Cryptocurrencies: Real Money or Even a Fad?

06/26/2018

2017 is the year of cryptocurrencies. Bitcoin jumped from a couple million bucks' worth and broke records by crossing the $20,000 mark. Ethereum's Ether is higher than ever. New currencies are popping up every day and people are buying them in a frenzy.

So, are these codes of programming real money or a fad that will die in time? Let's review:

SAVING MONEY

Have you ever sent money to someone through banking channels? Different banks have different protocols, but all have one thing in common: They charge you for it. Yes, you might say that your bank gives you a few fee transactions a month, but it puts other restrictions where you are forced to pay for those particular services.

With digital currencies such as Bitcoin and Ethereum, you still have to pay to transfer money over to someone, but the transaction"fees" you donate to miners are a lot lower than what conventional banks provide you.

SAVING TIME

Sending cryptocurrency to a person living in any region of the planet is as simple as composing an email. All you need to do would be to request the recipient's address, log on your wallet and ship the desirable amount. You may go about doing whatever you are doing in your ordinary life and the cash will be moved.

UNIVERSAL CURRENCY

OK, so the name is misleading a little. You will find a lot of cryptocurrency on the market, which means you and the recipient might not have exactly the identical money wallet. In case the receiver is elastic (and you've got the persuasive power), then they is able to set up a digital wallet to your money very quickly.

The most commonly accepted money is Bitcoin and if you've got it, you won't face any issue of different money approval.

INVESTMENT

With fiscal emergencies everywhere along with the inflation rate increasing quickly, you may one day discover that those bucks you saved do not have a lot of purchasing power within a decade or so. The smart thing would be to spend them in something which won't depreciate over time. Input Cryptocurrencies! Largely due to the way these monies have been programmed, they'll be very restricted in flow, unlike newspaper established money at which you can just print off longer.

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