LEOCoin – A View of Our Financial Future

Money as a concept has changed a lot over the years - from mounds of salt back in Roman times ('salary' is derived from the Latin for salt) through to gold, then innumerable currencies and now to today's vast digital transactions. Sure, there's a lot of cash still floating around, but the big deals are all electronic. Increasingly that's trickling down to us consumers too - from Wave and Pay in your local city market paperless bank statements and even payments with phone apps. Fast forward to the near future where everything will go entirely digital. Old money is on its way out and the digital revolution is paving the way. What's surprising is that your established high street bank is currently all in favor of digital transactions - they're cheaper to manage and they still get their cut by charging fees. But once consumers are happy with purely conceptual money then the role of banks themselves may start to change, and there's a wealth of alternative 'versions' of cash out there which are ready to exploit the new chapter of currency. The best-known of these alternatives is probably Bitcoin - more details on that below - and these could really change our banking world fundamentally, if enough of us decide to trust them. The changes coming our way are pretty big: from just altering the way we spend our cash to completely new types of money that could alter the financial landscape of the world, there's a lot to get your head around - so here's some help on that front. LEOcoin is based on a blockchain algorithm too, and can be mined just like Bitcoin - it's based on Litecoin code, which is a licensed variation of, but extremely similar to Bitcoin. LEOCoin aims to be 'the entrepreneurs' digital currency of choice' and goes about this by being more secure - or so the founders claim - than Bitcoin; truly anonymous, and easier to use. The process of downloading a wallet, then either buying or 'mining' your own LEOcoins is simplified, mainly by restricting the wide-open-choice nature of Bitcoin. Another key difference is that by just maintaining a LEOcoin 'wallet' with coins in it you automatically accrue 'interest' at 4%, by being allowed to generate additional coins. LEOcoin points out that this "is an excellent way to convince investors to hold on to their coins for an extended period". However, the product hasn't gained widespread traction yet, being still in the soft launch phase, so perhaps don't head out and change all your cash for LEOcoins just yet.