Infographic Category Business

Bitcoin: Switching From Investment Commodity To Everyday Use

By | source:CryptoCoinsNews Jul 7th, 2015

It pains me when I hear my colleagues gibe at Bitcoin and other crypto currencies. They just don’t seem to understand the potential crypto currencies have to grow into a global economic powerhouse. Incase you’re wondering what crypto currencies are, here is a quick definition: “a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.”

What it means is that more currency is released into the digital world at specified times and at specified amounts. This conquers a modern economies biggest problems: printing money. Why is the American dollar worth less than ever before? That’s inflation. We’ve printed more and more money, devaluing the dollars we already had in circulation. With Bitcoin this doesn’t happen.

Another huge plus to crypto currencies is that they operate independently of a central bank. This means the end to horrible wire transfer firms like Western Union. Once you gain the code to an individual’s Bitcoin wallet, currency can be transferred anywhere across the globe completely free of charge.

Crypto Currencies are the future, it just depends how hard the banks will fight it before they succumb.