How cryptocurrencies are changing the world
Remember the advent of the internet back in the 90s? Not exactly but today we all appreciate the way it has transformed our world and made things elementary to all of us. The ease that internet brought to our lives is inevitable and necessary at the same time. People from all walks of life have always preferred convenience over anything else.
The new wave that’s gushing our market is Cryptocurrencies. A Digital Asset which has the generation capacity and mechanism of exchange for value. The most prominent cryptocurrencies of the time are- Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), Dash, Ripple (XRP), Monero (XMR). Not all of us are familiar with these names but Bitcoin is something we all have at least heard about. To date, Bitcoin is leading the pack of emerging digital assets in the market. Looking at the bigger picture, it becomes important to see how they are going to impact us in the long run.
What is it that makes the crypto’s inevitable in the present day scenario?
Unlike fiat money, virtual currencies are very easy to track and transact. A medium of exchange that operates digitally and doesn’t actually require storage- Cryptocurrencies are that convenient.
An irreversible record of transactions called blocks is an open ledger that facilitates to keep a chronological permanent record of transactions between two parties. Use of Private Key as a safety layer for the transaction between two parties makes the cryptocurrency’s blockchain technology distinct from the regular mode.
In a time where is it a great deal to avoid government intervention in almost any affair, the cryptocurrencies have found its way in to open up the market to the new dimension of ledger records where the government has precisely no role to play.
With a proper record being maintained at the back end, it is very evident that the free movement of the transaction between two parties is actually the safest. Since no merchant or third party intervention is involved privacy is not sacrificed. Furthermore, permanence and minimum cost involvement make it the most obvious choice.
The popularity of the currency has its origin in the realization that the real value lies in people and market. The money in paper form is useless without real efforts of the people and value of the market operations.
However, the virtual reality is going to hit the corrupt bureaucrats hard in the face. But to us as common people, it has its own due advantages of offering the reliable, secure and liquid medium of exchange.
A globally accepted currency with no limitation of being affected by the currency exchange rates, cryptocurrencies will constantly keep pace with the dynamic environment in the simplest of ways.
The Future of Virtual Currencies:
The impact of cryptocurrencies, in the long run, is worth discussing. Soon the concept of ownership of money will be outdated as the cryptocurrencies capture the market in a period of a couple of years.
Cryptocurrencies will have a lot to yield in the Business sector as money gradually changes its form from fiat money to the virtual asset. In the world of private key use to secure the transactions, the market will have a more liberal form in terms of value exchange. A market where everyone has the access to the same mode of exchange will leave no room for speculations of the currency exchange rates.
The self- regulatory nature of the cryptocurrencies, rule out the need to keep a check on the prevailing exchange rates in the market and will leave no room for speculations on its name.
For convenience, safety, cost-effectiveness being the topmost priority in today’s competitive world, cryptocurrencies, by all means, will catch massive attention. Merchant and acquirer’s role in the transaction process will be eliminated with the blockchain technology and will eventually decrease the processing time.
Till now the market was puzzled by the magic of currency notes and much has been played in the name of notes. Digital currency is all set for great surprises. As more and more people discover the value it provides for an exchange, it will gain momentum and soon the government will be out of wits to control its impact in the daily life.