The Future of Money and Payments

The world has seen multiple variations of mediums of exchange.

The world has seen multiple variations of mediums of exchange. Throughout history, people have changed them for the better; either for convenience, or to establish more effective and more inclusive systems of economic exchange. Here are our top reasons why we think that crypto will be the next medium of exchange.

The way that the current and conventional method of monetary exchange is built is quite complex. Any kind of transaction has to go through a third-party such as a bank, which in turn levies charges on the customer. This is not the case with cryptocurrency. Crypto provides hassle-free payments, along with individual ownership and no overseers or third-party involvement - making cryptocurrency a more reliable and an overall better option when it comes to monetary exchange.

The New Age of Payments

Broadly speaking, cryptocurrency is an electronically generated chain of code that denotes a unit of currency. It has become increasingly well-known over the past decade and has attracted a huge number of buyers and investors. It could very well be the future of payments.

Cryptocurrency has the benefit of being a one-of-a-kind interface between two parties, with the terms of each exchange to be mutually agreed and consented upon. Furthermore, information is exchanged in a “push” manner, allowing you to send only the exact message you intend to the recipient.

Using the traditional system, it is possible for information to be compromised, potentially being able to be accessed at any point between the transaction and the bank’s records. Confidentiality is critically important and this is something that crypto provides.

The fees charged for writing a cheque, funds transfer or other simple requests can make financial institutions levy charges for services that were never asked for. These charges and fees for transactions can eat away at your profits, especially if you are transacting frequently.

There are no transaction fees involved when using Bitcoin, because the miners who put the coins into circulation are paid by the cryptocurrency network. This brings you a hassle-free medium of exchange, another reason why we think of cryptocurrency as the medium of exchange for the future.

As prices and exchange charges, interest rates, transaction fees, or other levies do not apply to cryptocurrencies, the potential is huge for them to be recognized as a medium of exchange on an international level.

This means that international monetary exchange and money transfers can be carried out without any issues, thanks to blockchain technology upon which cryptocurrency is based. This technology saves cryptocurrency from problems such as inflation, instability of exchange rates and a reduction in users over time.

This is a very good reason to adopt crypto. It has the potential to become an unanimously accepted standard medium of exchange around the world in the near future.

Perhaps the strongest reason of all of these is the fact that cryptocurrency is highly secure. The encryption technology used in the exchange of this currency is top-notch and fraudulent transactions are impossible. This instils a sense of safety and security among its users which typically does not exist with traditional currencies.

All in all, we can say that cryptocurrency is a strong contender for starting a revolution in the arena of national and international monetary exchange. And, since all the signs point in the direction of cryptocurrency becoming the medium of exchange of tomorrow, we have made the smart decision regarding crypto. What’s stopping you?

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About the Author

Adam Norrie
Founder/Chief Executive Officer

Adam has many years of experience in the crypto industry already and is the creative mind behind Astralis.