Is Cryptocurrency the Future of Money?
Since the beginning of time, people have relied on financial transactions. Whether it was an exchange of goods for other items, or for services. The most basic form of such an exchange was to barter. This form of trade has been long gone since the advent of the bank.
Banks thrive off of interest. To them, this is free money. All they ask of their customers is to pay more than they receive. This may seem great for the banks, but not for you and I.
This is only the beginning of the bank problems. Like all businesses, some banks grow while others die. The small-town banks that once dominated the United States are becoming rare. The larger banking giants are taking over.
While this may not seem to affect the consumer or their perspective, think again. As time goes on, our options are depleting. This is a threat to the way we live. Even worse, the federal government is allowing such events to occur.
The solution? Cryptocurrency. The future of cryptocurrency is bright, and the reason why is because of people like you. The ones are interested in financial alternatives. If “money makes the world go round,” the banks have always been in the center of it.
Is Cryptocurrency the Future of Money?
Bitcoin, the Granddaddy of Them All
Bitcoin is what led to the blockchain revolution. It’s also the most secure and popular of all cryptocurrencies. It all started in 2008 when Satoshi Nakamoto identified bank issues like the above. The real value of bitcoin came when several years later, 10,000 BTC exchanged for two pizzas.
Does this seem a bit crazy? It might by today’s standards with the value of bitcoin soaring! The true rise in bitcoin’s popularity is the blockchain. The blockchain is the ledger that keeps track of bitcoin transactions.
It didn’t take long for hobbyists to realize the true potential of bitcoin or the blockchain. With the growing popularity of these two came bitcoin alternatives. Since bitcoin is aging, experts have identified both problems and solutions.
But with many cashing in on bitcoin, there’s been a sharp rise in bitcoin issues. Even more alarming, is how bad the bitcoin transaction fees have become. Mining has come down to only three major mining pools, and mining is no longer a hobbyist’s pastime. People are finding out that they now need some serious capital if they want to make a profit.
Keep in mind as well that there can only be so many bitcoin transactions per second. With a flooded pool of miners competing to take part, it’s been difficult.
Bitcoin will likely never retire. But there’s always been a new question: What is the next big cryptocurrency?
The New Coins on the Different Blocks
It’s hard to think of the blockchain without considering bitcoin alternatives. Ethereum, for example, has gained popularity. Others worth mentioning include Bitcoin Cash, Litecoin, and Dogecoin. These seek to pick up where bitcoin left off in solving the big-bank issues.
Even more interesting is how cryptocurrency sought to reduce the time factor. Banks could take anywhere from one to five business days to complete a wire. Bitcoin is a mere 7 to 45 minutes. What’s even better? Ripple anyone.
This unique financial exchange, on average, takes six seconds.
With so many different options available, it can be hard to determine where to put your time and money.
So, why not break the norm? The blockchain is being used for more purposes than simple financial exchange.
Reinventing the Internet
Skycoin is out to revolutionize the way we communicate. At its core, the internet intended to share and communicate information to one another. The net neutrality repeal is giving the government a reason to profit off of the web. Big internet service providers are capitalizing off of the opportunity.
This unique cryptocurrency is being used to offer a safe and secure internet. Skywire is the mesh network geared toward becoming the peer-to-peer internet. It utilizes the power of the blockchain.
Banks, ISP’s, and governments don’t stand a chance against those who seek to take back the internet. In exchange for a peer’s resources (nodes), you get this emerging cryptocurrency.
Getting started with this opportunity is easy, and it’s growing. The value of SKY has skyrocketed since the beginning of 2018. No pun intended.
Putting It All Together
Banks have problems. We’ve given them financial power for way too long. Their reach is extensive, and their services are slow.
Cryptocurrencies are revolutionizing the way we bank. The future of the blockchain (as well as blockchain alternatives) is bright. Opportunities like Skywire are available. We can do even more than solve these financial problems.
Not only do we have the opportunity to change the way we bank, but we can change the way we live. Say no to censorship, slow transactions, and outrageous fees. We can do better.