There used to be a time when people had cash. They cashed their paychecks and used cash to make purchases. The thought of leaving your money in the bank for someone to take was absurd. That slowly shifted to a world where our paychecks get deposited directly into our bank accounts and we use a card to make all our purchases. We rarely see or use cash, nor do we need it.
So is virtual currency really all that different? There’s no cash to see or hold or spend; it’s all done digitally. Much like traditional currency, it works because we all agree it has value. So when a furniture store or restaurant start taking Bitcoin for payments, is it really that much different than 20 years ago when they decided to start accepting credit cards and ATM cards for payments?
Virtual currencies are growing and taking root. There are a lot of different ones out there, and they each have a unique problem to solve. Cannabis Coin, for example, was created to deal with the unique challenges associated with businesses that are legal at the state level but not the federal level. Learn more about newer forms of virtual currency from this infographic.
Infographic Courtesy of Virtual Currency Today
Cover Image Courtesy of Morgue File