There is no doubt that cryptocurrencies are here to stay. It doesn’t matter what anyone tries to do to stop them they will at some point in time have a much more significant role to play than merely being an investment opportunity.
There are many areas where these forms of digital cash will make a difference outside of what we know and understand as there is a lot of technologies underneath the cryptocurrencies themselves.
This is mainly what all coins run on, to some degree. They are digital ledgers where all transactions are stored and are designed, so anyone is able to see what transactions have taken place. In most cases.
Some cryptocurrencies hide transactions from being published to the general public, or other technologies use their own Blockchain which does the same sort of thing.
It is unfortunate that we talk about how cryptocurrencies will help to transform many factors of our life, and the net neutrality repeal could hamper any speed of progress. On the upside is some various altcoins have seen this coming, and the services they offer are based on the concept of a decentralized network.
This was the initial vision for Bitcoin, however due to the way coins are mined and how the BTC-Blockchain runs on conventional cables. Decentralization has not been fully realized.
Many apps are being developed that sit above the block in a decentralized manner. The services they offer are decentralized although as mentioned they still run on what is basically a centralized network.
Third generation cryptocurrencies have looked at this and Skycoin has looked at this, and they have created dedicated network nodes which all interconnect wirelessly. As these can be placed in many different locations, they can reach out to rural areas where the large ISP’s deem it unsuitable to lay cables.
This network is called Skywire and offers high-speed, secure connections and is much more energy efficient than many of the first and second generation coin for mining.
Banking Institutions and Money Transfers
The banking sector has yet to embrace cryptocurrencies. In the earlier stages, they might use them as part of their high-risk investment portfolios. When they fully understand how a cryptocurrency can assist a banking institution, services they offer should come much cheaper, much more efficient and less prone to errors or theft.
Any transaction that is made and passes along the cryptocurrency network is highly secure and can be made within a fraction of the time than regular transfers. These can happen to any location around the world, and any transaction or transfer can go directly to an individual rather than having to pass through third parties.
In modern society, we use contracts all the time. These can take time, expertise and can be expensive. Where BTC mainly focuses on payments another market leader Ethereum is focusing on contracts as their service of choice. Anything from purchasing a vehicle to selling a home can be created and digitized.
Once this is done the room for error should be all but wiped out. The time for these contracts to be completed and settled is minuscule compared to paper contracts which are passed back and forth in the mail. Delays will become a thing of the past, and any uncertainty will be evaded as decisions will be made in split seconds.
Every day Finances
We have seen the way we make payments in stores, vending machines and the like. We have hard cash, cell phones and numerous credit and debit cards. All of these could be streamlined with only one payment system regardless of what individuals are purchasing.
The payment medium might not be in place. However, there are many cryptocurrencies which are taking this as the service which will make them the new BTC.
The only flaw at the moment is many coins still have a transaction cost because of the coin mining aspect. Many altcoins offer transactions in seconds though this is not quick enough for regular purchases.
As mentioned earlier. Skycoin has another trick up its sleeve as it doesn’t impose transaction charges compared to most other coins. They manage this by charging for bandwidth which is used, and payments would be encompassed with the fees for a monthly internet connection.
Many cryptocurrencies offer a lot, and until anyone becomes a standard finding, the next cryptocurrency to buy is hard work. It has to be said. The easiest way to choose one as an investment opportunity is to see which cryptocurrency has the most to offer and would change your life for the better.