2017 is the year of cryptocurrencies. Bitcoin jumped from the value of thousands of dollars and broke records by crossing the $20,000 mark. Ethereum’s Ether is higher than ever. New currencies are being created every day and people are buying them.
So are these programming codes real money or just a fad that will die with time? Let’s review:
Have you ever sent money to someone through banking? Different banks have different protocols, but they all have one thing in common: they charge you. Yes, it could be said that your bank gives you a few fee transactions per month, but it puts other restrictions on when you are forced to pay for those particular services.
With digital currencies like Bitcoin and Ethereum, you still have to pay someone to transfer money, but the transaction “fees” you pass on to miners are much lower than what traditional banks offer you.
Sending cryptocurrency to someone anywhere in the world is as easy as writing an email. All you have to do is request the recipient’s address, enter the wallet and send the desired amount. Then you can go about doing whatever you do in your daily life and the money will be transferred.
Okay, the title is a bit misleading. There are many cryptocurrencies out there, so you and the recipient may not have the same wallet. If the recipient is flexible (and you have the power of persuasion), they can set up an e-wallet for your currency in no time.
The most accepted currency is Bitcoin and if you have it, you won’t have any problems accepting different currencies.
With financial crises everywhere and the rate of inflation rising rapidly, one day you’ll find that all those dollars you saved won’t have much purchasing power for a decade or so. It is wise to invest in something that will not pay off over time. Enter Cryptocurrencies! Mostly because of the way these currencies are programmed, circulation will be very limited, unlike you can print more paper currency.
A simple case of supply and demand will always ensure that cryptocurrency will increase in value.
So there you have it: Cryptocurrencies are not a fad in my opinion. All you have to do is know which one to buy.