously, for those who prefer money, it is often easier to use. If you are trying to book a hotel room or rental car, you will need a credit card. I use my credit card wherever I go for personal, convenience, security and rewards.

Did you know that there are companies out there that offer all this on a crypto space? Monaco is now issuing cards with the Visa logo to convert your digital currency into local currency.

If you try to connect money to someone you do not know, that process can be very tedious and expensive. Blockchain transactions allow a user to send crypto to anyone in minutes, no matter where they are. It is much cheaper and safer than sending a bank wire.

There are other modern methods of transferring money from both worlds. Take, for example, applications such as Jump, Veno and Messenger Pay. These apps use millions of millions every day. Did you know that they are also starting to include encryption?

The Square Cash app now includes Bitcoin, and CEO Jack Dorsey said, “Bitcoin has not stopped buying and selling for us, we believe this is a transformation technology for our industry and we want to learn as soon as possible. ”

“Bitcoin provides an opportunity for more people to access the financial system,” he added.

Although it is still clear that most of us still control the way we spend money, the evolving writing system is rapidly gaining momentum. Evidence is everywhere. It was difficult to get major media coverage before 2017. Almost all major business news outlets now cover Bitcoin. From Forbes to Loyalty, everyone is being judged on their own merits.

What is my opinion? Probably the biggest reason for Bitcoin’s success is that it is fair, inclusive and accessible to many people around the world. Banks and large corporations see this as a threat to their very existence. They will be at the end of the great wealth transformation they have seen in the world.

Still not determined? Ask yourself this question: “Do people trust governments and banks every day?”

The answer to that question can only be determined by the future of money.