Money plays an essential role in the world; after all, it dictates human life and almost every activity on this planet. For decades, we have seen several forms of money ranging from the precious metals, tiny yet valuable coins and the notes that we are using these days.
A common tendency of most humans is to consider money as cash, but the fact is that it has earlier taken the digital form. Even the bank accounts hold 97% of the money that is in circulation around the world.
Today, there is a new term in the market: “Cryptocurrency” or simply “Crypto.” Experts say that it will rule the market in the coming future and the most impactful cryptocurrency in the list that has the power to influence the economy is Bitcoin. However, there are more than 1320 cryptocurrencies with some tradable value that are active around the world.
Many people ask a common question whether cryptocurrency has the power to serve like real money or not. Earlier, people used to consider money as an identifiable object that can be used to make payment while buying something from another person. But, the universally accepted theory says that any item that can be used for accomplishing the exchange of services and goods is termed as money. And cryptocurrency is working on the same grounds.
There are many cryptocurrencies that are valid for specific marketplaces only such as gaming sites etc. however, many others are working on a larger platform allowing exchange over the international market. Some of the most commonly used cryptocurrencies are ZCash, Dash, Etherium, and Bitcoin. They are getting more popular these days due to their ability to ensure fast transfers and reliable exchange.
Now, some of you must be planning to buy a coffee from Starbucks by using Bitcoin. Well! You will get nothing but a blank stare. The fact is that the scenario is changing with time, and many innovative companies are working in this direction. In future, you can make payments using bitcoins or dash, etc. as some interactive apps will be supporting their instant conversion to dollars to make payments. So, for today, we can say that cryptocurrency cannot be considered as real money, but time is not so far when you will be managing all local and international exchanges using these digital currencies. With time, crypto will not just work as a currency rather it will be valued as money.