Cryptocurrencies and Automating Payment Processes
Picture by Jürg Kradolfer on Unsplash
With the creation of credit cards and debit cards, society was allowed the ability to use their money in different ways. No longer did we have to carry money along or stash the casual savings in a bank account or under the sofa. This ability to keep and store value in digits and plastic allowed us the ability to be able to learn how to manage our finances without having to physically store the wealth. It allowed for a safer way to manage the wealth aside from other forms of value. Credit cards and debit cards have helped throughout the years. In the current years, there is now a new way of storing value. The addition of cryptocurrencies allow us the ability to store money in a new and efficient way.
While PayPal may have been the bridge between credit and debit cards and cryptocurrency, it was not the only precursor. Money Order also was able to provide a service in which money could be transferred across cities, countries, and continents as well. The amount of money that could be transported had a specific limit or at least incurred a fee. With the addition of cryptocurrencies, there has been a move made in which the fees have been reduced and the limits have been destroyed. While Varo, PayPal, and apps that allow for the transfer of funds to be made are great alternatives, cryptocurrencies create the ability to limit any intermediaries that have nothing to do with the transaction. Instead of having a third party recording the uses of your activities or deposits, you are able to transfer the money between your account and those of your payees.
For now, the main use of cryptocurrencies have been as stores of value that may potentially increase in value to the limited amount of circulating supplies. The deflationary currencies such as Bitcoin, Bitcoin Cash, and Ethereum give the user the ability to store value that will potentially increase because there are only a limited amount of coins produced. Add to this the amount of coins that are lost due to the forgetting of the keys or other reasons, and you have an even smaller circulating supply. Meanwhile, there are also inflationary cryptocurrencies such as Dogecoin and Tether which have an unlimited supply and are either mined or produced every so many years or months. The options allow for a clear transfer of value that can either appreciate or depreciate. Nonetheless, the store of value remains.
For now coins have been used on applications in order to transact and either play on apps or transfer funds. If this increases, the way cryptocurrencies can be used can increase. Live feeds can have content creators paid in cryptocurrencies. Art can be bought or sold through cryptocurrency. The ways that cryptocurrencies can be used digitally is only a portion of the interesting equation. The real life impact from charity contributions to pooling resources for greater efforts can also appear interesting. Imagine being able to have cryptocurrency handy in the automation of your electric vehicle and being able to easily get gasoline without even having to scan a card. Or paying for a restaurant without having to check your account because everything is automated. Tipping your favorite content creator would allow for further democratization in content. Instant tipping would occur simply through your automated process similar to the way Brave browser allows you to tip your top watched sites.
The level of automation would serve the ability to shift time effort to other hobbies or projects. Similar to automating our bills with the use of recurrent pay, you would have the ability to use free time from having to decide how you are going to pay, when, where, and why? At least you would ask yourself those questions during the automating process, but after that you would not have to ask again and again each time you pay for a service if you frequent the service often. You would still have control over everything, but at the same time you would automate it to the point of telling your virtual assistant to remind you of an event without having to stress every day or forgetting the date. Can you imagine the new possibilities in this new virtual financial system?