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Life with Cryptocurrency: The New Money

Dec 03, 2017 Posted /  15125 Views

Life with Cryptocurrency: The New Money

Definition and Nature of Money

However, that doesn’t actually illumine the idea. It’s still somewhat imprecise. In actuality, money is only the acuity of value for the tenacities of bookkeeping and ledger-maintenance. It is an amount of value swapped collectively. Yet it is also a united fantasy, or “collective vision,” as Andreas M. Antonopoulos put it. This makes accepting money as puzzling as grasping important physics. The particle physicists are professionals who admit to not considerate quantum mechanics à la Richard Feynman. Also, the money economists are specialists who don’t really know money. Money is kind of a paradox in this manner. It is something prized only as long as people allocate value to it.

Money has assets that make it useful for swapping value, though. Good money is normally divisible, scarce, fungible, durable, flexible, and steady. All of these properties offer people with the acuity that money has price, can store value, and be swapped for goods and services in a marketplace environment. However, irrespective of the nature of money, it has vast inferences for our psychology. It influences us behaviorally, expressively, and cognitively. Now that we have some considerate of what money is, we should know how it affects the human emotion.

Cryptocurrency Enters the Ring

A study in 2016 on the awareness of cryptocurrency—precisely, Bitcoin. Approximately 70% had heard of digital currency, but only a simple 30% said they may use it or are previously using it. Bitcoin is the favorite of the cryptocurrencies, storing the most headlines. While Bitcoin was shaped as a currency, it’s often depicted as a hot investment, mixing out overnight millionaires. Bitcoin and Ether are the most renowned of the cryptocurrencies. “Altcoin” denotes to any currency not Bitcoin—Ripple, Litecoin, Dash and Monero. That may variation as other coin currencies get their retaliation. While cryptocurrency has many windfalls, it’d be inattentive to not mention blockchain technology. Often Bitcoin, blockchain and the infinite potentials of wealth are in the news at the same time, giving the imprint that cryptocurrency is money. So, are Bitcoin and the other digital coins truthfully money? Things can be cloudy in the cryptocurrency landscape. Even the World Economic Forum asks, “Is it a currency, service or technology?”

Psychology of Money: Money-Empathy Gap

Current research suggests that fiat paper money makes us mean, less empathetic, and inconsiderate of those who suffer. Researcher Paul Piff out of the University of Berkeley in California conducted a study on the Money-Empathy Gap.

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In the study, Piff’s team pitted two study participants against each other in a game of Monopoly. However, one participant was “underprivileged” and one was “advantaged.” The advantaged players were given more money to begin the game. They even received higher rewards for passing “GO”, and had access to two dice. In this sense, they traveled around the game board much more than the other player.

The participants who were advantaged displayed arrogant and nasty behavior. They smirked pompously at their opponents. Their countenance was full of disrespect and meanness. When they moved their pieces around the board, they slammed them down and made loud thuds as they placed it — taunting their opponents. They even grunted and gestured like alpha males in a tribe of apes.

Researchers also placed a bowl of pretzels on the table. They found that advantaged players ate more pretzels. They consumed them at a rapid pace, almost as if they were reveling in their winnings and patronizing the other player.

Cryptocurrency May Positively Alter Our Psychology

We quickly learned that money topics are taboo outside of the bromide: “make it, spend it, and save it.” Real financial conversations were unheard of, and I did not develop any financial acumen. We were never even taught how the hell to define money and make sense of it.

Before delving into the psychology of money and cryptocurrency, it is thus necessary to clarify misconceptions about money, especially since most people’s monetary education has been similar to mine. We will start with giving “money” a coherent definition and then elaborate on its nature.

Cryptocurrency as a Payment Method

Bitcoin and altcoin are predestined to be safe, protected, and unassuming and save money all around. The process to buying and use Bitcoin or altcoin seems forthright:

  • Using a smartphone, download a coin wallet from the Apple Store or Google Play.

  • Enter a payment method to purchase your cryptocurrency

  • Purchase the currency of your choice using dollars

  • Enter any other information required, such as an email address.

  • Your coin wallet will generate an address for you. If you already have an address, simply enter it into your wallet. It’s not uncommon for wallets to generate a new address for each transaction for security reasons.

  • To make a purchase, visit a merchant that accepts Bitcoin or your chosen currency and pay using a payment method in your coin wallet—usually a scannable code.

Some wallets work with several cryptocurrencies, have a built-in altercation to several government-issued currencies, list the modern altcoin exchange charges in real time and even have location features to let you know where you can spend Bitcoin near your present location. These structures are naturally found in your wallet’s dashboard.

For the Good of Mankind—Really

Digital currency is excitingly comprehensive with its many tentacles of technology: blockchain, hashrate, nodes and multi sigs. To many it is a remote idea, idea or just an inkling. The authenticity is that digital currency has the possible to change the face of international economies. It’s praised for fraud prevention, obscurity, global access, global use, lower fees and self-ownership of money. Presently, a bank or government can seize a person’s assets. No so with digital currency.

While cryptocurrency is a encouraging in the global column, it jumps with the individual. The individual will adopt cryptocoin through excellent customer experience and indulgent of the basics. Word of mouth can never be undervalued. When one person has a constant useful experience with cryptocurrency, the undertaking will begin. For the client to have that experience, merchants, retailers and service benefactors must take the first step and deal this form of payment—without tangling up customers in fees. Businesses must invest in these new moneys. “We accept altcoin” is the new welcome sign for everyday clienteles.


For the customer to have that experience, merchants, retailers and service providers must take the first step and offer this form of payment—without tangling up consumers in fees. Feel free to share your view below comment section.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: bitcoin cryptocurrency Nature of Money awareness of cryptocurrency

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