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Essay On Cryptocurrency

1144 Words5 Pages

Cryptocurrency: Future of Money and Transactions

Have you ever thought about what money really is? Neha Narula stated “money is about the exchanges and the transactions that we have with each other.” In other words, money is just a way in which we are able to get the things we need and want. Prior to the development of money as a widely accepted medium of exchange, individuals used to barter to obtain their goods; even though it was not the best way to trade due to the absence of transferability. To solve this problem, we created a more ideal way to achieve our goods using technological advances. We developed a new phase of digital money just as credit or debit cards and paypal to make our transactions faster. In fact, cryptocurrency is not a phase of digital money. Cryptocurrency is the start of a new era of technological and economical innovations.
Since the development of computerisation in 1960s and the usage of the internet in the ´70s, we´ve started to utilize computerized cash …show more content…

The whole banking bureaucracy system is completely removed. Which means no more banking accounts holds preventing you to consume. The advantage of this digital cryptocurrency payment system is that it allows us to realize our own payments anywhere and anytime instead of having the bank as an intermediary controlling our transactions. With cryptocurrencies, money will not move at the speed of humans nor banks, it will move faster because of being in a digital world.
The future of money and transactions relies on cryptocurrencies. The combination of software and currency to create both, technological and economical innovations such as programmable money, will develop a secure and a more direct way to realize transactions. This is because money will be coordinated and directed by an online software which means that we won´t depend anymore on banks for security

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