The Future of Cryptocurrency: Can It Replace the US Dollar?

Future of Cryptocurrency:- The cryptocurrency, which some see as the currency of the future, has had a rough ride lately.

It sank after hitting an all-time high in April. Still, many wonder whether this form of digital currency can replace the almighty dollar.

Justin Worley’s phone also acts as a wallet. Your cards are stuck on the back and you don’t carry cash, because everything is inside your phone.

Future of Cryptocurrency

“If there is ever a possibility to use cryptocurrencies instead of dollars, I would prefer cryptocurrencies. Only for reasons of speed, for security reasons, for ethical reasons and because I trust it,” he said.

In college, Verley started using cryptocurrencies instead of cash. He paid for necessities like school supplies and groceries.

Think of it like chips in the game room. You exchange a certain amount for an equivalent amount of tokens. There is a certain amount of these chips when you want to play skee-ball. Since bitcoins hold a fixed amount, they fluctuate in value like stocks.

I would compare bitcoin to a store of value like gold more like digital gold than currency, but that doesn’t mean you can’t spend it. It’s very spendable. It’s widely used around the world. It is accepted by and is being accepted more and more,” Werley said.

The appeal and danger of this form of money is that it is decentralized, not controlled by the government or bank, which opens the door to illegal activity.

Colonial Pipeline hackers demanded over $2 million in cryptocurrency, which they paid for, but to the surprise of many, the FBI withdrew it.

In this pandemic world, we are seeing monetary policy of printing money to help stimulate the economy. Bitcoin, one of its most unique value propositions, is that, as a fixed supply, there will never be more than 21 billion bitcoins. So people are using it as a safe store of value as an alternative investment,” said Neil Bergquist, CEO of Coinme, a company that exchanges cash for cryptocurrencies.

More and more places accept bitcoin, such as Whole Foods, Starbucks and Home Depot.

“Turning physical cash into a digital representation as a form of payment and store of value actually has a lot of technological benefits and it really brings money or store value into the digital age,” Bergquist said.

And it is easily accessible. You can now buy bitcoin at your local Winn-Dixie store through the Coinstar machine. (see location below).

Our expansion into Florida provides access where that access was not before. Things as simple as being able to buy it for cash are an important part of the infrastructure for mainstream adoption,” Bergquist said.

Cryptocurrency is likely to become a widely accepted form of payment, such as debit or credit cards.

The concept of greater inclusion of virtual currency in our payment systems and processes is inevitable,” said Russell Weigel, commissioner of the Florida Office of Financial Regulation.

Right now, Florida doesn’t have a clear definition of cryptocurrency or a policy to regulate it, which worries Weigel given the state’s history of fraud.

“We have to account for that and make sure that every system we build has the same amount of consumer or retail investor protection that we can incorporate,” he said.

For Varley, even though he lost money in the recent crypto crash, he thinks digital currencies make more sense than dollars and cents.

“In most places in the world, there is no difference between swiping a credit card and spending your cryptocurrency. I think this is an option that people are going to choose instead of just keeping their money in US dollars.”

For those interested in bitcoin, Verley recommends buying slowly. Remember, as the recent trend shows, bitcoin is volatile and constantly changing.

Below is a list of Southwest Florida Winn-Dixie stores in which Coinstar machines exchange cash for bitcoin. Please note that you will need to create a Coinme account first. To learn more about Coinstar, click here.

  • 4100 S McCall Road, Englewood FL 34224
  • 1951 S McCall Road, Englewood FL 34223
  • 5660 Bayshore Rd., North Fort Myers FL 33917
  • 3280 Tamiyami Trail, Port Charlotte FL 33952
  • 2000 Kings High., Port Charlotte FL 33980
  • 27680 Bermont Rd., Punta Gorda FL 33982
  • 1602 Lake Trafford Rd., Immocaeli FL 34142
  • 625 N. Collier Boulevard, Marco Island FL 34145
  • 4849 Golden Gate Pucca. Naples FL 34116
  • 7550 Mission Hills Dr., Naples FL 34119
  • 14600 Palm Beach Blvd., Fort Myers FL 33905
  • 10580 Colonial Blvd, Fort Myers FL 33913

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By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.