Cash & Bitcoin | Can Bitcoin do the same thing as cash?
Traditional fiat and new digital currencies have more in common than you would think. Cryptocurrencies like Bitcoin are a form of digital currency that can be sent or received over the blockchain. People can buy or sell cryptocurrencies directly with each other just like cash, but cryptocurrency reduces fees, waiting times, and many of the unnecessary difficulties of the traditional banking system.
Cryptocurrencies are decentralized, meaning they can be exchanged directly from person to person without needing a centralized such as a bank to complete transactions. Not needing a bank means that transaction fees for using cryptocurrencies are typically much lower compared to debit and credit cards.
Cryptocurrency also has fewer risks for sellers and merchants. Companies such as Microsoft, Expedia and Subway all accept Bitcoin as a payment. Cryptocurrency transactions have a higher level of security, are irreversible, and do not contain personal information. This protects sellers and merchants from losses caused by fraudulent and fake transactions, like someone making a purchase online with a stolen credit card number.
Futuristic? Yes. Steep learning curve? No.
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