Cryptocurrencies: The Future of Money? – Kavan Choksi Japan
There has been a lot of talk about bitcoin and other cryptocurrencies, but what does all the buzz mean? Is Cryptocurrency the future of money? In this article, we will look at the basics of what Cryptocurrency is, how it works, and the future of Cryptocurrency according to experts like Kavan Choksi Japan.
Cryptocurrencies are decentralized digital currencies which means that they do not have a central bank to regulate them. They cannot be printed like the money you carry in your wallet or purse, nor can they be minted by banks. All cryptocurrencies exist purely online and are a product of complex computer coding. Just like a currency needs a country to be tied to, Cryptocurrency is virtual and attached only to the internet.
Is this future money? Some say yes, others no, but there are certainly some very valid points as to why Cryptocurrency could be the future of money.
1) Cryptocurrency cannot be counterfeited or duplicated because it’s coded, transactions cannot be reversed, and it can’t just vanish into thin air if your account gets hacked. This means you don’t need another person for this form of currency – just access to an online network, and voila: you’re wealthy!
2) Crypto coins can help those people who live in countries where inflation has destroyed their local currency or those who lack a local currency altogether.
3) Experts say that Cryptocurrency will be a boom for cross-border transactions, allowing people from all over the world to make international transfers at much lower fees. According to leading experts in cryptocurrencies, one of the main reasons Cryptocurrency will soon be the future money is that it allows instant transactions at low or no cost. In addition, nobody can prevent you from sending any amount of money to anyone else across the globe.
Cryptocurrencies are mined just like gold and silver – through solving complex mathematical equations with algorithms – but computer power instead of pick-axes and shovels! The mining process means that cryptocurrency transactions are verified and added to the blockchain.
Is Cryptocurrency a smart investment?
Yes and no, it depends on who you ask. Cryptocurrencies are very volatile, which means that their value can increase or decrease immensely over a short period of time. As a result, it is possible to find people who have mined thousands of dollars worth of Cryptocurrency just months ago but then watched their fortune dwindle to practically nothing in a matter of days.
If you’re willing to take the risk, you could stand to make a lot of money by mining cryptocurrencies. Just remember, though – it’s always wise not to invest more than what you can afford to lose!
Could Cryptocurrency be the future?
Some people certainly think so; however, only time will tell for sure whether this new digital currency will continue to boom or bust. For now, at least, many people, businesses, and corporations see Cryptocurrency as future money.
If you want to own some cryptocurrency, all you need is an internet connection and a digital wallet (you can download one from blockchain.info ). Then, you can make your first purchase by exchanging cash for bitcoins at any of the bitcoin ATMs found in many countries worldwide or through websites like Coinbase. However, if you want to make regular purchases, you would probably be better off signing up with a website specializing in selling Cryptocurrency and setting up an account there.