Cryptocurrencies are digital forms of money. Many people don’t use them to buy things, but instead, purchase them as investments. While some people have used cryptocurrency for payment, the majority buy it only for the hype. In this article, we’ll discuss the benefits and drawbacks of digital currencies. And we’ll take a look at the current state of the currency market. Will they be the replacement for traditional money? Read on to find out!
Bitcoin
If we were to predict the future, we would have to say that Bitcoin will replace money in some way. Currently, it is worth only a few cents compared to the dollar, but this may change with time. By 2021, the number of cryptocurrency owners will be 300 million, with over 18,000 companies accepting them. According to fintech experts, Bitcoin will be the primary means of payment by 2050. Bitcoin’s price may rise as high as $150,000.
Ethereum
Blockchain technology, such as the one used by Ethereum, will be key to the future of financial services and products. This new form of currency will allow users to create decentralized accounts for products and services, as well as borrow, invest and trade. And because the code is public and open-source, anyone can program it. Bitcoin is already the leading digital currency, so its future is bright. But how will it replace traditional money? How will it replace the bank?
Litecoin
Bitcoin recently experienced a hard fork, and Litecoin is now hitting all-time highs. With such attention, it’s no surprise that speculation about the viability of Litecoin as a money replacement is gaining steam. Recently, Litecoin founder Charlie Lee commented on the Bitcoin vs. Litecoin situation, saying, “I hope that one-day Litecoin will replace money completely.”
Ripple
Ripple is a cryptocurrency that will likely replace the SWIFT and BIC systems used for international bank transfers. Ripple coins can be used for international payments and can be purchased and sold on crypto exchanges. Ripple was founded by Jed McCaleb in 2012 but left the company in 2013. Chris Larsen, who had previously founded E-Loan, is now CEO of Ripple Labs and serves as the executive chairman of the company.
XRP
The XRP cryptocurrency is the most recent addition to the Bitcoin family. While Bitcoin is decentralized and not mined, the XRP cryptocurrency is a different story. This cryptocurrency does not use Proof of Work or Proof of Stake but instead relies on “trusted” agents to verify and process transactions. This allows XRP transactions to be confirmed in under four seconds, and they are processed as quickly as 1500 times per second.
Litecoin Cash
If you want to claim your Litecoin Cash, you should start mining it now. Litecoin Cash has a limited supply of 840 million coins, which was capped at 10 to 1 at fork time. That’s 69% of the total supply. But the Litecoin Cash Company claims to have mined only 1% of that supply. It promises some of that coin supply into IFOs for staff and development costs.
Ripple XRP
A bull run is predicted for Ripple XRP, the native token of Ripple. This digital currency is expected to become a mainstream money alternative in the next few years, and it is well-positioned to do so, given the growing interest in Central Bank Digital Currency (CBDC) as a replacement for money. Ripple has recently announced a partnership with Attijariwafa Bank to promote the use of XRP as a form of cross-border payment.