Crypto currencies more than a decade and are worth trillions of dollars more than the GDP of Italy. And so many crypto is the future of money but unlike the now with money that money that’s in your pocket good luck trying to find a place to buy a Cup of coffee depending on who you ask crypto currency is the biggest transformation of money since the invention of paper or the biggest. Charles Ponzi and postal he wanted to sell your first talk about how it works we know there are many different kinds of crypto there’s big points the most famous and the most valuable crypto.
then you have all coins like Dogecoin there are thousands of these smaller cryptos whose value fluctuates wildly as new ones are being minted every day and then there’s a theory which is enabled the rise of an F. T. digital art and collectibles that are traded on the blockchain so you might not be able to buy a Cup of coffee with crypto but you can buy and then if he if. In one finds the majority of all of them together is the blockchain is decentralized network of computers that verifies transactions but another thing that binds crypto currencies right now.
Blockchain is decentralized
is that they aren’t actually that useful transaction times are slow for big coin it could take up to 20 minutes for single transaction to go through top of that to be paying expensive fees so if crypto currencies are actually that useful as a currency then why are they so value. Currencies are backed by nothing but the underlying technology and people’s belief in it when we finish many people believe cryptocurrency is going to get them rich others believe in what you can call a techno libertarian putting their faith in these decentralized networks over a central bank or corporation cryptocurrency it is designed to empower.
With the idea that they are today and they are the governance of this crypto currencies crypto currencies are supposed to be covered by the people and to belong to the people but critics say all this talk about expanding access to sending money it’s just that talk since we already have all of these efficient ways to buy a Cup of coffee why add another there are no practical use as accurate the currencies 99 percent of transactions that’s using one of the buy another one not buy goods not by services it’s just a simple feeling preferential bobbled we’ve known relating to anything in the real world.
Network powering crypto currencies
another concern the network powering crypto currencies are using energy a lot of coffee and tea from before one N. F. T. on average uses as much energy is driving around 500 miles on the clock and yet billions of dollars of investments are still pouring in governments themselves are looking to launch their own digital currencies to compete with crypto bought the same time writing legislation to regulate. So now with highly volatile cryptocurrency entering the mainstream there are still more questions than answers is it the future of money or is it just a bubble is it a hold into the hands of government work shackled by regular. And will we ever be paying for that policy.