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Cryptocurrency

A cryptocurrency is a digital asset that exists and is exchanged on an encrypted network of computers.

Cryptocurrency

Cryptocurrencies were developed as an alternative to fiat currencies, in an effort to decentralize control of money, limit creation of additional money, and provide a universally accepted form of money that can be used as a medium of exchange in a fast-paced digital economy.

In many ways, cryptocurrencies are superior to other forms of money. Their decentralization and scarcity are superior to fiat currencies. The speed and ease of crypto transactions, precise denominations, and inability to counterfeit is superior to precious metals and other physical money.

Despite fulfilling the definition of money, most people do not currently acknowledge cryptocurrency as actual money. This is probably because they have never transacted any business with crypto, since the infrastructure for crypto is still in its relative infancy. However, the intrinsic value of crypto currency is the infrastructure on which it is built, and all the economies which it serves. Over time, the increased adoption of crypto and investment in technologies to support cryptocurrency transactions will increase the volume of those transactions and, therefore, the value of the cryptocurrencies used in those transactions. If the use of any cryptocurrency were to grow to the size of a national economy, it would easily garner worldwide acceptance as a form of money.

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