One of the most basic uses for cryptocurrencies and one of the most natural is the invention of “internet money.”
The first instances of mass adoption for cryptocurrencies will likely be to compliment services that otherwise would not be able to maintain a self-sustained monetary ecosystem on their own.
For example, the social network Steemit.com works a lot like Facebook or Reddit, but instead of collecting likes or comments, great posts are rewarded with actual money. The native crypto known as STEEM, can be exchanged and traded like any other financial asset.
Another use for cryptos on social media that is gaining in popularity doesn’t require users to actually migrate to a new platform. These new services work directly with your existing social network accounts and allow you to send a tip to any social influencer simply by making a comment on their original post.
Many thanks to this user and several others who’ve sent me XRP over the last few weeks.
Though it may not be a huge milestone, I feel like we may be seeing many more headlines like this one in the coming weeks…
Today’s Highlights
Traditional Markets
As the use of new internet money is growing, we can see a perfect example in the news today of an original internet pioneer that is making loads of money.
The value of all Amazon shares briefly surpassed $1,000,000,000,000 yesterday.
If efficiencies can be found, they very likely will be. With criticism about Amazon’s poor working conditions, I’m wondering how long it will take for a newer business model to come along.
Dollar Strength Continues
The US Dollar has continued its dominance over the currency markets so far this month making mild gains against its stronger peers and larger gains against it’s weaker peers.
