Is cryptocurrency the future of money?

What will be the future of money? Imagine going to a restaurant and looking at a digital menu board for your favorite combo dish. Shown as 009 BTC instead of just $ 8.99.
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Can crypto really be the future of money? The answer to this question depends on a general consensus on several key decisions, from ease of use to safety and regulations.

Let’s look at both sides of the (digital) coin and compare traditional fiat money to cryptocurrency.

The first and most important component is trust.
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It is important that people trust the currency they use. What is the value of the dollar? Is it gold? No, the dollar has not been backed by gold since the 1970s. But what values ​​the dollar (or any other Fiat currency)? The currencies of some countries are considered more stable than others. As a result, it is the people’s belief that the government that gave the money is firmly behind it and, in essence, guarantees its “value.”

How does trust work with Bitcoin because it is decentralized, not a governing body that issues coins? Bitcoin sits in a blockchain, an online accounting guide that allows you to see every transaction around the world. Each of these operations is approved by miners (people who work on a computer on a peer-to-peer network) to prevent fraud and ensure that double costs are not incurred. In exchange for block chain integrity services, miners are paid for each transaction they verify. Since there are countless miners trying to make money, each of them investigates each other’s mistakes. This proof of the workflow is that the blockchain is never hacked. In fact, it is this trust that gives Bitcoin value.

Then let’s look at the security of the closest friend of trust.

What if my bank is robbed or my credit card is fraudulent? My bank deposits are covered by FDIC insurance. My bank is likely to refund all payments I have never made on my card. This does not mean that criminals will not be able to shoot at least nervous and time-consuming stunts. Most likely, it is a relief to know that I will get rid of any wrongdoing against me.

There are many options on where to store your cryptocurrency. It is important to know if the transactions are insured to protect you. There are reputable exchanges like Binance and Coinbase that have proven experience in correcting mistakes for their clients. Just as there are fewer reputable banks around the world, there is the same thing in cryptocurrencies.

What if I fire a twenty-dollar bill? The same goes for cryptocurrency. If I lose or exchange my credible documents in a certain digital wallet, I will not be able to gain access to those coins. Again, I can’t stress enough the importance of working with a reputable company.

The next issue is scaling. At present, this may be the biggest obstacle that prevents people from doing more operations in the blockchain. When it comes to transaction speed, fiat money moves faster than crypto. Visa can handle about 40,000 transactions per second. Under normal conditions, the block chain can run only 10 times per second. However, a new protocol is being adopted that will increase it to 60,000 operations per second. Known as the Lightning Network, it could become the future of cryptocurrency.

The conversation would not end without talking about comfort. What do people like about traditional banking and spending methods? For those who prefer cash, it is obviously easy to use most of the time. If you are trying to book a hotel room or a rental car, you will need a credit card. Personally, I use my credit card wherever I go because of my comfort, safety and reward.

Did you know that there are companies that provide all this in the crypto space? Monaco now issues Visa logo cards that automatically convert your digital currency into local currency for you.

If you have tried to transfer money to someone, you know that this process can be very tedious and expensive. Blockchain transactions allow a user to send a crypto to anyone in just a few minutes, regardless of where they live. It is also much cheaper and safer than sending money to the bank.

There are other modern methods for money transfers available in both worlds. Take apps like Zelle, Venmo and Messenger Pay, for example. These programs have been used daily for millions of years. Did you know that they also started using cryptocurrencies?

Square Cash’s application now includes Bitcoin, and CEO Jack Dorsey said: “Bitcoin doesn’t stop with buying and selling for us. We believe it’s a transformational technology for our industry and we want to learn as soon as possible.”

“Bitcoin offers an opportunity for more people to enter the financial system,” he said.

While it is clear that Fiat’s costs still dominate many of us to move money, the emerging crypto system is gaining momentum. Evidence is everywhere. Prior to 2017, it was difficult to find information in the general press. Now, almost every major business news outlet covers Bitcoin. From Forbes to Loyalty, everyone is overwhelmed by their thoughts.

What is my opinion? Perhaps the biggest reason Bitcoin can be successful is that it is fair, inclusive, and gives financial access to more people around the world. Banks and large institutions see this as a threat to their existence. They stand at the point where the world’s largest transfer of wealth has been lost.

Still undecided? Ask yourself, “Do people trust governments and banks more or less every day?”

The answer to this question can only determine the future of money.


Is there a connection between the Dow Jones and the cryptocurrency?

After a very good bull run, the Dow Jones Industrial Average went rough for a few weeks. Cryptocurrency is also experiencing an adjustment. Could there be a connection between the two investment worlds?
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We need to be careful when using vague terms like “bull and bear markets” as we move into each investment area. The main reason for this is that the cryptocurrency gained more than 10 times during the “bull run” in 2017. If you invested $ 1,000 in Bitcoin in early 2017, you would have earned more than $ 10,000 by the end of the year. Traditional equity investment has never experienced such a thing. In 2017, the Dow grew by about 23%.
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I’m really careful when looking at data and graphs, because I understand you can say what the numbers want. Crypto saw a huge gain in 2017, and 2018 saw an equally rapid adjustment. The point I want to make is that we should try to be objective in comparisons.
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Many newcomers to the crypto-currency camp were shocked by the latest crash. All they heard was how the early adopters got rich and bought Lambos. For more experienced traders, these market adjustments were quite open due to rising prices in the last two months. Recently, many digital currencies have made many people millionaires overnight. It was clear that sooner or later they would want to take part of this profit off the table.
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Another factor we really need to consider is the recent addition of Bitcoin futures trading. Personally, I believe that there are great forces here who want to see the failure of the cryptocurrency managed by the old guard. I see futures trading and the excitement in crypto ETFs as positive steps towards the mainstream of crypto, and I consider it a “real” investment.
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Saying all this, “What if there’s a connection here?” I began to think.

What if the bad news on Wall Street affected crypto exchanges like Coinbase and Binance? Could it cause both to fall on the same day? Or would it be the opposite and lead to an increase in cryptocurrency when people are looking for another place to park their money?
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In the spirit of not trying to bend the numbers and stay as objective as possible, I wanted to wait until I saw a relatively neutral playing field. This week is as good every day as it represents a period of adjustment in both markets.
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For people unfamiliar with cryptocurrency trading, unlike stock exchanges, stock exchanges are never closed. I’ve been trading stocks for over 20 years and I know very well the feeling of sitting on a lazy Sunday afternoon,
“I really wish I could take one or two positions now, because if we take into account when the markets open, the price will change.”
A Walmart-like presence can contribute to knee-jerk emotional reactions that can throw snowballs on both sides. With the traditional stock market, people have the chance to press the pause button and make their decisions overnight.
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I took the last 7 days of crypto trading data for DJIA and the last 5 days to match a weekly turnover.

Side by side compared to last week (3-3-18 – 3-10-18). The Dow (due to 20 out of 30 companies losing money) fell 1,330 points, or 5.21%.
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The comparison for apples for cryptocurrencies is a little different, because the Dow is not technically available. This varies, although many groups create their own version. The closest comparison during this period is to use the first 30 cryptocurrencies in terms of total market value.
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According to Coinmarketcap.com, 20 of the first 30 coins fell in the previous 7 days. Familiar sound? If you look at the entire crypto market, the size has dropped from $ 445 billion to $ 422 billion. Bitcoin, seen as the gold standard equivalent, saw a decline of 6.7% over the same period. As with Bitcoin, switch to altcoins.
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Coincidence or cause? How come we have seen approximately similar results? Are there similar reasons in the game?

Although the fall in prices seems to be similar, I am interested in the fact that the reasons for this are completely different. I’ve told you before that numbers can be deceptive, so we have to pull back the layers.

Key news affecting the Dow:

According to USA Today, “Strong wage data has raised fears of incoming wage inflation, raising concerns that the Federal Reserve may need to raise interest rates three times this year.”
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Because crypto is not centralized, interest rates cannot be controlled. This could mean that in the long run, higher rates could cause investors to put their money elsewhere in search of higher returns. Crypto can come in a very good game.

If there were no interest rates, what caused the crypto adjustment?

This is mainly due to conflicting reports on how the positions of a number of countries will affect the market. People around the world are worried about whether countries will even allow them as a legitimate investment.

Last week, some good news came from congressional statements by Jay Clayton (SEC President) and Christopher Giancarlo (CFTC President). The point was that while they wanted to eliminate bad players and ensure compliance with AML laws, they also wanted to allow innovation.

Undoubtedly, the connection between similar results between the two worlds is uncertain.

We all know that markets do not like uncertainty. But uncertainty is temporary. Something that causes anxiety one day can sometimes be resolved overnight. There are times when the news is so shocking that it paralyzes the market for months and even years.

The key is to filter all this information and decipher what is real and what is not.

Since I’ve been on both stocks and cryptocurrencies for a long time, I believe it might be better to be careful with both. The opportunity to make a profit is available every day. This is especially true in cryptocurrency, as I often bought a coin that dropped 30% in the last day and then dropped 30%, but returned it within a week or more.

I would recommend being as diverse as possible (this varies depending on the situation of each). There are days when one is up and the other is down. For a moral boost, it’s nice to have the option to sign up for an account that has a better day. If you have an account in both worlds, maybe you can link it.

One thing is for sure, the crypto is here to stay and will make the investment more interesting.