On Eve of Success? How Accepted Are Cryptocurrencies Today

Six years ago, a cryptocurrency was used as a medium of exchange for the first time - that precedent was later called the most expensive pizza delivery ever.

Many things have changed since back then, but Bitcoin - not to mention more than 700 altcoins - still only seeks to be considered an adequate alternative to fiat money.

Cointelegraph spoke to Mihir Magudia, Сommunications Director at LEOcoin Foundation, about the potential of digital currencies and the main reasons for the arrest of their development as a method of payment.

Being understandable and easy to use is the key

Magudia believes that it’s important to help people understand the power and potential of digital currencies, and to show them how they can benefit most from it. This can change the way that business is done.

LEOcoin is a pseudonymous digital currency, which is working within a decentralized peer-to-peer network, entirely on a PoS validation algorithm, and was made specifically for small business owners. The currency was created in 2014 by Learning Enterprises Organization (LEO) - a company specializing in eLearning, eTutoring and skills development for entrepreneurs. Such a background let LEOcoin find 200,000 advocates, young entrepreneurs nurtured on LEO educational programmes, at once.

Magudia explains:

“LEOcoin is designed to be easy to use and participate in. Entrepreneurs and businesses need a coin to be stable and they need it to be mass market, that is what we are working on.”

Is it real money?

Creating a large and loyal community is not a decisive