How Effective are Cryptocurrencies as Digital Payment in the Future?

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cryptocurrencies as digital payment

Cryptocurrency is a trusted currency that has been widely used in recent times. Lots of people later become miners and look for these cryptocurrencies as digital payment. Currency that can be exchanged anywhere regardless of the country of origin makes this type of currency more attractive because it is more practical.

Take for example the online gambling scenery. Several online gambling sites already offer this type of payment in this currency. Here, online gambling that has been integrated with cryptocurrencies as digital payments usually enters the blockchain system so that it is easier.

Likewise, the digital currency market is also interested in entering this business circle. In Indonesia alone, investors start crawling in. There are many digital platforms such as Pintu, Indodax, Luno, and etc. Each of these exchanges also acts as an online digital wallet for users to trade cryptos.

Buying Basic Necessities Using Bitcoin

There are many things that you can now buy using cryptocurrencies. One of which are buying basic necessities or even your groceries. This is still a progressing technology that might be more accessible in the near upcoming future.

Due to high transaction prices, it is actually a bit more expensive to pay using cryptos such as Bitcoin. But there are also other alternatives such as Tron. These kinds of cryptocurrencies are specifically made with low transaction fees. Hence it increases mobility for users to quickly trade them.

Cryptocurrencies as Digital Payment in E-commerce Transactions

The name bitcoin is indeed the most existing crypto currency. Many cryptocurrency development companies continue to compete in order to be on par with bitcoin. One that continues to pursue is TRX.

TRX is a cryptocurrency developed by the TRON blockchain. Currently, TRON is the top three blockchain masters with a dApps or decentralized application system. One of the big platforms are websites such as e-commerce websites.

Bitcoin itself is not specifically for e-commerce payments. So TRX through TRON which has a focus on developing games and e-commerce takes advantage of the opportunity to become a currency that is specifically for online trading.

Crypto currency is widely used in North America, Asia Pacific, and several European regions. So it is not surprising that the TRX currency has quite taken off in the region’s e-commerce transactoins.

Blockchain System in E-commerce transactions

The beginning of the emergence of blockchain is predicted to appear in 1991. At that time, Stuart Haber and W. Scott Stornetta were developing a computation with cryptographic methods so that data could not be changed or edited freely.

Then this series of blocks formed a tree diagram known at that time as the Markle tree. At that time, this series of blocks was used to store documents in 1992. Of course aimed at data efficiency.

Patent ceased in 2004, this system stopped and was discontinued by the developer. Then in 2004, Hal Finney, a cryptographer, tried to develop the same system.

The system he has developed is RpoW or Reusable Proof of Work. This system then became the beginning of how digital transaction payments developed as they are today. Development continues to be carried out by many parties as a method of improvement.

Entering 2008, Satoshi Nakamoto appeared with the development of bitcoin. He designed bitcoin as a tool for more efficient electronic payments. So after bitcoin was launched, the blockchain system was developed a lot even though at that time bitcoin had not been much attention.

Some of the existing blockchains are intentionally formed to develop types of peer to peer transactions. Of the many blockchains that were developed, there are two large blockchains that dominate the decentralized system of this application.

The two blockchains are EOS and TRON. They are constantly growing and keeping pace with Ethereum which is the number one dApps blockchain. So it is not surprising that their virtual currency continues to rise to catch up with bitcoin. Hence those are the development of cryptocurrencies as digital payment.

Also Read: The Future Of Blockchain Technology In The Gambling Industry

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