Cryptocurrency: The future of Money

The evolution

The evolution of human economic development has taken different dimensions starting from the early stone age to the medieval period, to the barter exchange era, cowry’s usage, paper money/currency, and now bitcoin and ethereum. Cryptocurrency, for most of us at least, has been hidden behind a veil of incomprehensible idiom for most of its lifespan. However, it has the potential to revolutionise the way we pay, borrow and lend, maybe sooner rather than later. Like quantum computing and artificial intelligence, we are told they’re set to change the world but few of us understand how that might actually work or what their impact might be.
Cryptocurrency is now regarded as an asset class (worthy of investment itself) and regularly hits the headlines. Cryptocurrency and digital currency have the potential to revolutionise the way we pay, borrow and lend.

Digital currencies like Bitcoin often make headlines for the massive swings in their value, but beyond the intrigue of skyrocketing and plummeting prices the rising popularity of cryptocurrencies poses serious questions for financial institutions and monetary policy.

For starters, Bitcoin is a cryptocurrency; a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. Market analysts, stakeholders, organizations, concerned individuals, and even naysayers over the years have pondered on the legibility and legality of bitcoin, especially when it comes to its uses, security, challenges, and fast adoption in Africa.

What is Bitcoin and how does Bitcoin work?

Bitcoin has historically proven itself to be subject to the cryptocurrency market and regular media news. Most people don’t understand what exactly or how it works mainly due to the technical nature of the underlying technology, which can be intimidating.
Bitcoin is a peer-to-peer electronic form of cash and exists purely as information on a database called “The Blockchain”. Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. Bitcoin is a purely digital phenomenon, a set of protocols and processes.
Bitcoin has inspired hundreds of imitators, but it remains the largest cryptocurrency by market capitalization, a distinction it has held throughout its decade-plus history. Bitcoin is also abbreviated as “BTC.” it is a digital currency, a decentralized system that records transactions in a distributed ledger called a blockchain. ther participants in the Bitcoin market can buy or sell tokens through cryptocurrency exchanges or peer-to-peer.

Why Should I buy Bitcoin?

Billions of people around the world lack access to banking infrastructure and traditional means of finance like credit. With bitcoin, these individuals can send value across the globe for close to no fee. Bitcoin’s true potential as a means of banking for those without access to traditional banks has perhaps yet to be fully developed. This creates vast possibilities for the internet of things.

Why should I trade Bitcoin?

a. Transparency, safety, and legality: When you trade Bitcoin with Bingtellar, you are sure to have a safe and transparent transaction. Bitcoin is also difficult to corrupt, thanks to its encrypted, decentralized system and complicated algorithms, but the infrastructure to ensure its safety is not yet in place.

b. Rarity: The rarity of Bitcoin comes with knowing that there is only 21 million bitcoin that can exist.

c. Baseline Value: Bitcoin has a tremendous baseline value. Liquidity: Bitcoin has a very liquid market where flat money can be exchanged.

Trading Bitcoin with Bingtellar is a safe-haven. It also is the most successful of hundreds of attempts to create virtual money through the use of cryptography, the science of making and breaking codes. The Bitcoin ledger is protected against fraud via a trustless system; Bitcoin exchanges also work to defend themselves against potential theft, but high-profile thefts have occurred.

How does Bitcoin Work?

Bitcoin is a network that runs on a protocol known as the blockchain. The information on the blockchain is mostly transactions.

a. Trust: Bitcoin is extremely difficult to tamper with. A bitcoin has no physical presence, so you can’t protect it by locking it in a safe. You can only access the value of your bitcoin from your wallet. The bitcoin network is decentralized, No one needs to know or trust anyone in particular for the system to operate correctly.

b. Mining: The process that maintains this trustless public ledger is known as Bitcoin mining.

c. Baseline Value: Bitcoin has a tremendous baseline value. Liquidity: Bitcoin has a very liquid market where flat money can be exchanged.

The end of cash?

As with many aspects of our lives, technology looks set to change the way we use money. However, according to Age UK, approximately 2.4 million over 65s, representing nearly 12 million people, still rely on cash to survive (and are still using chequebooks). They may not have access to the devices that would allow them to go cashless, even if they had the inclination. The charity also reports that Covid-19 represented a particular challenge for disabled people who broadly preferred to pay their friends, neighbours and volunteers in cash. In light of these challenges, cryptocurrency may be an exciting prospect for early adopters but is likely an anxiety-inducing thought for those who depend on traditional paper and coins (or even standard internet banking) and that will need to be borne in mind by those spearheading reform. At present, we appear some way off a cashless World.

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For more information on how we think cryptocurrency and digital currency might impact the banking & finance market, please see our follow-up article.

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