If you have never heard of cryptocurrencies before, you must live under a rock because it has become a thing of the future. Something that people talk about, but few have done more than ponder the idea. At first, many people, including experts, were so skeptical that they never believed it would continue to thrive throughout the world. Cryptocurrency is the way of the future, but is the world ready for it?
Even though statistics from several sites cannot agree on a number, it is claimed that millions of people are registered on the bitcoin site, maybe even billions. Most are people trading them back and forth, but if the utility companies decided to accept them as payment, those people would start using them the way that they were designed to be used.
Plus, more people would become active in buying and using them simply because it is an easy, safe way to pay bills. This is another area of cryptocurrency usage that has been up for debate. Let’s go over why this is safer and better than using the money system that most people use.
- Easy – Cryptocurrency is simple to use because you will immediately access it online as soon as it is purchased. Since most business transactions are now being conducted online because of mobile devices, it only makes sense to use a cryptosystem that saves you time, especially if you cannot get to a traditional bank for account management.
- Safety – Some cryptocurrency companies are more secure than others, such as Bitcoin, but even then, it is safer than using a debit or credit card online. Crypto uses blockchain technology to work, which is one of the safest ways to store data that has ever been created.
- Time – As you know, when you complete a transaction through a traditional bank, things can take up to 5 days to clear, even if you use the available online platforms. With cryptocurrency, the transaction is completed within minutes, if not seconds.
- Privacy – A big benefit of using cryptocurrency is the privacy that it offers you. You do not have to have a ton of information on file when you switch over to paying with crypto and transferring them for services or goods provided is as simple as pushing a button.
- Worldwide Payments – Currently, each country has its own form of money, which is different from many others worldwide. This means that exchange rates are set to give an additional monetary value when traveling to an area with a different form of cash.
- Governmental Involvement – Since cryptocurrencies are through the internet, there is no governmental involvement within the system. This means you are free to do what you please with the cryptocurrency you have saved. For now, anyway, recent developments have suggested that the government will be finding a way to regulate the use of cryptocurrencies.
- Availability – Cryptocurrency companies are always open, so you do not have to wait through the weekend to pay your utility bills. It makes it convenient for those who like to pay the bill on the day it is due, which was not always possible before because traditional banks only operate during business hours. Online banking allows you to make payments when you want, but they do not necessarily come out of the bank until the next business day.
Everything that is good for the world has some negative aspects as well, and cryptocurrency is no different. If you want to begin paying for your utilities with cryptocurrency, you will want to start by going to the iSelect electricity comparison platform and finding a company in your area that accepts it as payment. Before you do that, though, let’s look at some things that may cause you to rethink the use of crypto when paying the electric bill.
- Illegal Activities – Since cryptocurrency is so private and secure, criminals have found it a safe way to conduct illicit activities. Drug lords, cartels, and hackers are all starting to trade through these platforms rather than handling cash that can be seized through the banks by government officials.
- Terrorism – The terrorists that used to be able to be controlled and stopped by sanctions through the nation’s banks are no longer possible because the governments of a country cannot stop trading crypto online. This is increasing the number of terrorist acts and will continue to occur until fair regulations are implemented.
- Environment – The act of mining cryptocurrency requires the computer to be used to run all day and night. This drastically increases the amount of power being used, leaving a bigger footprint on the Earth. This is one of the most significant issues found with crypto. As long as farming is allowed, harm to the environment will continue to occur.
Paying for utilities with cryptocurrency may be the way of the future, but some things will need to change before many consumers decide to make the change. Plus, you are talking about a substantial shift affecting how people live their lives.
As the older generation becomes replaced by the younger ones, this will become more and more accepted throughout the world. This means that the future may be bright, but it will be filled with cryptocurrency companies trying to get in on the profits that can be made from them.