Will Cryptocurrency Finally Take Over Virtual Money?

Discussion in 'Writing Digital Content' started by Meshack Bwoyele Keya, Jul 6, 2018.

  1. Why Cryptocurrency.
    We have for centuries carried virtual cash like dollars, British pounds, Japanese yet and many others. Money sprung up when barter trade began to pause a problem. It happened that the needs of the seller and buyer rarely matched. There was also no method that one could store some commodities. They did rot and go bad. How one could tell how much wheat was equivalent to a cow soon paused problems.

    It were these problems that prompted use of cowrie shells which were used as money. Later after some time, coins and notes were introduced. They actually eased the problems of barter and cowrie shells. Money ESD used as a store of value, measure of value, a medium of exchange.

    We have been using this money but it paused problems too. It could easily be stolen. Countries vontrollend the money through Central Bank. Countries often corrupted the cash. It also became an expensive commodity. Of late, digital currency has entered the market.

    Types Of Cryptocurrency.

    There are many types of crypto online. We have bitcoin, ethereum, dogecoin, steem, steem dollars and many others. These currencies are what the present generations use.

    What Is Cryptocurrency?

    It is digital currency. It is normally controlled and managed by blockchain and ICO or Initial Coin Offer . Countries through the Central Bank have no control over them. The block chains create blocks which manage the currency.

    Why Digital Currency Is Gaining Popularity.
    1. They are not controlled by countries. They cannot be corrupted, manipulated or misappropriated by countries.
    2. One does not carry them in the wallet. They cannot be easily stolen by thieves.
    3. Investors in them get quick returns. Crypto can easily escalate in prices making it make quick profits to investors.
    4. Banks do not control it. It is hard for banks to reap much profit out of them.
    5. It is easy to start your own.
    These simple reasons make crypto a currency worth watching.
     
  2. jfski143@gmail.com

    jfski143@gmail.com New Member

    Great share mate! I love how you emphasized the big advantages and differences of cryptocurrency versus the traditional currency. But I still believe that cryptos will just going to be a great alternative for the fiats. What I mean is real money will going to stay as leader in the real world while cryptos will be the new leader in the digital world. Nothing will take over, nothing will be gone, but lots of partnerships will going to emerge :)
     
  3. SeaShelStew

    SeaShelStew New Member

    This may actually be the case. I was researching the CryptoCurrency exchanges while also learning about trading Forex and I must say that the advantages are all stacked up in favor of Crypto.

    There's even people trading crypto currencies full time just like those who exchange foreign currencies on Forex.

    The crypto currency exchanges are open 24 hours per day, 7 days per week though. Makes a huge difference.
     
  4. foxprojects

    foxprojects New Member

    Cryptocurrencies like Bitcoin and Ethereum have gained a lot of popularity in the past few years. There are now many online retailers that accept them as payment, so they're no longer something used by only a small group of enthusiasts. I think the world of cryptocurrencies will keep on growing and many of the more popular ones will eventually gain mainstream acceptance.
     
  5. git531

    git531 Member

    Cryptocurrency is becoming more popular than ever but they can never take over traditional currency because traditional currency is backed by governments around the world and cryptocurrency is not backed by governments. So however popular cryptocurrency gets, it cannot be used for tax paying purposes.
     
    1 person likes this.
  6. jayeshmahadao

    jayeshmahadao New Member

    maybe later on cryptocurrency can replace money..It is becoming more and more popular.
     

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