Is the future of money in cryptocurrencies?

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What will the face of money be in the future? Picture yourself entering a restaurant and selecting your preferred combination meal from the computerised menu board. Only the price is shown as.009 BTC rather than $8.99. If you want to earn you play games and earn on the internet.

Can bitcoin really be the currency of the future? The general agreement on a number of crucial factors, from simplicity of use to security and regulations, will determine the answer to that question.

Let’s look at both sides of the (digital) coin and contrast cryptocurrencies with fiat cash.

Trust is the first and most crucial element.

People must have confidence in the money they use. What determines the dollar’s worth? Is that gold? No, since the 1970s, gold has not been used to support the dollar. So what exactly provides the value of the dollar (or any other fiat currency)? The currency of certain nations is seen as more stable than that of others. In the end, what matters is the public’s confidence that the government that issued the money stands solidly behind it and basically guarantees its “worth.”

How does trust work with Bitcoin given it’s decentralised meaning their isn’t a controlling body that produces the coins? Bitcoin is stored on the blockchain, which is essentially a public online accounting ledger that makes every transaction visible to anyone. To avoid fraud and make sure there isn’t double spending, miners—individuals running computers on a peer-to-peer network—verify each of these transactions. The miners are paid for each transaction they verify as compensation for their efforts in preserving the blockchain’s integrity. Since there are so many miners competing for money, everyone double-checks their work for mistakes. Because of this proof-of-work mechanism, the blockchain has never been compromised. In essence, the value of Bitcoin comes from this trust.

Let’s now examine security, who is trust’s best buddy.

What if my bank is broken into or my credit card is used fraudulently? The FDIC insures the money I deposit with the bank. Most likely, any unauthorised transactions on my card will also be reversed by my bank. That doesn’t imply, however, that thieves won’t be able to carry off at least tiresome and time-consuming pranks. It’s essentially the peace of mind that comes from knowing that any harm committed against me will probably be set right. One should play games and earn for the bright future.

When it comes to where to save your money in cryptocurrency, there are several options. For your safety, it is crucial to know if transactions are covered. Reputable exchanges with a track record of making things right for its customers include Binance and Coinbase. In the same way that there are questionable banks everywhere, the same is true with cryptocurrencies.