It is RIOlly cool and could be the future sooner than you think!!! At RIO Car Wash located in Fredericksburg, Richmond and Virginia Beach if you want to clean the break dust off your wheels you can visit one of our locations, put cash or credit card into our pay stations and voila, clean wheels! Bugs on your windshield, select one of our bug cleaning options, add cash or credit and presto no more nasty critter corpses on your car. That’s cryptocurrency.
While it’s very difficult to understand exactly how it works, it’s fairly easy to understand how it generally works and why it’s so important. Read more
First, it allows people who aren’t like you and me (i.e. they don’t have a bank account) access to the international money system. Why is that such a big deal? 2.5 billion people in the world don’t have bank accounts and therefore can’t do the things that we take for granted (like pay for our utilities online, order anything on Amazon, or buy Paleo cookies via the internet.)
Just think of how convenient it is to have access to your bank account from anywhere in the world, then imagine how difficult it would be if you didn’t. The easy example is if you’ve ever traveled outside the US and had your credit cards stolen or hacked. All of a sudden you are basically penniless, even if you have thousands in your bank account at home. That’s sort of what it’s like to be unbanked. When all of those unbanked people actually CAN participate in the global financial economy, well, that grows the effective access we all have AND makes the world a tiny bit more fair.
Second, when you make the transition to cryptocurrency you join what’s called a “decentralized” financial system. It basically means (I’m WAY oversimplifying this) that there’s no one to pay bank fees to and you can’t ever be stopped from accessing your money, no matter where in the world you are. No bank fees is a good thing, unless you own a bank. You can send a huge amount of money to anyone in the world and not have to pay a massive transfer fee.
With the newest types of cryptocurrencies you can actually make the money a form of contract, which means you could, for example, be your own escrow company when you buy or sell a house or your car. If you’ve ever bought a house, you know that not having to pay escrow fees can save $5,000-10,000!
Now, before you go racing out and get an account on Kraken or Coinbase to start buying up Bitcoins or Ethereum (two types of cryptocurrency), know that this stuff is still really new and REALLY volatile. It’s still in the stages where you could lose every last cent you put in to the system in about, oh, 30 femtoseconds.
So, I don’t suggest jumping in with both feet (which is how I normally do things.) Dip in a toe. Swish it around. Get a feel for what this new type of money is like, can do, and will do. Go to RIO Car Wash and relax in our soothing and calming wash tunnel while you car gets bathed and mull over if this if for you yet.
You and I are going to see the transition to this type of money in our lifetime, and I’d love for both of us to be prepared for it.