The genesis of the cryptocurrency
Bitcoin is the first crypto ever to come into existence. “Bitcoin: A Peer-to-Peer Electronic Cash System” by Satoshi Nakamoto, the anonymous creator of BTC, tells us why the author wanted to create his digital currency. He wanted to reduce transaction costs and increase anonymity in the processing of payments themselves.’ Also important was the exclusion of banks which, in his opinion, were not very good as a so-called “third party”.
Crypted today
Bitcoin has failed in a way. Today it is used for speculation and the marketplace where you can pay with it for goods and services is so small that in practice you can buy mainly… other cryptocurrencies. That’s unless someone is immersed in the darkest corners of the Internet or buys goods and services that are commonly considered illicit (e.g. access to pornographic sites). Unfortunately, paying BTC for breakfast buns is all but impossible today.
This does not mean, however, that digital currencies have died as an idea! Quite the opposite! Today, companies plan to issue their own currencies in a digitalized form (e.g. Facebook and its Libra). Additionally, central banks are following the same path. The People’s Bank of China is working on the digital yuan, and its European counterparts are also slowly beginning to do similar work. The Bank for International Settlements recently recommended the creation of such projects. These aren’t just transfers anymore!
Stablecoins — a new era of payments
How will the digital currencies of central banks and companies differ from Bitcoin? They will be stablecoins (like the WeeMAT currency). What does this mean in practice? On the one hand, this is bad news for stock market traders because the rates of this relatively young family of cryptocurrencies are — as the name suggests — stable.
This translates into the practical use of digital currencies in the economy. With the help of projects such as WeeMAT, you may soon be able to buy breakfast buns, cheese and ham at a local shop! This will not only be an interesting new experience but also represents great convenience.
Hence, we conclude that stablecoins will be the real currencies of the future. Bitcoin has paved the way for them, and now they are entering the broad waters on their own.
Remember, however, that the new technology benefits those who use it first the most.
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