Have you ever attempted to predict the future of money? Most people don’t have a clue about which direction it’s heading. But if you’re paying attention, you’ll soon see that things are definitely changing. Cryptocurrencies like Bitcoin, Litecoin, Ethereum, and others are changing the financial landscape entirely.
With money comes power, as the saying goes. In the past, big governments around the world controlled the money. This means they had all the power. And for the most part, they still do.
Now that crypto exists, we have decentralization, greater market access, fraud and identity theft prevention, and more working in our favor. The power is slowly but surely shifting back into the hands of the people.
As far as the future of money goes, it’s hard to predict unless you’re clairvoyant. But at the same time, there’s a definite currency directional shift taking place and it’s moving into the digital sphere.
Right now, governments and banks can’t be trusted. They do not have your best interest at heart. In the past, they acted as friendly intermediaries controlling the flow of money. But now they use their power to prevent average Joe’s and Jane’s from ever getting ahead.
Is crypto really the wave of the future? We have a feeling that it is. The potential is truly astounding. And it’s the reason why we recommend opening a cryptocurrency IRA today. We’ll do our best to tell you why the future is bright below so keep reading to discover the truth.
A Cryptocurrency Overview: What Is It?
The bare-bones of cryptocurrency are very easy to understand. Instead of having physical money (paper, coins, bars, etc.), this is a form of digital currency. Its sole purpose is to use blockchain technology as an electronic payment system used over the Internet.
Unlike other systems like credit cards and PayPal, crypto doesn’t transfer physical money like the US dollar or the UK pound. It transfers digital coins (Bitcoin, Litecoin) from one person to another to pay for various goods and services on the web.
The Inner Workings of Cryptocurrency
If you are new to crypto, you may not understand the inner workings of this currency. To help provide insight, we’ve shared some simple things to understand. They include:
- Cryptocurrency transactions take place when funds are transferred between two crypto wallets.
- Transactions can happen for any number of reasons. You can transfer from one wallet to another to pay for goods, services, information, or anything else for that matter.
- When a transaction is completed, it is then submitted to the public registry. Once submitted, it then waits for a transaction confirmation.
- Each digital crypto wallet uses an encrypted electronic signature while executing transactions. The signature offers a mathematical confirmation proving that the transaction is legitimate. This comes directly from the wallet owner.
- Since crypto miners must confirm this transaction, it takes a short time before the confirmed transfer reaches the public registry. As an example, Bitcoin transactions take roughly 10 minutes to receive confirmation.
Clearly, crypto is making a name for itself in the currency space. To get in on the ground floor, consider opening a cryptocurrency IRA right now while it’s still in its infancy.
The Advantages of Cryptocurrency and Why Investors Feel It’s the Future of Money
As you’re about to learn, there are certain advantages to using crypto over traditional paper money. People are generally afraid to change so it may take time for this transition to happen. This is a great thing for investors looking to capitalize on crypto and get in early.
With that said, some of the biggest advantages of cryptocurrency include:
- It offers instant payments – for business owners as well as individuals, this is definitely a godsend. When you make a transaction using a debit or credit card, the payments often take days, sometimes weeks, to process. This means it takes more time to get your money. On the other hand, cryptocurrency transactions process immediately. The transfer takes place instantly and confirmation usually takes about 10 minutes or less.
- It’s new and attractive – so many people are interested in crypto, especially Bitcoin, right now. Why? They are interested because it’s new, different, and very exciting. This will attract new people to the currency as they become more familiar with it. This is a good thing for IRA investors because more interest means more value over the long run.
- It improves fraud reduction – the instances of fraud are cut down tremendously with crypto. As an example, when a transaction is made with Bitcoin, it cannot be reversed later on. With credit card payments, there are chargebacks and payment reversals happen often. Frauds tend to exploit this feature using credit card payments. This will never happen with crypto.
- It eliminates potential barriers – buying and selling goods internationally becomes much more accessible with crypto. Potential trade restrictions and regulations aren’t a problem because those barriers are removed. Individuals and businesses can accept payments easier with this option.
- It offers lower transaction fees – credit card transaction fees are often very expensive for everyone except the credit card companies who stand to benefit. The fees associated with crypto trading are much lower. Plus, there isn’t a need for bank charges with these transactions, which makes them even more attractive.
The Experts Weigh in on Cryptocurrency as the Future of Money
It’s a bit of a mixed bag when trying to determine if crypto is the future of money according to the experts. Some believe that it’s the future of all currency. Others aren’t so confident. Erik Voorhees and Peter Schiff both have strong opinions that they shared in an Oxford style debate that include:
- Erik Voorhees says, “Bitcoin or a similar form of cryptocurrency will eventually replace government fiat as the preferred means of exchange.” He believes that fiat currency is bad money and cryptocurrency is good money. He also likes that digital currencies are on blockchain, which is a lot more secure than paper assets.
- Peter Schiff explains, “It costs $60 in transaction fees to buy $5 of coffee. People are buying Bitcoin because they believe one day it is going to be money. It is not money now. People use it as a speculative asset.”
Overall, at the end of the debate the audience took a poll. 55% of the attendees agreed with Voorhees and took his side. They feel Bitcoin or another cryptocurrency will eventually replace fiat currencies over time.
Bottom Line
At the end of the day, only you can decide on your financial future. Do you believe in cryptocurrency? Do you understand the true power of this investment in the future? If so, consider opening a cryptocurrency IRA sooner rather than later. Get in now while this potential change is still in its earliest stages.
Hi, I enjoyed reading this excellent article. I remember hearing Warren Buffet saying that he wasn’t to pumped about crypto currency.
It has definitely gotten bigger and better over the years. I just do not have the time to learn enough about it.
my philosophy is I only invest in things I understand. I choose safe secure investments over high risk every time.
Hi Jake and thank you for your feedback! Cryptocurrency is definitely a volatile investment but something I would recommend looking into for the long-term. I would recommend them over any paper assets like stocks, bonds and cash. Thank you for dropping by with your feedback, Jake!
I must say one thing is sure; the U.S. dollar,pounds and euro system cannot last forever. While its mere speculation to guess at what’s coming next to replace them and the only contender so far is crypto. We don’t think that it will be Bitcoin that emerges as the next global reserve currency.
Hi Fenji Ben! While we may not know for certain if cryptocurrencies will replace fiat currency until the time comes, it is definitely a medium of exchange that is surging in popularity. Thank you for your feedback!
This is an incredibly interesting article. I have been fascinated with Cryptocurrency for quite a while now, but have never known enough to make a decision whether it is for me or not. It all seems far too complex to understand, but I am delighted to say, that your article has certainly clarified things for me.
It is certainly something that I would be interested in, but admittedly I will be returning to your website for more information and updates.
Is the process of ‘mining’ complex? I believe that Elon Musk has enabled the capability to mine bitcoins in one of his Teslas. Do you know anything about this?
Kind regards,
Renée
Hi Love Yourself and thank you for the feedback and inquiries! Mining for cryptocurrencies require very advanced supercomputers and is a totally different endeavor from cryptocurrency investing. Many people have found it to be profitable but it’s really something for those people who are willing to spend lots of time doing it. My niche is cryptocurrency investing. Thank you for dropping by with your inquiries, Love Yourself!
You stated earlier that banks and governments own our physical money now. My question is who are the ones who own crypocurrency? If banks and governments don’t own it then who? How can this form of currency be trusted especially since its in its beginning stages? So if I put my money into cryptocurrency who will I turn to if things don’t go right?
Hi Mahasin! Indeed, our fiat currency is controlled by banks and government and you asked a good question in asking who owns cryptocurrency. The answer is that the cryptocurrency owners do. Cryptocurrency is a completely deregulated type of currency in which no third party profits from. It’s simply a medium of exchange between one holder of of a cryptocurrency wallet to another. You also asked another good question: who do I turn to if things go wrong? As I stated, cryptocurrency is deregulated so you don’t have any customer service representatives to turn to if something happens such as forgetting your code or your key. All mistakes in the cryptocurrency world happen from people making mistakes, not the cryptos itself, so these are all problems that the cryptos owner has to resolve themselves. Enter Cryptocurrency IRA, in which your cryptocurrency is held by a cryptocurrency IRA company in cold storage. You can now forget about any mistakes that may happen because the representatives at the company will help you in any way they can to make sure you have the right solutions if you encounter problems. Thank you for your inquiries, Mahasin!
Cryptocurrencies a really crucial topic since it has become so trendy in past years.Cryptocurrencies hold the promise of making it easier to transfer funds directly between two parties, without the need for a trusted third party like a bank or credit card company. bitcoin is on of the famous cryptocurrency right now in the world. thanks
Hi Benny and thank you for the feedback!
So the greatest question of all that I have is how do you get the cryptocurrency? Do you buy it with regular money and then have that in an account online? I think this could be a great idea but unsure how it all really works. Also how do you pay for stuff in stores or is that not where this comes into play? I don’t carry cash and really only use cards so this could be an amazing new product that could help out with having more payment options. Thank you for putting this out there as this could be an amazing new way to pay for products.
Douglas
Hello Douglas! You can purchase cryptocurrency through cash or if you decide to invest in a cryptocurrency IRA with our trusted companies, you can choose to invest by transferring or rolling over your funds from your retirement vehicles to the cyptocurrency IRA and choose which cryptos to invest in. Yes, you would fund the cryptos account and be able to purchase items in places that accept cryptocurrencies, especially Bitcoin. Thank you for dropping by with your inquiries, Douglas!
I have to wonder also if the cryptocurrencies will be the only way of investing and doing daily transactions in the near future. I have heard about some of these forms of monies but haven’t really paid that much attention to them. They are a bit fuzzy to understand and it seems that a high dollar amount is needed to start investing. I know that any investing is risky but is there a lower amount for people who don’t have a lot to start with?
Hi Jessie! It’s true that if you want to start investing in these cryptocurrencies, the recommended amount is quite high, especially for an IRA. However, you can start purchasing these cryptocurrencies in small amounts if you make a cryptocurrency wallet online. You can purchase as little as a few cents if you want! It’s all up to you. Thank you for the feedback and inquiries!
Thank you for your post, which make me thinking about the cryptocurrency. Right now I am against cryptocurrency as the true money.
We know that money needs to have value and the golden standard is gold. Right now the money has value, since the money is equivalent to the real material, such as gold. We thus could use money to exchange for materials we need, such as food, consumables, and clothes etc. To create any cryptocurrency, you need to have real stuff to match for. In my mind, the cryptocurrence is just a 01010101 numbers. There is no attached value. It seems to me anyone could just create something like it. Even though we create cryptocurrency, the government need to use the golden standard principle to regulate the entire industry.
It is kind of you raising this serious question. I may be wrong and I need to pay attention to this, since it has the potential to change my financial status dramatically.
Hi Anthony! The opinion you share is not uncommon. In fact, Peter Schiff in his debate with Erik Voorhees said the same thing. That you need a commodity to back up the currency for it to be stable. He stated that cryptos cannot be the future of currency unless there is a commodity backed cryptocurrency that comes out in the future (which there isn’t now) that may be based on gold or some other commodity. Thank you for your insight, Anthony! Only time will tell if cryptocurrency may be the future of money but it’s definitely surging in popularity and is not something to be ignored.
Hi David – I’m hearing and reading about this crypto currency in bits and pieces. Maybe this is an opportunity to learn more. The thing is, I never hear how it’s acquired. Do you buy it with dollars? If so, what is the exchange rate and you’ll always need dollars right? If it catches on, will all purchases have to be made on-line?
Hi Nathaniel! You can purchase cryptocurrencies directly by their exchange rate in dollars through cash. Or you can fund your own cryptocurrency IRA account by transferring or rolling over funds from your existing retirement vehicle such as a 401k or a gold IRA. The exchange rate is different for each cryptos, but they are all available online and easy to find. You can purchase them in fragments as well so you can buy as little cryptos as you would like (even a few cents worth). You can purchase them in any currency and they are always bought online, yes. Thank you for the inquiries, Nathaniel!