Cryptocurrency: Way Of Payment Or Investing – Shout Out UK
Cryptocurrency is the new currency. The intensity of this new cryptocurrency has almost reached a fever pitch, with more and more people looking to invest in cryptocurrency than ever before.
It is becoming increasingly adopted as an alternative, if not standard currency by many financial and commercial institutions and national entities as a fiscal tender.
For many, cryptocurrency is more than a new means of doing financial transactions: it is also an asset. As an asset, cryptocurrency tokens like Bitcoin and Ethereum are valued for their financial worth — presently, Bitcoin price is well over $60k.
And here lies a crucial point with the use of cryptocurrency: whether it should be used solely as a means of payment or an asset worth investing in, despite its volatility.
What is Cryptocurrency?
To many cryptocurrency investors, crypto is just an asset with good financial value and excellent liquidy. In truth, few investors ever bother to truly understand the technicalities of what is probably the most significant world invention since the advent of the Internet.
Cryptocurrency is the currency of the blockchain. It is a highly encrypted and secure means of exchange that possesses enough of the qualities and properties of fiat currency to be accepted as a valid means of exchange.
Today, different cryptocurrencies exist, but they all function the same way as the pioneer token, Bitcoin. They all run on a decentralized network as part of a linked digital ledger functioning with the consensus of the entire network.
This provides a level of transparency never-before-seen in the financial industry. To many, cryptocurrency is the future of digital finance, and indeed, banking.
But then, some questions remain unanswered: will cryptocurrency never evolve beyond its status as an alternative means of payment, or will it continue to gain in value as a worthy asset?
Cryptocurrency as a means of payment
As a means of payment, crypto is as secure and safe as it goes. Investors can buy Ethereum, Bitcoin, and other tokens and use them to pay for a range of products and services online.
Although many businesses are still sceptical about using cryptocurrency, several others are beginning to see the positives of providing cryptocurrency channels as alternative payment methods.
From QR codes to integrations with different eWallets and cryptocurrency exchange platforms, crypto is becoming an increasingly viable means of payment in retail and business in general.
For one, cryptocurrency is thus favoured because of the relatively low transaction fees involved. Compared to the more traditional means of payment such as wire …….