Is This The Beginning of Cryptocurrency Mass Adoption?
Oct 17, 2017 Posted / 14639 Views
In this ever-evolving digital world, where people of all ages and diverse lifestyle are hooked together via online social channels, Cryptocurrencies are here to stay to make our lives swift; with no need to carry hard cash everywhere. In the last couple of years, digital mode of payment has become quite popular among the masses, and even in developing democracies like India. Thus, telling, those days are not far, when people will use cryptocurrency to pay off their grocery bills, while the businessmen won’t hesitate to make big deals through using cryptocurrency.
1. But, before we move any further, it's quite fundamental to know what cryptocurrencies are, and how they work?-
A Cryptocurrency is a model of monetary exchange like any other currency, Rupee in India, Dollars in the United States of America. The virtual flow of cryptocurrency that take place between a sender and a receiver is based on certain principles of cryptography, which is a science to ensure safe and secure transactions, and responsible for the creation of new coins. A cryptocurrency exchange is virtually impossible to counterfeit, thanks to its advanced security attributes, also one of the reasons cryptocurrencies are gaining grounds in both developed and developing nations.
The exclusive thing about cryptocurrency is its ability to withstand the toughest economic condition since they are not issued by the government or any federal or baking institution, it’s absolutely private like the Bitcoin. So, at its core, it’s totally immune to change in government policies and manipulation, that's why investors around the world are in love with cryptocurrencies.
2. How Does Cryptocurrency Work?
Cryptocurrency is based on the model of the blockchain, which is an electronic, international ledge to keep a record of all the digital transactions that takes place using cryptocurrencies. Thus, making cryptocurrency a fair and legal method of monetary exchange, away from money laundering, frauds, and other currency sins and crimes. The data of blockchain is impeccable to alter or access by any sort of hacking or manipulation. Many experts in the field of computer sciences believe that the blockchain technology is baffling to breach even for the best hackers on board. They also suggest this secure technology can be implied for crowdfunding and online voting to save millions of dollar by cutting down on physical arrangement and human resources. Additionally, JP Morgan Chase, an eminent financial institution has discovered the immense potential in cryptocurrencies to lower down on transaction fees and make it more efficient.
3. Tracing the Footprints of Cryptocurrencies in a Developed Nation, the United States of America
To connect the dots forward to understand the future of a technology, it's significant to know what the people and government officials of a developed democracy feel about it. And, in the case of cryptocurrencies, there is a green flag from both the government and the people of the US. Recently, a story was surfaced in the popular media houses like the CNN. News that the US Congress is working on drafting a toothful bill that protects Bitcoin, world’s first cryptocurrency against any government interference and resistance. It's all because, Bitcoin, since its inception in the year 2009 has come a long way in representing cryptocurrency with a value increase of 300% for the year 2017. Only, some months back, its value was languishing around $2,000, but now almost double. And, in the month of August, it conquered a new high with $4,500 value. All these figures, throw light on a promising future of cryptocurrencies in the United States of America.
Many surveys suggest the mass adoption of cryptocurrency in the US, is by virtue of number of perks which comes with coming digital transactions, firstly, it’s not governed by banks, so flexibility of investment, low online transaction charges, no bank transfer fees, lastly, safe and secure, compared to other electronic transactions.
4. Tracing the Footprints of Cryptocurrencies in a Developing Nation, India
To believe top news sources of India, the Reserve Bank of India is formulating a set of policies to promote cryptocurrencies. Once set forth, they will help cryptocurrency companies like the Bitcoin to invade the Indian market, thereby, suggesting the government too understand the infinite possibilities of cryptocurrencies.
The people of India, too has become more tech-savvy than ever, nowadays, they are using popular payment portals, such as Paytm, Freecharge to make all kind of transactions, right from making a purchase for grocery at brick and mortar stores to cellphone bills. All thanks to Narendra Modi, who not only awestruck the Indians, also the world by announcing demonetizing to curb the menace of hard cash, and this has instilled the feeling of safety and surety towards digital transactions.
The possibilities of cryptocurrencies success in India is bright, with changing mindsets in both the rural and urban regions of the India.
The World Bank annual report set forth, India’s as the leading market for remittance recipient for the year 2015, with approx $59 billion remittances. Even with such potential, the senders have to pay off hefty transaction fees to both the banks and private intermediates. Cryptocurrency, if implemented can save up to $7 billion, since, its transactions charges are quite low, additionally, no bank extra chargers.
The Bottom Line
Today, many private players such the Bitindia are investing on the prospect of Bitcoin in India. Bitindia is a blockchain wallet and a cryptocurrency exchange, which is taking the concept of digital currency to another level of convenience and security.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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