Cryptocurrency Essay

1150 Words5 Pages

What is Cryptocurrency?

While debit and credit cards become more and more popular, it’s not that hard to imagine a world where physical cash transactions are eliminated completely. Different countries use different forms of currency, which means that if you go to another country, you will have to exchange what you have with their currency to be able to buy goods or pay for services. Virtual currency is a relatively new concept adopted from a series of barter systems running parallel to some elements of traditional cash. This is all due to a reformed computing power in the modern world that allows technology to reshape transactions as a result of cryptocurrency. Basically, cryptocurrency is a virtual, digital currency that employs cryptography …show more content…

The first to have ever captured the imagination of the public is Bitcoin, launched in 2009. While there are so many of these cryptocurrencies, their popularity varies considerably. As a matter of fact, Bitcoin, being the most established and most popular cryptocurrency, has a market capitalization that is so much greater than the next one hundred of its competitors.

The Benefits of Cryptocurrency
Inasmuch as merchants have been a little repulsive in adopting cryptocurrencies, there’s potential for the uptake to rapidly increase in the next couple of years to make them a very convenient and attractive day-to-day method of payment. There are certain benefits to the use of cryptocurrency that have helped in fueling the increase in cryptocurrency interest that could render traditional banks void. They are as follows:

Mass Accessibility
Cryptocurrency does not recognize any national borders; it is available to anyone and everyone with access to the digital technology to use it. This takes into account billions of people in the developing world provided they have access to smartphones, especially if they have seen their local currency being affected by the high rates of inflation that would most probably erode the value of their

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