Since the advent of money, humans have strived to find alternative and better models that suit their needs and lifestyles, from bartering to credit cards, and now cryptocurrency could be next on that list. Cryptocurrency serves as a protocol that allows you to securely transfer value online, but it has its own units of currency and exchange value in the form of tokens; these tokens are called cryptocurrencies or altcoins (alternative coins). You’ve probably heard of Bitcoin, the first decentralized digital cryptocurrency that was introduced in 2009 by an anonymous developer known as Satoshi Nakamoto; since then, cryptocurrencies have increased in number and popularity exponentially.
What is the next money model?
The next money model is cryptocurrency. Cryptocurrencies are a new payment and investment models. The revolutionary nature of cryptocurrencies is that it operates without the current banking system (and its associated fees). Cryptocurrencies are decentralized and not controlled by any one entity or government (thus avoiding the fees they charge). While Bitcoin was the first cryptocurrency, there are now hundreds of alternative currencies.
How does cryptocurrency fit into the future?
When Satoshi Nakamoto created the Bitcoin in 2009 he not only launched a currency but also invented an entirely new money model. The question is will it become the next money model for the world? In order to have a better understanding of cryptocurrency and how it fits into the future we need to start at the beginning. This will take us back to 1616 when Johannes Kepler published his first scientific paper on geometry and Number Theory, which essentially gave way to modern encryption.
Why should I use cryptocurrency?
Why should I use cryptocurrency when I can use USD? Well it turns out the money you use is only as strong as your faith in its ability to retain its value. In some parts of the world, paper currency is still king. But even in those areas, it’s only a matter of time before credit cards and digital options overtake cash. The same goes for online transactions; depending on where you live in the world, you may have no choice but to transact via the internet—whether it’s for banking or purchasing things like groceries and household supplies. And that brings us to why cryptocurrency could become your next money model...