Cryptocurrency has become nearly mainstream, and there are some specific reasons for that. A new generation of digital currencies like Stellar and Ripple is making it even easier to use this especially modern form of payment.
As a result, more people are starting to see cryptographic currencies as suitable for everyday use. That will undoubtedly help build on the momentum established by Bitcoin even more into the future.
New Currencies are Easier to Use and More Practical
There is much to be admired about Bitcoin’s design and the imagination it took to conceive of it in the first place. Even so, Bitcoin has become something of an outlier in many respects, at least compared to a number of younger, fresher alternatives.
Newer cryptographic currencies like Stellar and Ripple do away with problems that have started to plague many Bitcoin users. In particular, opting for one of these digital forms of money can enable improvements with regard to important issues like:
- Transaction speed. When Bitcoin was young, the distributed network that keeps track of its usage would typically respond in seconds. That was enough to make Bitcoin a practical form of currency where merchants would need to know quickly whether they were actually being paid. Nowadays, it can take an hour or even longer for a routine Bitcoin transaction to be confirmed. That has made the currency steadily less useful for the kinds of everyday spending for which many would like to employ it. Newer currencies like Stellar and Ripple incorporate a number of measures designed to rule such problems out.
- Costs. In the very beginning, Bitcoin users could count on only needing to pay tiny fees to have their transactions confirmed. In many cases, the costs associated with a Bitcoin transaction were only a fraction of those typical of credit cards and online payment systems. Once again, however, things have changed for the worse, with many Bitcoin payments being so expensive to process relative to their size that they are no longer practical. Currencies like Stellar and Ripple are designed to keep costs low far into the future.
Looking Toward an Even Brighter Future for Cryptographic Currency
Even if Bitcoin still has plenty to offer in other respects, issues like these have become reasons for many to consider alternatives. Cryptographic currencies like Ripple and Stellar that are designed to avoid Bitcoin’s drawbacks are becoming increasingly popular, as a result.