Localities adopting virtual currencies amid dollar collapse, economic downturn

The future outlook for cryptocurrencies is looking very bullish. More and more localities are now creating their own cryptocurrencies to spur local economic growth and to avoid the inevitable collapse of the United States dollar.

The cryptocurrency era started with the advent of bitcoin and while its value and performance was met with significant skepticism and speculation, it seems as if cryptocurrencies are here to stay.  Unlike traditional currency, cryptocurrencies cannot be controlled by the government.  The quantity that is available is determined by an algorithmic program that people can run on their computers to mine the coins.

This is how it works. Each time a digital currency transaction takes place, it is recorded through a block chain.  As transactions accumulate, the block chain gets longer.  All information, with respect to who owns how many coins, is perfectly transparent throughout this process.

Virtual currency is now being projected as the future, and several entrepreneurs are capitalizing on this opportunity. That is why the peer-to-peer decentralized digital currency market is fast becoming crowded with alternatives, such as bitcoins, litecoins, peercoin, primecoin, namecoin and even the Ron Paul Coin, just to name a few.

Rick Schriewer, a successful entrepreneur, has recently launched STLCoin in St. Louis, Missouri because it is his goal to put St. Louis in the forefront of the cryptocurrency revolution. He is working toward getting more and more stores to take STLCoin and he has also been able to list STLCoin on several exchanges, thus enabling them to be used for purchasing goods and services and to be transferred to other crypto-coins and cash.

“I see virtual currency as the future, and I saw an opportunity to get involved and put St. Louis at the forefront of this revolution,” said Schriewer in an interview with Techli.com.  “StlCoin is exciting because it can create jobs. Everyone is their own bank.”

He also quoted Adam Smith: “All money is a belief system.”

The current exchange between the STLCoin and U.S. dollar is: 1.00STL to $0.15USD.

Dogecoin is another cryptocurrency that has been launched by Jackson Palmer.  In only four months, Dogecoin has become the most widely traded currency in the world. It has been widely accepted by the Reddit community.

It is important to remember that the value of cryptocurrency should not be dependent on and should not be evaluated by the value of the dollar.  The true success of cryptocurrency will eventually be gauged by its usage. As more and more businesses and consumers adopt it, the demand for cryptocurrency will automatically increase.

Some cryptocurrency experts posit that in a few years every nation will have its own type of cryptocurrency.  After all, Iceland has one – the Auroracoin.  Since the constant devaluation of the Icelandic krona against the US dollar, Auroracoin was introduced to bring some form of stability to the economy. While cryptocurrencies may not be big enough today to replace traditional currency, there is no doubt that its future will bring with it interesting developments and changes.

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