Is cryptocurrency the future of money?

 Is cryptocurrency the future of money?

What will the future of money look like? Imagine walking into a restaurant and looking for the digital menu board for your favorite mixed meal. Only, instead of $ 5,044, it shows up as 0.09 BTC.

Could crypto really be the future of money? 

The answer to this question hinges on the general consensus on many key decisions ranging from ease of use to safety and
regulations.


Let's take a look at both sides of (digital) money and compare traditional fiat money and cryptocurrencies.

The first and foremost component is trust.
People must have confidence in the currency they are using. What gives the dollar its value? Is it gold No, the dollar hasn't been backed by gold since the 1970s. So what gives the dollar (or any other fiat currency) the value? The currency of some countries is more stable than others. At the end of the day, people are convinced that the government issuing this money strongly supports it and essentially guarantees its “value”.

How does trust work with Bitcoin because it is decentralized in the sense that it is not a governing body that issues coins? Bitcoin is located on the blockchain and is essentially an online ledger that allows the whole world to see every transaction. Each of these transactions is verified by minors (people who operate computers on a peer-to-peer network) to prevent fraud and also to ensure there is no double-spending. In return for their services in maintaining the integrity of the blockchain, miners receive payment for each transaction they verify. With countless miners trying to make money, each checks the other's work for mistakes. This proof of business process is the reason the blockchain has never been hacked. Basically, it's this trust that gives Bitcoin value.
Next, let's take a look at our closest friend, security.

What if my bank is stolen or if there is fraudulent activity on my credit card? My Deposit coverage through FDIC insurance. It is also possible that my bank will waive any charges on my card that I have never withheld. This does not mean that criminals will not be able to perform at least frustrating and time-consuming stunts. It's the peace of mind that comes from knowing that I'll likely be healthy from whatever's wrong with me.

In cryptography, there are many options for where to store your money. Knowing if transactions are secure is imperative to protect yourself. There are reputable exchanges like Binance and Coinbase that have a proven track record of debugging their customers. Just as there are fewer reputable banks in the world, so too are cryptocurrencies.

What happens if you throw a twenty-dollar bill into a fire? The same applies to cryptocurrencies. If I lose my digital wallet or specific exchange login credentials, I won't be able to access those coins. Again, I cannot stress enough the importance of running a business with a reputable company.

The next problem is scaling. Currently, this may be the biggest obstacle preventing people from doing more transactions on the blockchain. When it comes to transaction speed, paper money moves much faster than cryptocurrency. Visa can process approximately 40,000 transactions per second. 
Under normal circumstances, a blockchain can only handle about 10 per second. However, a new protocol is adopted which will increase speeds of up to 60,000 transactions per second. Cryptocurrencies, in the name of the Lightning Network, could make money in the future.
No conversation without talking about comfort. What do people generally like about their traditional banking and spending methods? For those who prefer cash, it is clear that they are easy to use most of the time. If you are trying to book a hotel room or rent a car, you need a credit card. Personally, I use my credit card everywhere I go because of the convenience, security, and rewards.

Did you know that there are companies that offer all of this in the crypto space as well? Monaco now issues cards with the Visa logo that automatically convert your digital currency to local currency on your behalf.

If you ever try to transfer money to someone you know, this process can be very time-consuming and expensive. Blockchain transactions allow a user to send encryption to anyone within minutes, regardless of where they live. It's also much cheaper and safer than sending a wire transfer.

Other modern methods of money transfer can be found in both worlds. Take, for example, apps like Zelle, Venmo, and Messenger Pay. These apps are used by millions of millennials every day. 
Did you know that they have also started to integrate crypto?

The Square Cash app now includes Bitcoin, and CEO Jack Dorsey said, “Bitcoin, for us, doesn't stop with buying and selling. We believe this is a transformative technology for our industry, and we want to learn as quickly as possible. "

“Bitcoin offers an opportunity to reach more people in the financial system,” he added.
While it's clear that mandatory spending continues to dominate the way most of us transfer money, the emerging cryptosystem is rapidly gaining ground. The evidence is everywhere. Before 2017, significant media coverage was hard to come by. 
Covering all major Bitcoin trading media. From Forbes to Fidelity, they all weigh their opinions.

What is my opinion? Perhaps the main reason for Bitcoin's success is that it is fair, and inclusive, and provides financial access to more people around the world. The big banks and institutions see it as a threat to their very existence. They are on the verge of losing out on the greatest transfer of wealth the world has ever seen.
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