Digital currencies are often called cryptocurrencies due to the intricate technical details related to cryptography, but it did not start here. When looking back at human history, from the cowry shells of the Asian region to the first coinage in ancient kingdoms, mankind first saw printed money in medieval times. This breakthrough was followed by modern-day electronic versions of money. Today, there is an international banking ecosystem, which consists of banknotes, credit/debit cards, derivatives, stocks, bonds and much more. It was a combination of human ingenuity and societal commitments that drove the need to come up with innovative solutions to tackle the most intricate concept of human interaction handling the exchange of value.
Cryptocurrencies represent the next level in the evolution of money. The technology behind this new form of money called blockchain. It is entirely driven by math and is completely decentralized. Most notably, unlike all previous forms of money, cryptocurrencies are not able to be manipulated. It is essentially money 2.0.
Blockchain is experiencing a period of exponential growth and adoption, not unlike the collective transition towards internet use in the 90’s. Established in 2008, Bitcoin is a cryptocurrency based on blockchain. In just a matter of years, it has become a legitimate and tradable commodity on a global scale. It has massive liquidity with billions of dollars of Bitcoin traded and used daily.
This exceeds the GDP of many sovereign nations. In fact, the market capitalization of Bitcoin now exceeds that of Goldman Sachs. There are 16 million Bitcoins in circulation among thousands of holders. Bitcoin is only one of the more than 850 cryptocurrencies available for people to buy, use and trade. These other coins are known as altcoins. Many are based on the Bitcoin platform, others on highly liquid Ethereum and Litecoin. The features of the coin vary widely from practical to practically useless depending on the underlying technology. However, there exists a dramatic misalignment in the metamorphic shift to digital currencies.
The major underlying problem is that traditional financial institutions and the related governing and operating regulations are not well aligned with cryptocurrencies. The concept behind public banks was designed and conceived hundreds of years ago. This is the early stage of a transition towards the decentralization of the financial world. But there is resistance. The powerful and entrenched institutions are not keen to transact in
cryptocurrency. And the influence of powerful special interest groups ensures that traditional banks do everything possible to reject this new form of capital.
However, blockchain technology makes the adoption of cryptocurrencies possible. It is mathematically fluid and moves much faster than a central bank, a regulatory body or international fiscal treaties. Currently, there exists an intermediate “limbo” state whereby many cryptocurrency holders are unable to benefit from the corresponding economic value. There must be a solution to this critical problem that is affecting an rapidly increasing amount of people.
© 2017, TokenPay.com or its aliates | TPAY is a utility token used in the TokenPay platform. Purchase does not constitute investment. 14 TokenPay’s platform has been designed to combine the strengths of an established banking institution with the flexibility and future-forward potential of cryptocurrency. The network enables the exchange of Bitcoin, Ethereum and other major cryptocurrencies by bridging the transition gap to fiat. It also enables unfettered user access to cryptocurrency funds at a merchant point of sale locations and ATMs worldwide. Users will have the ability to store Bitcoin and other cryptocurrencies in a secure and insured wallet similar to what customers at a typical bank provide for fiat accounts. As a result, counterparty risk is naturally minimized with a licensed and bonded bank. The TPAY token sale funds are intended to be used to complete a banking acquisition. This bank will operate in a manner that will cater to and understand the unique needs of global cryptocurrency holders.
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