A lot has changed over the past fifty years. We have witnessed the evolution of technology from early computers that could take up entire rooms to small handheld devices that have more capabilities than their older counterparts. With live video calling, expensive long distance calls is now a thing in the past. Being able to talk to someone at the opposite side of the world is now a very convenient way of real time communication. While trials for flying cars or galvanised steel mesh panels on jet packs are still being tested, digital age is fully upon us as is evident by the rise of cryptocurrencies. It has become a global phenomenon and has a big potential to become the money of the future as people look to use it in everyday life.
Cryptocurrency is the Future
For as long as we can remember, the economy has always been controlled governments and banks. But with the blockchain technology, many different cryptocurrencies have been unleashed, each of which is fighting to be fully integrated into everyday life such as buying wire furniture or laminated timber glulam. In case of decentralized cryptocurrency, companies or governments cannot produce new units allowing people to create an economic ecosystem that they have far greater control of than ever before. Moreover, not every cryptocurrency is created equal.
For instance, Dash, an open source peer-to-peer cryptocurrency is now a popular choice for people to use on a daily basis, and it has a long list of merchants accepting the coin on their website. One of its strong points is its commitment to privacy, allowing people to buy and sell goods without being monitored. It also has a lot of benefits such as near-instantaneous transfer speed with low fees and people can spend it on a wide array of shops and services. Dash can be used in online shops, online business transactions for services such as professional hosting services, graphic design companies, online casinos, game shops, and even precious metals.
Sibcoin, a derivative of the Dash cryptocurrency, was improved by the project’s specialists. The hashing algorithm Stribog makes Sibcoin ASIC-resistant that ensures network decentralization and profitable mining. Considered as a real currency for people, it is currently used for online services, mobile apps, and partnership programs. Sibcoin allows users to create sidechains for their own custom digital assets and currencies through its X-Layer technology that makes its blockchain more interactive but still very secure. Also launched by the Sibcoin team was Perevod.io, a service which allows two parties to send each other fiat money through Sibcoin-supporting exchanges and requires no specific experience with cryptocurrencies to enjoy their advantages. This is now available worldwide.
Under the Colu banner, many cities are creating their own cryptocurrency for its citizens. To bolster the local economy, cities like Liverpool, Tel Aviv, and London are trying to produce a localized cryptocurrency. Entrepreneurs are eager to join the bandwagon and participate in such programs since this is a very convenient method for customers to settle their bills. Transaction fees are eliminated when using localized digital currency, unlike credit or debit cards. Take for instance, in East London Pound, one can roll into their local pub and buy a pint, grab a bite to eat at a restaurant, and then watch a movie at the theatre with a local cryptocurrency. It will soon be a world where you can use crypto-currency for your domestic plumbing services.
Heavy Hitters Lead the Charge to a Digital Tomorrow
Many of the cryptocurrency’s biggest names fight to be fully integrated into everyday life. Ethereum, the rising star in the cryptocurrency world, has proven to be a very popular cryptocurrency, and many platform tokens are based upon its blockchain. Similar to most cryptocurrencies, people utilize Ethereum-based debit cards for everyday use. In spite of some potential issues, such as the collapse of DAO, the value of Ethereum has increased rapidly. Though it suffered a setback, it has continued to show intense volatility hitting highs, allowing Ethereum to expand and used in everyday life. In Germany, hundreds of electric car charging stations that use Ethereum have been opened, and such stations have now appeared in California. Toyota is considering to launch a competition for Uber that uses Ethereum as well.
Bitcoin, the pioneer in the cryptocurrency technology, is the first decentralized digital currency since the system works without a central bank or single administrator. It is now a worldwide payment system. It has reshaped economies throughout the world as payments via bitcoins have been applied in everyday life. There are also Bitcoin-based debit cards just like other digital currencies. Bitcoin is now being used to purchase real estate, pay rent, or book a flight. You can even see companies with services such as fixing a blocked storm water drain or house painting or purchasing glue laminated, accepting crypto-currencies. Even traditional street-side businesses now recognize Bitcoin as form of payment. Target, Best Buy, iTunes, Hope Depot, and Domino’s Pizza now accept gift cards purchased using both Bitcoin and Litecoin. However, its value could still be volatile, causing people to lose 20% or more of their worth in an instant. One downside is the high energy cost of Bitcoin transactions. It is higher in comparison with that of conventional financial transactions due to all that calculation.
Skeptics who argue that cryptocurrencies and blockchain technology are not bringing the future into the present may soon come to realize that decentralized financial ecosystems that rely upon the individual are the face of the future. Peer to peer transactions across the entire world is made possible with coins like Dash, Bitcoin, and Sibcoin and the trustless blockchain is just starting its revolution. Life has been made easier with these cryptocurrencies since it can be easily used through debit cards. Also, there are digital currencies that go further and allow transactions of fiat currency as well. Even small businesses now accept various cryptocurrencies as a legitimate means of payment.
Privacy has been neglected as people become increasingly overseen by the state as banks and other institutions could track purchases, bank deposits, and other economic activities. Cryptocurrency is fighting to bring privacy back to people’s financial interactions, for a brighter future.