If you haven’t heard of Crypto-Currencies, then you’ve been under a rock somewhere. 2013 was the year of Cyrpto-Currency, Bitcoin and Litecoin took the world by storm. Because they’re both open-source, anybody can modify the source and make their own coin. Boy have they! I’ve lost track of all the coins. In the world of Crypto, Bitcoin is the Gold and Litecoin is the Silver, everything else is an “Alt-Coin” or Alternate Coin. Some have greater value than others, mainly due to a supply and demand exchange.
So, why are crypto’s taking the world by storm? There are a few reason, first, you can send money anywhere in the world for much, much less than a bank or other money transfer system. I’ll take Bitcoin as an example. Lets say you have 1 BTC (Bitcoin) and you want to send .5 BTC to someone half way across the world, instantly. Right now Bitcoin is valued at $634 dollars, so if we were going to send .5 BTC we’d be sending $317 dollars. Because of the way Bitcoin works, the transaction fee is only 0.0001 BTC which is $0.06. That’s six cents. You just sent $317 dollars worth of Bitcoin for $0.06.
Second reason, there is no middle man taking their cut off the transaction. You send the money from your wallet, to their wallet. Safely, Securely and for pennies on the dollar.
Places like Tigerdirect.com and Overstock.com are accepting Bitcoin, which means mainstream business are realizing the benefit to Crypto. For businesses like TigerDirect and Overstock, where the profit of margin is usually pretty tight, then you add in the fees from Credit Card companies and that just got tighter. Now imagine Bitcoin coming in the mix, they don’t pay that fee to the Credit Card company, instead they keep more of the money you spend. Making for a stronger and healthier company overall.
Something else that is amazing is the advent of Bitcoin ATM’s which will make accessing Bitcoin much easier for the masses. If you haven’t had a chance to get informed, you might want to get onboard the Crypto train early. Things are just really getting started!
Thanks for reading, catch ya on the flip side!
Dan
(P.S. If you would be so kind as to donate, you can do so below)
Dan Walker 