Bill Toth of Buffalo, New York explains that cryptocurrencies are the first step in the evolution of money. Cryptocurrencies are digital monies that are not run by any government or bank. Instead, it is money designed to work in a world without intermediaries. While Bitcoin is the most ubiquitous cryptocurrency, there are hundreds of cryptocurrencies (e.g., Ethereum, Litecoin, Stellar, Dogecoin), and those are just a few of the more popular ones. Additionally, it is fundamentally important to remember that these cryptocurrencies are real money.
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When we combine software and currency, money becomes more than just a static unit of value, and we no longer have to rely on institutions for security, explains Buffalo, New York native Bill Toth. “In today’s programmable world, we can remove humans and institutions from the loop and when this happens, it won’t even feel like we are transacting anymore. Money will be directed by software, and will flow safely and securely,” explains Mr. Toth.