Why use Cryptocurrency?

Why should we use Cryptocurrency? – It’s a good question and the answer is simple. We should use cryptocurrencies since it is a step in the right direction for global trade where everyone can be involved. To neglect the idea of Cryptocurrencies on a decentralized network today is like neglecting the idea of Internet and the Hypertext Transfer Protocol (http) back in the early nineties. People who understands this technology or people who can get a clear picture how it works can easily see the benefits for mankind. It’s the peoples money.

Benefits of using Cryptocurrency

  • Send Money to anyone anywhere in the world, almost instantly, with no middle hand or excessive fees.

  • Include everyone in the financial system, not only the people who have access to modern day banking.

  • The possibility to build on top and around the block chain to fundamentally change the way we use and interact with money.

  • The enormous amount of computing power that is generated to mine a cryptocurrency can be used to create a decentralized network for applications on top of the block chain. Ethereum is such a cryptocurrency, their target is aimed more at the framework for applications itself than the actual currency/money aspect.

How does the future of cryptocurrencies look like?

Bitcoin was the first prominent cryptocurrency to gain the public’s attention, but it is doubtful that it will be the last. In the wake of Bitcoin’s popularity, many coin developers have sought to improve upon the basics of Bitcoin and offer a more fulfilling and feature rich experience to newcomers. Quark offers security and speed, Darkcoin offers anonymity, for some a priceless commodity, Ghostcoin presents a lightweight platform that will not take up your computer’s processing power, and Huntercoin offers a cryptocurrency experience that is built around a game. Could one or more of these promising cryptocurrencies become the “Next Bitcoin?”.

Overall, the future appeal of cryptocurrencies lies in allowing users ultimate control over their money, with fast secure global transactions, and lower transaction fees when compared to all existing currencies. When used properly and fully understood the virtual currency ultimately serves its purpose. As a first generation currency it will be the initiator of many novel emerging systems that will fundamentally change our understanding regarding the concept of what is money, with the potential to perform a kind of ‘social good’ to developing nations poor populations unable to access traditional banking institutions.