What is Cryptocurrency
It’s a new form of currency. You can transfer your traditional currency like the US dollar for purchases. Remember the guy in 2010 who purchased two pizzas for 10,000 Bitcoins. Once cryptocurrency gets out of its beginning stages and becomes more mainstream and regulated, we will be able to transfer money and make purchases as we do with traditional currency. Crypto can even allow large data to be transferred quickly.
Is Technology Needed in our Currency?
So what’s the difference between the digital money behind a debit card and crypto? Why should we care about technology in money? Why should we care about anything outside of what’s in our wallet? Well for most cases you need a bank or a financial institution for a debit card. And you should care about those banks and financial institutions, because they like many things have issues and are becoming outdated. Banks and other financial institutions are becoming the middleman with transactions by making sure they take their cut. Because of this 3rd party, some transactions are delayed by taking days to clear. More and more people are using apps to transfer money as well as tap to pay at certain merchants. So wire transfers and cards are becoming a part of the past. Half the people in the world, that’s 3 billion people who don’t have a bank or access to a financial institution. It’s easier for some people to get access to a phone than it is a bank. Financial inequality won’t change if everything stays the same. Like everything in life, it must evolve with the times.
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– Crypto Culture