The financial world is at what feels like a landmark turning point. Like when paper money became ubiquitous in the late 17th Century, digital payments are now taking over and could be the sole way of performing transactions in the future. Cryptocurrencies are poised to offer a revolutionary way of moving funds around in the 21st Century, but there is fierce competition between the diverse options available.
Currently, there is no clear winner, and the future currency is undecided. So, what makes a good cryptocurrency that will be sustainable in the years ahead?
Fast Transaction Speeds
One of the key features of cryptocurrencies is their ability to perform lightning-fast transactions. This is hugely important to internet users, where consumers don’t like to wait around for things. The online world is completely borderless, which means that users in different countries are often performing transactions with one another. When going through banks, international transfers are notoriously slow. But, because cryptocurrencies are decentralised, they are not restricted by having to operate through this go-between.
The problem for cryptocurrencies is the fact that a lot of other online payment systems are also offering fast transaction speeds and providing competition in this way. Speedy withdrawals are key to the marketing of businesses in certain industries, with online casinos being a great example. Operators will go to any length to gain an advantage over their competitors, which has resulted in the emergence of e-wallets as one of the deposit methods available. These sites offer a wide variety of payment methods, which allow players to move their funds quickly and easily. However, it has been noted that some of these instant pay-out methods may come with added costs. This is where a cryptocurrency could step in and offer an alternative.
A Solid Reputation
When it comes to dealing with people’s hard-earned money, payment platforms need to build up a solid reputation to encourage consumers to use them. This is something that can only be achieved over a lengthy period, which is why new cryptocurrencies usually fail to gain traction in the early days. Bitcoin is the most trusted and reputable option in the world, thanks to it having been around the longest and earning mainstream attention. The fact that there has been so much news about it helps consumers realise that it is a legitimate platform that isn’t going to scam them out of money.
PayPal’s journey to becoming one of the world’s most successful payment systems shows how it takes a while to gain trust in people. For more than 15 years it existed as a subsidiary of eBay, which is where it gained a reputation for being a reliable method of transferring funds. Thanks to being part of one of the world’s most famous online trading platforms, PayPal found it easy to expand its operations after becoming independent in 2015. Owners of cryptocurrencies, therefore, need to be patient in building up their status for being dependable.
Security and Peace of Mind
When it comes to transactions, users need to feel assured that things aren’t going to go wrong. If a payment platform is at risk of security threats or faults, people simply won’t use it and will choose a different option. Therefore, one of the key components of a cryptocurrency that is destined for success is that it has infallible code that can’t be tampered with or compromised in any way. If consumers are to step away from the security that banks provide, this is essential.
The main reason for the rise of Bitcoin has been its use of blockchain and the reliability of this technology. This software is almost impossible to hack because it relies on the fact that it is being constantly reviewed by users. The blockchain also makes it easy to track payments, as everything is recorded on a publicly visible ledger.
The main problem for users is not in the cryptocurrency itself, but in the platforms that they use to store it. Online wallets are susceptible to data breaches, so savvy holders would be wiser to store their assets in offline wallets. Of course, this is completely out of the control of crypto developers, but it is a factor that has hindered their mass adoption in the mainstream up to now.
One of the primary appeals of cryptocurrency is that it cuts out the need for banks. Incidentally, a successful cryptocurrency must be decentralised. This is the only way that society will move forward and become prepared for the interconnected future. It will take some time for this to come to fruition, but it should soon become apparent that the banking institution is outdated.
Decentralisation is essential for a cryptocurrency that wants to become global, as there is no overriding authority based in any one country. This means that users from all over the world will feel comfortable using it, knowing that it isn’t funding any political agendas or unworthy causes anywhere. If humans are to colonise space in the future, this decentralisation will be key as well. Space adventurers will need to use a high-tech currency that can operate anywhere.
The race is still on to see which cryptocurrency will win and become the planet’s sole form of payment. It is crucially important for it to have all these facets, as it looks to render cash and traditional banking methods obsolete.
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