{"id":14059,"date":"2021-11-19T16:37:49","date_gmt":"2021-11-19T11:07:49","guid":{"rendered":"https:\/\/zebpay.com\/?p=14059"},"modified":"2021-11-19T16:37:49","modified_gmt":"2021-11-19T11:07:49","slug":"is-cryptocurrency-the-future-of-money","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/is-cryptocurrency-the-future-of-money","title":{"rendered":"Is Cryptocurrency the Future of Money?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/is-cryptocurrency-the-future-of-money\/#Comparing_Cryptocurrency_and_Money\" title=\"Comparing Cryptocurrency and Money\">Comparing Cryptocurrency and Money<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/is-cryptocurrency-the-future-of-money\/#Medium_of_exchange\" title=\"Medium of exchange\">Medium of exchange<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/is-cryptocurrency-the-future-of-money\/#Unit_of_value\" title=\"Unit of value\">Unit of value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/is-cryptocurrency-the-future-of-money\/#Store_of_value\" title=\"Store of value\">Store of value<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/in\/blog\/is-cryptocurrency-the-future-of-money\/#The_Present_Scenario\" title=\"The Present Scenario\">The Present Scenario<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zebpay.com\/in\/blog\/is-cryptocurrency-the-future-of-money\/#The_Final_Verdict\" title=\"The Final Verdict\">The Final Verdict<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>When cryptocurrency first came about in 2009, nobody knew just how big it would become. But here we are.<a href=\"https:\/\/www.livemint.com\/market\/cryptocurrency\/crypto-users-double-to-200-million-in-4-months-fuelled-by-bitcoin-shib-doge-11627560774706.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"> As of June 2021, the number of global crypto users crossed 200 million<\/a>. While more and more people jump on the crypto wagon, the question that now seems to be on everybody\u2019s mind is whether cryptocurrency is the future of money. Put simply, will you be able to use your bitcoins to buy your morning coffee?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-comparing-cryptocurrency-and-money\"><span class=\"ez-toc-section\" id=\"Comparing_Cryptocurrency_and_Money\"><\/span>Comparing Cryptocurrency and Money<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Apparent from the term <em><a href=\"https:\/\/zebpay.com\/in\/buy-cryptos\/\" target=\"_blank\" rel=\"noreferrer noopener\">cryptocurrency<\/a> <\/em>itself, it is clear that the designers of the technology meant for it to be used as a medium of exchange. But when money was first invented, it was made to solve some very specific problems. Let\u2019s take a look at these characteristics and see if cryptocurrency fits the bill too.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Medium_of_exchange\"><\/span>Medium of exchange<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Money was created<strong> <\/strong>to fill a gap in the barter system. Imagine trading a bag of onions for a litre of milk, how would you decide how much of one is worth the other? So money was invented as a common denominator, which could be used to facilitate trades of goods and services. While cryptocurrency is not legal tender (meaning people are not yet compelled to accept it as a form of payment), it has and is being used to conduct transactions in the same manner. A prime example is Elon Musk\u2019s Tesla. The company not only invested in Bitcoin but also started accepting Bitcoins as payment for their vehicles.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Unit_of_value\"><\/span>Unit of value<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>As a unit of value, money is used to determine the fixed price of goods and services. At the moment, cryptocurrency\u2019s high volatility means that it is not a favoured measure of value. For example, if you spend one bitcoin to buy a dress and the next day the price increases, you will have lost a lot more money than you meant to. But this is partly because a majority of cryptocurrencies are held by a small number of people. Even minor changes by one or two persons can lead to larger consequences. Experts agree that with more participants in the market, it is possible for cryptocurrency to stabilize.<\/p>\n\n\n\n<p> Imagine the crypto market as a small rickety boat in a stormy sea. The boat is moved by the force of waves as well as the movement of the few people on it. Now imagine a large ship with hundreds of passengers. Despite the movement of people and strong waves, the ship would not be easily shifted.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Store_of_value\"><\/span>Store of value<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Store of value refers to the fact that one can hold on to money to store it and use it at a future time. It means a hundred rupee note will give you a hundred rupees worth of goods even months after you first received the note. Technically, cryptocurrency does store value. The issue is that this value is subject to frequent and extreme changes. However, experts say that cryptocurrency market caps are bound to increase and stabilize over time, making them a rewarding investment. In fact, in April 2021, <a href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/bitcoin-price-outlook-volatility-attractive-institutions-supports-price-target-jpmorgan-2021-4\" target=\"_blank\" rel=\"noreferrer noopener\">JP Morgan reportedly said that the decreasing volatility of Bitcoin was making it more appealing for institutions.<\/a> This is exactly why buy-and-hold strategies are so popular.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-present-scenario\"><span class=\"ez-toc-section\" id=\"The_Present_Scenario\"><\/span>The Present Scenario<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Despite the prevalent issues, crypto is already being used as a currency. The widely used payment platform PayPal recently added cryptocurrency related features to their app. Its users can now make transactions using currencies like Bitcoin and Ethereum. You can even use bitcoins to pay for apps on the Microsoft store. <a href=\"https:\/\/zebpay.com\/blog\/el-salvador-adopts-bitcoin\/\" target=\"_blank\" rel=\"noreferrer noopener\">In September 2021, El Salvador became the first country to recognise Bitcoin as a legal tender<\/a>. Malta, one of the world\u2019s smallest countries, opted for a friendly approach to cryptocurrency which has led to increased integration of the concept in general society. In India, a home decor brand known as The Rug Republic recently added cryptocurrency as a payment option. Bitrefill, another platform, allows customers to use crypto to buy gift cards from well known brands like Cafe Coffee Day and Nykaa! So, clearly, cryptocurrency isn\u2019t as cut off from the mainstream as it seems.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Final_Verdict\"><\/span>The Final Verdict<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The fact is that money is a constantly evolving subject. It always has been. In fact, paper money became popular only around the 17<sup>th<\/sup> century. Most people had been using metal coins until then and they must have been as perplexed as you are now. So, there will come a day when you can use your bitcoin and ether to buy yourself a coffee. With technological developments occurring at the speed of light, it may well be sometime soon.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When cryptocurrency first came about in 2009, nobody knew just how big it would become. But here we are. As of June 2021, the number of global crypto users crossed 200 million. While more and more people jump on the crypto wagon, the question that now seems to be on everybody\u2019s mind is whether cryptocurrency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14059"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=14059"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/14060"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=14059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=14059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=14059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}