2017 is the year of cryptocurrencies. Bitcoin jumped from a few thousand dollars worth and broke records by crossing the $20,000 mark. Ether on Ethereum is higher than ever. New currencies pop up every day and people buy them in a frenzy.
So, are these programming codes real money or just a fad that will die with time? Let’s check:
Have you ever sent money to someone through banking channels? Different banks have different protocols, but they all have one thing in common: They charge you for it. Yes, you can say that your bank gives you some payment transactions a month, but it puts other restrictions where you are forced to pay for particular services.
With digital currencies like Bitcoin and Ethereum, you still have to pay to transfer money to someone, but the transaction “fees” you give to miners are lower than what you are offered traditionally. banks.
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Sending cryptocurrency to someone living in any part of the world is as easy as writing an email. All you have to do is request the recipient’s address, log into your wallet and send the desired amount. You can go around doing whatever you do in your daily life and the money will be transferred.
OK, so the title is a little misleading. There are tons of cryptocurrency, so you and the recipient may not have the same wallet. If the receiver is flexible (and you have convincing power), he can set up an electronic wallet for your money in no time.
The most widely accepted currency is Bitcoin and if you have it, you will not face any problem with different currency acceptance.
With financial crises everywhere and rapidly rising inflation rates, one day you’ll find out that all the dollars you’ve saved won’t have much purchasing power for a decade or so. The smart thing is to invest them in something that will not wear out over time. Enter Cryptocurrencies! Usually because of the way these currencies are programmed, they can be very limited in circulation, unlike paper based money where you can just print more.
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A simple case of supply and demand will always ensure that cryptocurrencies will always increase in value.
So, there you have it: Cryptocurrencies are not a fad in my opinion. All you have to do is know which one to buy.