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By Bodhi P. Break on The Capital Let’s do some horse trading. What pops in your head when you hear that phrase — two cowboys swapping horses? Real estate agents getting a deal done? Bartering at a garage sale? No matter what image popped in your head, at a fundamental level is the issue of trust. How can I trust the person I am trying to do business with, how can I trust this transaction?
The first year I lived in South Korea, I was impressed with their banking system, even though I had limited access to use it. It was clear that even back in 2010, South Korea was pulling ahead of my home country (The United States) in terms of customer service and how easy it was to track, access, transfer, and even spend money. Direct bank transfers were possible between customers of different banks and took only a matter of seconds to go through.
While some early-adapters may not need convincing to join the cryptocurrency craze, others are left wondering, what exactly is it good for? I can’t put it in my bank, I can’t use it at (most) stores, what can I do with cryptocurrencies? Before we get into the ins and outs of cryptocurrency and how it can be used, first let’s look at some of the similarities and differences between fiat and cryptocurrency.
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