The Capital
Published in

The Capital

Could Digital Currencies Replace Cash in the Future?

C programmer in blockchain development

In the blockchain development zone, we have some of the most popular languages, they are Javascript, C, C ++, Python, Golang, Solidity, Java and Rust.

  • Bitcoin Cash (cryptocurrency)
  • Ripple (centralized ultra-fast currency)
  • Litecoin (cryptocurrency)
  • EOS (fast blockchain network with its own cryptocurrency called EOS)
  • Monero (cryptocurrency)
  • QTUM (a kind of hybrid between ether and bitcoin)
  • Stellar (payment network, one of the founders is the creator of eDonkey)
  • Cpp-ethereum (C ++ implementation of ethereum) used.
Source: BlockGeeks

Why trade cryptocurrencies?

When trading cryptocurrencies, speculate whether the market you choose will gain or lose in value. The advantages of trading crypto-electronic currency include:

  1. Recognition on a universal level: Since the cryptocurrency is not tied to exchange rates, transaction fees, interest rates or other fees in any country, it can be used easily on an international level. The cryptocurrency works on a universal level, making transactions fairly easy.
  2. Lower fees: There are usually no transaction fees for cryptocurrency exchanges.
  3. Access for everyone: There are approximately 2.2 billion people with access to the Internet or mobile phones, and these people are well equipped for the cryptocurrency market. For example, the Kenyan M-PESA system, a cellphone-based money transfer and microfinance service, recently announced a Bitcoin device, and one in three Kenyans now has a Bitcoin wallet.
  4. Identity Theft: When you give your credit card to a merchant, you give him or her access to your full credit line, even if it’s a small amount transaction. Cryptocurrencies use a “push” mechanism that allows the cryptocurrency holder to do exactly what he wants without sending additional information to the merchant or recipient.
  5. Decentralization: A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. C developers have done an excellent job here. That said, Bitcoin is managed by its network and not by a central authority. Decentralization means that the network operates on a user-to-user (or peer-to-peer) basis.

How digital currencies can replace cash

One of the leading economists Marion Laboure believes that once a regulatory framework is established in key regions of the world and government-backed development towards cashless societies continues, cryptocurrencies have the potential to replace cash by 2030.

  • the demand for a robust digital financial system that can contain cyber attacks and other potential risks for a purely digital payment market, and
  • building alliances with the broader payment industry.

Good-bye cash!

The cryptocurrencies defy the age-old monopoly of central banks over spending money. With the prospect of digital tokens replacing fiat currency, central banks are now examining the idea of ​​a digital currency issued by the central bank. In simple terms, a CBDC (Central Bank Digital Currencies) is a digital currency that is secured or guaranteed by a reserve bank and can be used as a means of payment and unit of account. That way, there is nothing standing in the way of replacing your cash, but it will take a few more years.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Marko Vidrih

Most writers waste tremendous words to say nothing. I’m not one of them.