Technology has changed the way we interact with each other; from the invention of the telegram that allowed people to communicate almost instantly over long distances, to the telephone where you could speak to someone on the other side of the world, to the instant messaging apps that we all use today. It has even impacted how we transfer money to one another, from credit and debit cards to online payment apps, it’s never been easier to send money from one person to another.
However, all of these ways of sending money are controlled by a centralized authority who have the final say on whether or not these transactions take place. If they decide that the transaction doesn’t fit with their values or they deem it “too risky” for the customer, they’re able to stop the payment from going through. Many UK banks are banning crypto buying because they believe it poses a threat to their customers. While that may seem like an altruistic reason for the banks to step in, isn’t it up to us what we spend our money on – even if it’s potentially risky?
Once this precedent has been set, who knows to what extent these payment providers will use this power. It’s this “what if” that leads people to think that Bitcoin and other blockchain-based cryptocurrencies are the future of payment. These cryptocurrencies aren’t regulated by a single central authority and as such, no payment can be canceled once it has been submitted. Instead, the transactions are verified by a collection of machines (called nodes) on the network that all have a copy of the blockchain and ensure that all payments are correct.
These transactions are also impossible to reverse without the consent of both parties. Once the transaction has been written to the blockchain, there is no way to go back and change it. The only way for a transaction to be reversed is for the person who received the initial transaction to send back the same amount. While the fact that transactions are permanent has its upsides, it’s important that anyone who uses this technology is 100% sure that they are sending the correct amount to the correct recipient as there is no recourse if a mistake is made.
Another advantage of using blockchain technology over standard payment methods is that there is the potential for it to be completely anonymous. While most crypto exchanges require some level of KYC, you can buy Bitcoin directly from a Bitcoin ATM and send it to your wallet without the need to verify your identity. This makes it a perfect payment method for industries where people may want to keep their transactions a secret, such as when buying gifts from the jewelry industry or playing games in the online casino industry. There are lots of online casinos that accept Bitcoin and other cryptocurrencies as deposit methods, whether you’re in the UK, the US, or even Saudi Arabia. These casinos have a great selection of games to choose from, including online slots, blackjack, and roulette. The best online casinos will have generous welcome bonuses that give you even more chances to win. No matter how you want to gamble, you can do it anonymously with the help of blockchain technology.
Finally, another benefit of using cryptocurrencies and blockchain technology is that there is a set amount of each cryptocurrency. It’s not like the US dollar or any other fiat currency, you can’t just print more of it whenever the government feels like it. This means that inflation is not an issue for crypto like it is in fiat currencies. The spending power of the US dollar has fallen significantly over the past 100 years, to the point where the equivalent of $1 in 1913 would be $26 today. This number is only going to increase as time goes on, so despite its volatility, crypto is looking like the safer store of value.
We’re still in the very early stages of adoption when it comes to cryptocurrencies and blockchain technology – some of you may have started reading this article and thought “what is a cryptocurrency?”. Only a small number of businesses throughout the world are accepting it as a payment method, but once widespread adoption starts it may become the dominant currency throughout the world.