As intro to the latest article from our guest blogger Dave Landry you can have a look at the following video.

Have you noticed a change in your wallet lately? Chances are that traditional currency is taking up less space than usual. After all, most of us have moved on to using credit cards, debit cards and other forms of money which are typically much more secure. Although these cards are nothing new, the future may hold an even lighter wallet than ever before, as there are now digital forms of currency that don’t even require a card to use.

Known simply as cryptocurrency, digital options such as BitCoin are changing the way that the world looks at monetary systems. That’s right, we’re talking about money that you can’t see or touch, but can be exchanged for goods and services. We’ve officially moved beyond the need for physical representations of value and science fiction has become reality – but how does it work?

Check Your Virtual Wallet

There are now several different options online for storing cryptocurrency. BitCoin, the most widely known and accepted form of this currency, can be stored on mobile and PC software, web based wallets or even printed paper.

While most brick and mortar stores haven’t yet joined this digital revolution, there are several web based stores that have begun accepting cryptocurrency for a variety of things. Major online retailers such as Amazon, Target and K-mart actually accept forms of cryptocurrency for their goods.

Unfortunately, when it comes to cryptocurrencies, there is still a lot of uncertainty about just how strong it will be on the open market. Although a lot of major companies have taken a chance on these new currencies, there have been known security issues which have left these new digital coins vulnerable to theft and even major fluctuation in value. With that in mind, let’s look at some digital alternatives to cryptocurrency.

Use Your Smartphone

Mobile smartphone technology has become so advanced that it is now easier than ever to use them almost like a credit card. Imagine simply pulling out your phone and showing it to a cashier in order to confirm your payment. All over the world, millions of people are getting used to this type of transaction, as it is becoming much more prevalent.

For example, movie buffs can now use Fandango to purchase mobile tickets that will get them into their theater of choice. This not only saves paper, but it also saves time and allows you to skip the ticket line. Depending on where you live, mobile payments could also be used to pay for groceries or even public transportation, making it easier than ever to avoid wasting valuable time and resources.

The most popular mobile payment options on the market are Google Wallet, Amazon Payments and Apple Pay. With Amazon Payments, you can actually get paid to perform various small tasks online through their Mturk service, or simply use it as an online banking option. Paypal also offers a lot of opportunities for mobile payments as well.

Cryptocurrency vs. Mobile Payments

As you can no doubt see, there are many advantages to mobile payment options, but cryptocurrency offers its own benefits as well. Although it may seem like these two digital monetary systems are at odds with each other, you might be surprised to learn that they can sometimes work together. Believe it or not, cryptocurrencies like BitCoin can actually be used in conjunction with mobile payment services like Paypal. While this isn’t always the case and it can be extremely limited in scope, it’s worth noting that you could technically use both forms of currency at the same time.

That being said, it’s probably going to be a lot easier for people to trust mobile payments from well established companies like Google, Amazon and Apple. The future of cryptocurrency remains quite uncertain, and its value has fluctuated quite a bit just in the last year alone. Until it becomes more secure and is widely accepted in many markets, it might be wise to be careful about how much time and money you invest into cryptocurrencies.

Regardless of what type of currency you ultimately decide to use in the next few years, it’s becoming more likely that it won’t be paper based. It’s become far too easy to use digital currency in the modern world, putting petty thieves out of business and making your purchasing power more convenient than ever before. Who needs cash when you’ve got a digital wallet?

 

Check Your Virtual WalletDave Landry Jr. is an online business writer, tech enthusiast, and entrepreneur. In addition to covering business marketing, his writing also covers start-up tips, business technology and communications, the impact of globalization and social media marketing. Follow him on Twitter today!

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