16/12/2017
Do Digital Currency Have Future?
Posted on December 15, 2017 by bitoxycoin
Future of Digital Currency
The Bitcoin has surged to over $10,000 and those who invested in the earlier stages are millionaires. To reap the benefits of what you sow, just like what investors do with mutual funds, the earlier the better. Yet the future of digital currency appears to be a mixed bag because of multiple reasons and we try to paint a realistic picture.
Governments may steal the thunder!
Recall the scenario when the Indian Government reduced import duty on gold and suddenly smuggling lost its shine for not being that lucrative but for that matter, consider the arrival of VoIP when most telecom companies reduced calling rates to dissuade the public from using the Internet.
Today Cryptocurrency or the digital currency market is thriving on the perception that governments won’t like to loosen their tight financial controls. But one cannot rule out a smart move which could throw a spanner in the flourishing digital currency business.
Though risk factor looms on all shady platforms, but this one move could simply crash the world markets. In this situation, the future certainly looks gloomy.
However, there are other scenarios that promise a brighter future and the one that is notoriously popular is PayTM and a few words about it may not be out of place.
PayTM, the resembling Cryptocurrency is popular amongst the traders
Traders love this app as the government has not tightened the bolts yet. The modus operandi is simple: transfer money to the app and then pay to anyone and the received money stays in their app (not sent to the bank and hence no accounting…). This money keeps circulating endlessly keeping everyone in the loop-happy. It is the best example of letting the sleeping dogs lie… and everyone wants to make hay while the sun shines!!!
Once this habit seeps deeply into, people can easily dream about adopting the likes of bitcoin and actively get involved in trading in this digital currency format.
In Pursuit of Efficiency & Security, the Digital Currency has a Bright Future
Today, because of middlemen or local regulatory bodies most banks and other financial institutions’ turns around times are too large and sometimes extend to a few days.
A digital currency, in contrast, is here to stay, simply because it does not need any intermediary to hinder its transnational efficiency.
Cryptocurrency is most useful for trading international currencies… seamlessly in real time—something the current exchanges lack.
Blockchain technology, which notes every transaction, has a brighter future no doubt. Bitcoin, which uses it, is the most secure financial network in the world at present. The current infrastructure that processes these transactions is globally distributed and not prone to attack anytime soon.
However, it is also possible that if a nation is recovering from terrible leadership issues will most likely decide to adopt a digital currency instead of relying on a central banking system. These scenarios put up a great future ahead for digital currency could be seen gathering steam.
High Digital Mining Competition can be the last nail in the coffin
Recently a group of 25,000 computers in Mongolia was involved in bitcoin mining and many started questioning on countering this involvement of money and cornering the benefits. Obviously, when mining becomes a monopolistic affair, it threatens the overall spread and popularity.
The recent jump in the huge valuation of bitcoin has raised many eyebrows and people around the world are looking at it with renewed interest. If somehow, all governments across the world take a serious look at it and pump their resources, digital currency can definitely reach new heights!
