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5 digital currencies aiming to replace cash “cash”

5 digital currencies aiming to replace cash “cash”

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Answer 5 digital currencies aiming to replace cash “cash”

Today, we do not use cash for everyday transactions. Traditional paper money is now presented in the form of cash obligations to the issuer in electronic form on the smartphone screen. But the current system of cashless payments is not a new phenomenon: it has developed as a result of many years of work, by practitioners and theorists in the field of jurisprudence and economics.

Non-cash settlements bear the obligatory participation of economic intermediaries – banks or other types of credit institutions. It is therefore logical to link the appearance of cashless settlements with the emergence of the credit and banking system.

The emergence in 2009 of a new type of money, “Bitcoin,” made it possible to open the next page in economic history. The emergence of the latest digital economy and the adoption of cryptocurrencies as a means of conducting financial transactions will make it possible to push cashless payments to the next level – without intermediaries, no large commissions, and no wasted time. But is the crypto-based economy ready for the load that will arise due to the daily use of digital currencies, and more importantly, are there any solutions now that allow digital tokens to be used as an equal alternative to the money we are accustomed to?

Read:The intensification of competition between decentralized trading platforms … and the digital currency “UNI” reaches a new record

We have set 5 basic and mandatory properties That would allow cryptocurrencies to become an efficient and customary means of payment:

stability: In order to become an effective form of payment, people must subconsciously value the goods in their units. This requires maximum stability of the exchange rate and the balance of supply and demand.

Spreadability: Digital currency must ensure uninterrupted daily account transactions in the face of a growing number of users.

Ease of use: The procedure for acquiring, storing and spending cryptocurrency should be as simple as possible.

Widely: The use of the money depends entirely on the network effect. The practical application, and then the cryptocurrency will grow directly in proportion to the growth of its popularity.

Spending Incentives: So far, the main incentive for acquiring a cryptocurrency is investment interest in the future growth of the asset. For a cryptocurrency to be paid for, incentives must be developed to spend it but not just hold it or accumulate it.

Read:Study: 50% of Latin American consumers have experience dealing with cryptocurrencies

Obviously, at the moment there is no cryptocurrency that can meet all the above criteria. But we will go over the top 5 cryptocurrencies, which have one or more of the above mentioned characteristics or most likely will be compatible with them in the near future.

Digital currencies intended to replace cash (cash)

(Litecoin)

Litecoin (LTC) is one of the most famous digital currencies, which we want to mention first in this classification. If bitcoin is “gold” which is difficult and expensive to transfer, then “litecoin” is “silver.” It is quick and easy to use. Litecoin is a great alternative for those who do not want to work with Bitcoin due to long and expensive transactions. Litecoin has one of the most secure networks among all altcoins because it is protected by ASIC equipment and costs more than $150 million.

Litecoin is one of the most liquid assets, which can easily be exchanged for fiat currency, using services and platforms. Litecoin works with several debit card developers, such as TenX. Considering the user base it has accumulated over 7 years, Litecoin has good reasons for more widespread use.

Read:A new project that offers a way to invest in people and get money with Ethereum

nano

It is a fast payment platform with no transfer fees, which makes it an ideal way to conduct peer-to-peer transactions. Nano coin is based on the unique architecture of blocks, where each profile has its own blockchain. This ensures fast operations and unlimited bandwidth. The goal of the “Nano” coin is to become the main payment method in the digital currency market.

(IMMO)

It has not yet entered the cryptocurrency market, and has been in the shadows for several months. According to many accounts, IMMO was developed by one of the most powerful bank dynasties, the Rothschilds. Their goal is to make “IMMO” a global stable currency, which aims to compete with the generally accepted dollar.

(Golden)

It is a cryptocurrency that allows simple, fast and secure money transfers. The name “gulden” comes from the Old German/Dutch word for “gold coin”. The Dutch guilder was in circulation until 2002, when the euro was introduced and the guilder was no longer the official national currency of the Netherlands.

Launched in April 2015, Golden Corporation is a litecoin split. Gulden can process transactions 4 times faster than Bitcoin, thanks to PoW² technology. Today, technically, this is not the most effective cryptocurrency, but nevertheless Golden has a number of advantages that simplify the process of acquisition and exchange.

(El Petro)

It is an exciting cryptocurrency, backed and promoted by the President of Venezuela, “Nicolas Maduro.” The president views cryptocurrency as a life saver, due to the conditions of the ailing economy and US sanctions policy. Petro’s cost will be supported by the real assets held by the Venezuelan government: oil reserves.

Crypto experts were highly skeptical about Petro and questioned Nicolas Maduro’s promises that secured the token with natural resources. However, on the first day of sales, the cryptocurrency attracted around $735 million.

Last month, Nicolas Maduro said that the country would have a new system of salaries and rates pegged to the national currency of Peru. He also said that at least in the first phase, two monetary units will be distributed in the country – the “Venezuelan bolivar” and the “petro”. In the future, the petro will become the national currency.

Today, for a number of reasons, this project cannot claim to be a global currency. However, the fact that the country’s first cryptocurrency has appeared attests to a positive trend in the development of the digital asset market.

Of course, there is no perfect payment method in the cryptocurrency market. Innovative projects that are not yet time-tested do not receive due distribution due to their instability. Technologically outdated projects that have received a positive public response do not deal with the problems of scalability and heavy loads. In most cases, cryptocurrency projects, which have a competitive advantage over one characteristic, are of lower quality than the rest. However, it can be assumed that any cryptocurrency, which can replace the money we are accustomed to, will appear. After all, many startups aim to start working in this field, which eventually leads to the “perfect” money.


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