Cryptocurrency, which some see as the currency of the future, has had a rough ride lately.
After reaching an all-time high in April, it tanked. Still, many wonder if this form of digital currency might replace the almighty dollar.
Justin Verley’s phone doubles as a wallet. His cards are attached to the back and he doesn’t carry cash – because it’s all inside his phone.
“If there’s ever a chance to use cryptocurrency over the dollar, I’m going to prefer cryptocurrency. Just for speed reasons, for security reasons, for moral reasons, and because I trust it,” he said.
Verley started using crypto over cash in college. He paid for necessities like school supplies and groceries.
Think about it like tokens at an arcade. You exchange a certain amount of dollars for an equivalent amount of tokens. These tokens have a fixed amount when you’re looking to play Skee-Ball. With Bitcoin having a fixed amount, the value fluctuates like stocks.
“I would liken Bitcoin more to a store of value like gold, more like digital gold than a currency, but that doesn’t mean you can’t spend it. It’s very spendable. It’s widely accepted around the world and it’s becoming more widely accepted,” Verley said.
The appeal and danger of this form of money are that it’s decentralized, not controlled by a government or bank, which opens the door for illegal activity.
The Colonial Pipeline hackers demanded more than $2