Often known as the future currency or the currency that is in digital form, Cryptocurrency is growing by leaps and bounds. It uses encryption through a blockchain to secure all its transactions. Before the year 2009, Cryptocurrency was only a concept that was being much talked about. With the release of Bitcoin in the year 2009, Cryptocurrency became a reality and received a lot of attention from the media.
Various kinds of Cryptocurrencies, the most popular one being the Bitcoin, are constantly growing every day. Across the globe, people are beginning to see various benefits of Cryptocurrency. Businessmen and entrepreneurs are more attracted to it because of the immense growth their business might have through Cryptocurrency.
Since its inception, Cryptocurrency has been in debate regarding its possibilities. Whether Bitcoin and other alternative coins can replace actual paper money in the future is a question that is still under deliberation. Many experts have doubts about the power of Cryptocurrency and if it will hold its ground for long. Many believe it to be a passing trend that is temporary and will not persist for a very long time. Let us look at the future of Cryptocurrency.
Uses of Cryptocurrency
- Payments and transfers
Payments and transfers have been made a lot easier and cheaper with the help of Cryptocurrency. In many countries, the traditional way of having a bank account is being replaced with converting money to Cryptocurrency. Whenever in need, you can convert Cryptocurrency to money on your phone or account and use it.
- Teller machines
There are machines which can be used to deposit cash known as teller machines. They are an example of how Cryptocurrency is easily accessible to people who want to use it. The teller machine can function both ways; you can either put in cash and convert it to digital money or you can convert your bitcoins into cash with the machine.
There are also applications that make it possible for you to accept payments done via social media platforms. This makes it very similar to how Facebook and Instagram is earning from its users. This will allow many people to get involved in the use of Cryptocurrency, without them having a traditional bank account or doing a transaction through a bank that functions in a centralized manner.
- Cross-country deals
Payments done through Cryptocurrency also reduce the transaction fee. At times, we have to bear the cost of converting our money into the currency of another country, if you want to do a transaction abroad. Cryptocurrency is universal and therefore requires no conversion. It also saves you a lot of money than a bank transaction does.
- Buy property
These days, there are platforms and companies that have started to accept Cryptocurrency in exchange of property. So, now you can buy a house or a land with bitcoins rather than normal cash. Even other expensive material objects like cars can be bought with Cryptocurrency. High-end car companies are said to accept Cryptocurrency in exchange of their goods.
Overall, Cryptocurrency seems to have an exciting future. But the fact that a lot of the common masses are yet to understand this currency and the way it functions, is not to be put aside. If Cryptocurrency has to become a mainstream currency, it has a long way to go. While this possibility looks difficult to achieve, yet it is not impossible.