Most of the media coverage regarding cryptocurrencies is centered on their value and investment opportunities.
Although this is true, it has to be looked at for their longevity if they matter in the world and do they have a place in our society?
These crypto questions often ask if they are the future of money. There is a vast number of cryptocurrencies in the world right now, and many are merely nothing more than there to make a quick buck for the developers.
They offer nothing new, and if it was only this perspective that was used, you could say cryptos have no future. To understand the true value you must look a bit deeper.
Below the surface...
We first started talking cryptocurrency with you in 2014. Fast forward four years, and there is still a lot to understand.
To fully understand why crypto currencies matter you need to look under the surface and see what solutions they provide on a global scale that benefits most people.
Many coins only deal with being payment systems, although some do it a little different. Coins that just think this is the only benefit don’t themselves matter and will fall by the wayside.
Blockchain technologies offer so much than merely moving money in a decentralized fashion, and the best way too fully understand all of this is by looking at what each individual coin offers apart from being a cash transfer service.
Crypto’s That Offer More
This being the leading contender to BTC it is also one of the first ones to bring more than cash payments. With smart contracts and global nodes, applications can become decentralized rather than being under the control of one company.
User privacy is enhanced as well as security. ETH’s decentralized internet at the application layer goes a long way of changing how we can work with digital assets as the smart contracts can be programmed to run when specific criteria have been met.
On the surface Ripple appears to be just a payment system. In certain terms, this is correct although it is the bridge between many forms of currency or digital assets to be exchanged. It is not based on Blockchain and uses its own technologies. Any transaction can be settled in a few seconds so avoiding any transaction delays.
Dash is very similar to BTC though it has attempted to fix many flaws. Speed being one along reduced fees is another.
Although dash is a payment system, it does this much more efficiently than BTC by using its two-tier network. With this operations are divided between the miners and also the master nodes.
This coin is another one that focuses on Smart contracts which can operate across various Blockchains. This can quickly help many organizations work together without reliance on one cryptocurrency.
Any asset can be converted to a digital asset and become decentralized, these then become protected by law and offer transparency and trust in their One chain technology.
There is also the possibility of digital identities being created. These can be authenticated by facial recognition, fingerprints and voice recognition and can be used for entities, individuals or organizations in a full digitized form.
All these coins add benefit to end users although a further reach to geographic markets will really make a cryptocurrency matter on a global scale. One cryptocurrency aims to provide the solution for this which is efficient and cost-effective in its approach
This coin comes with more features which are outside of cash transfers or payment system, though for this it is very effective and performs better than most. Skycoin transactions happen in an instant and possess no fees for the privilege.
Value is added to the network as the miners get paid for providing an interconnected connection between dedicated nodes. These miners create a mesh-network that isn't a part of the current internet.
This matters in areas where ISP’s have nocables. With the introduction of a node, the network can be expanded which gives internet access to many people who would be without. A prime example being remote areas of Africa or Asia. As long as the nodes can reach each other, the network can grow.
With this network, growth comes greater speed and security for all users and businesses. Information can be taken away from the cloud and can be hosted in a decentralized manner. All this is provided by the Skywire network that SKY couples with to perform at its most efficient.
SKY can quite easily be the most undervalued cryptocurrency of the moment due to the benefits it brings.
A decentralized internet that operates on a different level to any current infrastructure has much more going for it than people fully understand at present.
Payments are paid for bandwidth used, these are likely to be much less than current ISP subscriptions while offering security and privacy as no one is able to track your online movements.
In a certain way, the mesh-network operates like one giant VPN service and on a full peer-to-peer level with no loss in performance.
As the world changes, so do global economies and governments. To meet demand more currencies can be produced which in turn reduces the value of money which is already in circulation.
When this happens, underdeveloped countries find it harder to rise up from the living standards they have. Cryptocurrencies provide the option for these individuals to have access to a secure way of storing money where there is little or no banking infrastructure.
They will also find they are less immune to the effects of inflation as cryptocurrencies don’t fall under any government control.
Power is handed back to the end users as no data is retained anywhere apart from where the user wishes it to be stored.
Applications will be decentralized, and no reliance is on major corporations, and there is a colossal amount of users who can be outside the effects of what net neutrality can impact on them.
Cryptocurrencies will matter though there is a vast amount that won’t. To make a difference and be a part of making sure the best cryptocurrency survives is in the hands of the users.
When they see where the future lies, they can quickly and safely adopt the best path. Cryptocurrencies matter because at the end of the day end users matter.
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