The Future Is Bright

We have all heard of Bitcoin. It became the world’s first cryptocurrency as recently as 2009. There have been hundreds of cryptocurrencies flooding onto the market in recent years, but how do they work and how can they differ from the dollars and cents in your wallet? 

Cryptocurrencies will not fit in your purse as it is a digital currency with a monetary value. It is nothing more than a line of coding that has value. If you think about the $20 bill or £10 sterling note you hold in your hand, it is little more than a piece elaborate paper with plenty of detail on it. It’s not worth anything, per se, but you could certainly use it to buy goods and services, as it holds a monetary value. A cryptocurrency is no different in that the electricity formed into a line of code has a value too. 

Cryptocurrencies have been welcomed into the field of financial transaction. Even some of the larger companies and global corporations have stepped up and allowed Bitcoin to be used a method of payment. Although only a small percentage of traders accept this form of payment, the list is growing and the decentralized currency is becoming more popular at a rapid rate. It’s a bit like the internet back in the early 1990s – no-one took it very seriously but many thought there might be something big in this – in the far distant future. 

What actually happened to the World Wide Web is history, but look at the speed at which it developed, how big it became and how much a part of our daily lives it is. Cryptocurrencies are said to be on a similar journey and using a super smartphone that can pay using a cryptocurrency of your choice at any retailer, fellow friend or family member in a flash, is quite likely going to be a reality by 2022. 

It is worth pointing out that this new form of trading is not without its critics and bad press. But traders and financial backers are not backing away. Moreover, interest from investors is rising year on year and even on a monthly basis. 

The United Kingdom is one of the world’s largest economies and its current government is very support of all cryptocurrencies. You may have to wait a few years before China gets on board, but the Bamboo Curtain will soon draw back the minute the Chinese leaders realize the financial implications them and their people