Is Cryptocurrency the Future of Money? 5 Reasons to Believe so From PointPay
The evolution of new technologies, financial innovations, and digital currencies transforms the way we use money. The days are gone, when it was necessary to withdraw cash from ATMs or apply for a mortgage at a bank. Nowadays, conducting any financial transaction is an exclusively online experience, which has only intensified over the past two years due to the pandemic.
PointPay experts believe that the cryptocurrency industry is changing our understanding of money and challenging the financial institutions that currently manage it. 2021 has been a transformative year for finance, and 2022 promises to bring even more significant changes. So, why do PointPay experts believe that cryptocurrency is the future of money? Let’s figure it out.
PointPay: cryptocurrency as the future of money
Cryptocurrency continues to make headlines and influence the entire financial sector. As a world-changing technology, digital currencies have the potential to create new economies and empower those who don’t have access to bank accounts.
While one part of the cryptocurrency industry is wowing with technical innovations, the other functions as a so-called hype monster powered by weird memes with cute dogs, other animals, and creatures. The crypto industry also boasts a staggering amount of funding from venture capitalists, private investors, and crypto enthusiasts worldwide. All this radically changes the way we interact with money. Here are some more positive answers to the question: “Is cryptocurrency the future of money?”
Crypto moves further
Big companies and institutions are doing their best to determine how cryptocurrency fits into their business. Many of them have already started making moves that could impact using digital money.
When we hear about cryptocurrency now, it is usually about media personalities, overnight millionaires, expensive digital art, and crypto scams. However, PointPay experts believe that soon we will see more focus on real utility and use cases that drive real value.
For example, Bitcoin officially became legal tender in El Salvador in September 2021, making it the first country to adopt a digital currency. However, it might be just the beginning. Several other countries seem eager to follow El Salvador’s lead in making cryptocurrency legal tender.
A fairer and more transparent financial system
Our financial system revolves around third-party intermediaries who work on processing transactions. It means that when you make a transaction, you have to place your trust in one or more of these intermediaries. Cryptocurrencies offer an alternative — you can enter financial markets and make transactions without intermediaries. With that in mind, we can conclude that sooner or later, we will say bye-bye to traditional banks and greet a fairer and more transparent financial system.
The real power of stablecoins
Stablecoins is a subcategory of cryptocurrency, which is tied to an underlying asset. Many experts and analysts in the industry believe that stablecoins are on the way to playing a vital role in turning cryptocurrency into something people can easily use in everyday life.
People have already started paying attention to trends in stablecoins both as a medium of payments and as a digital dollar currency. The use cases for cross-border and instant payments have already started to flourish last year, and we will see more of that in the near future.
Transferring assets more efficiently is one of the central values of stablecoins. This value is powerful for firms that need to move digital assets and cash quickly and efficiently. More industries will start adopting stablecoins as a more efficient way to make everyday payments. As a result, stablecoin volumes will continue to grow further.
Crypto trades 24/7
The cryptocurrency market is always open, and it is another advantage over banks. With transactions being recorded 24/7, we don’t have to wait for any particular time to start trading crypto. This advantage has made an enormous impact on regular stock exchanges. They even began to look for options to trade stocks outside of banking hours as well; however, without much success. Therefore, cryptocurrency is the best way to generate income so far.
Beating inflation
Cryptocurrencies are not tied to a single currency or economy. It means their price reflects global demand rather than, for example, national inflation. As for cryptocurrencies, we can rest assured and don’t think about their inflation.
The number of tokens is limited, so the amount available can’t spiral out of control. Thus, there’s no inflation problem at all. For example, Bitcoin has an overall cap, and Ethereum has an annual cap, keeping inflation at bay.
Final thoughts
From something unfamiliar and suspicious, the crypto industry turned into a very useful instrument. It is growing rapidly, opening up more opportunities and benefits for seasoned investors and general users. Now we can see that cryptocurrency is slowly but steadily changing how we use money. Although crypto trading might come with some risks, trustworthy trading platforms like PointPay are here to help.
So whether you want to pay for everyday essentials with crypto, choose an altcoin to beef up your portfolio, or learn how not to fall victim to a cryptocurrency scam, PointPay experts will guide you.
Enjoy crypto trading on PointPay!
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