Digital Currency to change the world what we think
The year is 2018 and we live in a world that eats, sleeps, and breathes technology. If you look at the world in the past decade, you can see a swift change in technology and its adaptation. People went from using huge bulky TVs to flat screen TVs and finally to Virtual Reality all in a matter of 10 years. Hundreds were doubting how people around the world will react to the technology that was rapidly changing the planet we live in, but that never really happened. People started adapting to the change very smoothly, and this was when everyone realized that positive technical change could be a frequent never-ending cycle to improve different areas of infrastructure. Soon after this realization, digital currency was introduced. Don't know what digital currency is? Don't worry, we're here to help.
Blockchain is the technology that underlies Bitcoin and all other cryptocurrencies. The technology is intended to provide a secure, unalterable record of ownership. It has been used for a variety of uses outside of new currencies.
The industry, less than a decade old, is booming by almost any measure. There are now far more cryptocurrencies in circulation than there are fiat or government-issued currencies (coinmarketcap.com lists 1,558 as of this writing). According to the Financial Times, at least 39 digital currencies have a market capitalization of at least $1 billion.
From the outset, the cryptocurrency community has held as a fundamental tenet that cryptocurrencies are inherently superior to fiat currencies by virtue of the security associated with the technology, the cap on the number of units of currency to be issued (either immediately or ultimately) and the freedom from meddling regulators, especially central banks. Hence, enthusiasts have long held that the technology would make the world a better place.
What Is Digital Currency?
Digital currency is an online form of currency that can easily be used over the web as a replacement for the traditionally used physical form of currency such as banknotes and coins. Such currency can easily be transferred without border restrictions and can be a great way to make faster transactions. Virtual currencies and cryptocurrencies are a great example of digital currencies. This currency can be used as a replacement to traditional currencies. Bitcoin is perhaps the most popular digital currency that is currently being used all over the planet without any problems.
Hence, this considerably new type of digital currency is slowly revolutionizing the world. However, what makes us think that digital currency can be the future? Well, there are hundreds of reasons why digital currencies can play an excellent part as a replacement for physical payments, but the three major reasons are mentioned below.
Why Is It the 'Future'?
Faster and Economical Bank Transfers
Ever had to work for an international client? If so, then you're probably aware of how slow and expensive currency exchange can be. International transfers between accounts can take ages and can turn out to be a huge pay cut for you as well. The transfer usually takes a minimum of a week and that too if both the accounts are from the same bank in different countries. If the banks happen to be different, then it takes even more time than you're suspecting. This is where digital currency can help out.
Digital currencies can be transferred without any border restraints in a matter of seconds and without even charging you that much. The additional bank handling taxes and much more are not part of the process either. The exchange rate for digital currencies all over the world remains universal as well. This makes digital currencies an excellent alternative.
Better Global Remittance Alternative
It is estimated that one in 7 families has a member living in a different country, working hard to pay the dues of the family. Immigration can be tough for everyone, and the only reason people prefer to work abroad is the better economic situation over there. It is said that around $500 billion are sent every year by migrants to their home and apart from the huge 6-10% fee that needs to be paid on every $200, there are additional taxes that need to be accommodated as well.
This can hit one's financial condition like a train, but digital currencies can solve this problem very easily. Like we mentioned, digital currency doesn't depend on these barriers. Users can even send this currency directly to the mobile phones of their loved ones with the push of a button. It's that simple!
Secure Digital Payments
People shopping online often feel hesitant and unsafe entering their credit card information. Same is the case when working with clients abroad. It feels unsafe working for someone who you never had a contract with. What happens if he runs away with your money? Well, this is again where digital currency can play its part.
Most digital currencies are safer than traditional currencies. With advanced encryption, your payments remain safe at all times. Similarly, exchange of money at a crucial state can be done safely via escrow payments where the payment is only made to the client if he or she has provided you with the work you required.