A Cashless Future

Note from the CEO:  We at FintekNews cover bitcoin, recommend bitcoin and consider ourselves pretty well versed in how the digital currency is changing the world. Literally. For that matter, we even trade it. So, when somebody writes an article we totally agree with we ‘sell out’ and publish it. Why not, we like to run with other “enlightened people”.

Every country in the world is in some state of change every day, some more that others (think Venezuela, China, Italy, etc), putting trust in governments fragile at best. The first thing people worry about is their money and will it be safe and be able to be used. Many in the world are finding out their currencies are………….worthless, or under some form of control. Hence the rise of bitcoin. If you don’t know much about it this is a great read and if you do know about bitcoin this will be a great refresher read. Nice.

Modern societies rely entirely on big intermediaries, such as banks, to establish trust in their economies. Overall, they have done a good job fulfilling their function. However, there are problems that stem from old business models clashing with new technology. Inherent to the old model is centralization, which is buckling under its own weight.

In 2009, Bitcoin was anonymously released in the wake of one of the largest financial shocks in history. It is a digital cryptocurrency that is not regulated or issued by any government or private entity.

Although it has very little intrinsic value and was originally worth pennies on the dollar, there is major interest in its underlying blockchain technology due to its decentralized and pseudonymous nature.

Bitcoin can be purchased through an online exchange using traditional currency, either whole or in fractions.
A digital wallet is needed in order to safely store the Bitcoin due to the possibility of online exchanges being hacked. Private wallets allow users to store Bitcoin and safely create backups on a smartphone or offline.
Bitcoin was the world’s strongest currency in 2010, 2011, 2012 and 2013, outperforming even gold. In 2014 it was the world’s worst performing currency.

Read Full Story at Forbes