Think of a currency, a form of money that you can spend even if it doesn’t physically exist. That money is cryptocurrencies. Cryptocurrency is a digital payment mechanism that does not rely on banks for transaction verification. It’s a peer-to-peer system that allows anyone to make and receive payments from anywhere. Cryptocurrency payments exist simply as digital entries to an online database identifying specific transactions, rather than as tangible money carried around and exchanged in the real world. The transactions that you make with cryptocurrency funds are recorded in a public ledger. Digital wallets are used to store cryptocurrency.
There are some people who call cryptocurrencies even a sin, let alone trusting them. We use cryptography ,or encryption, for security of the digital assets. It is used to keep them safe. In this approach, “double spending,” which refers to counterfeiting or performing numerous transactions with the same cryptocurrency, has become nearly impossible. Also the general name of this network, which was established to ensure transfers and data security, is “Blockchain”.
Whether or not cryptocurrencies enter our life, we will soon be making all of our payments online. In a world where we may have to shop only under the supervision of giant financial institutions, where our data is collected in a single center, and our access can be limited in accordance with these institutions’ policies, cryptocurrency with open systems opens the door to peer-to-peer, democratic, and open finance. As people’s spending becomes digital, money will gradually become digital. We cannot prevent this. At the same time, since cryptocurrencies are in a global structure, every transaction will be even faster.
Brands such as Microsoft, one of the world’s largest software companies, the coffee giant Starbucks, the leading car company Tesla, the online trading company Amazon, and the beverage giant CocaCola, have already started to receive payments with cryptocurrencies. Because almost all of these companies are first in their field, it is their founders and bosses who achieved this first place. Those founders or bosses also know that the world is becoming more and more digital. They must keep up with this digitalizing world or they will be left behind.
Cryptocurrencies are already used directly in life itself. People need to catch up with this progress as soon as possible. The reason for this is that these coins also have an end. The more money you have, the more you can spend. It will take some people some time to realize that the money of the future will be completely digital, but I would not recommend you to be among these people. Be quick , take your place in the future.