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Shifting to Cryptocurrency - How far can we go?

Tags :
#irregularities in financial system
#impact of cryptocurrency on financial market
#difference between convential currency and cryptocurrency
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Rasheem James NorthingtonWriter : Rasheem James Northington Francis DesouzaVoice : Francis Desouza United States 14761 Listens

Introduction

Switching to Cryptocurrency is the new buzz in town. Many multinational leading companies are making deals, doing transactions and investing their capital in Cryptocurrency. Cryptocurrency is a digital financial system which does not have a real bill rather it is an encrypted currency which is produced by mining.

Crypto-currency is one of the extensions of eliminating a middleman. Let me recall your memory like Amazon and eBay have created a digital network between a direct seller and buyer whereas Uber has reduced the domination of yellow caps from the United States.

Any digital system brings efficiency, transparency, organization and it creates more jobs in different sectors.

Cryptocurrency is a very strong concept for financial world which is very new and going through its experimental process which will eventually be adopted and accepted by the society without any doubt.

Though it is a very new digital financial system, you can see the impact on the society by selling market cap, which is increasing daily in cryptocurrency which shows the influence of the digital financial system over the existing conventional system. Additionally, it also shows the level of confidence of a user compared to conventional.

Hello and welcome to DueClixVoiceFM. You're with your host Francis Desouza. Today, in our program, we shall talk about the implementation of Cryptocurrency.

Frequently Asked Questions

People have been using the usual or conventional currency for centuries now. So what new things do Cryptocurrency hold? How is it different from the latter? +

The most obvious point of difference is that Cryptocurrency is entirely digital or virtual. It does not stand on any tangible grounds. Other than this, when people transact in conventional currency, be it any form of investment, withdrawal, payment or deal, there is some authoritative middle party involved with Banks being the leading ones. You need to justify your transaction and if it's a large sum, you also might have to wait for approval. On the other hand, Cryptocurrency is decentralized. Meaning that there is no middle party to approve your deals, it's just between the two parties. Also, Cryptocurrency is a lot faster and safer than the other money transferring means.

Also, if you want to send money from the US to anywhere else in the world, there is always a barrier of currencies being different and the foreign exchange being involved. Cryptocurrency sets a standard format and the value of currency throughout the world. Hence, the hassle of conversion is saved.

In addition to this, the bank or the authoritative party is always aware of the details of your transaction and hence there is always a chance of manipulation. However, all your transactions are encrypted with Cryptocurrency making them very very safe.

Is Cryptocurrency predictable? How would you defy that it is reliable? +

Like anything else cryptocurrency also depends on demand and supply. The value of a Cryptocurrency keeps changing depending on the market situation, but there is always a reason behind a change and an investor must consider the current demand before making a blind investment to reduce chances of losing the investment.

Let me bring in an example. You wish to buy a house and you hire a broker to search for one. You buy in a good locality with a lot of scope for development. However, if a natural disaster occurs or if by some unfortunate means your property gets sealed, you won't have hold of your investment. But, when you buy Cryptocurrency, whether the value rises up or goes down, you have an option of keeping it at hold and when the market stabilizes, you either buy or sell it. Your investment remains safe and you have control over it. So yes, it is reliable to a certain extent. So far, it has shown a lot of potential and a lot of attraction among different areas.

Why must laymen start to consider it as a mode of investment? +

As mentioned earlier, it is reliable because an individual can self monitor it rather than taking a route of an agent or middleman. And secondly, your investments can be minimal, but it also promises good returns in the future since it is so widely accepted. Not only big companies, it holds promise for laymen too, since it is decentralized, quick and technically safe. But, education and understanding is a key to invest in cryptocurrency rather than a blind investment and the chances of success is far more than a conventional currency due to its transparency.

About being accepted, what are the fields where Cryptocurrency has a scope? +

It does not have a boundary rather it applies wherever there is a financial activity involved same as a conventional financial system. Since, it is a new financial system and it requires awareness how to use it. Currently, it is more popular among the investors, artists and financial sector.

Is it possible to consider Cryptocurrency as the core platform for an economy? +

Yes, there are many companies and countries who are anticipating accepting cryptocurrencies like El Salvador is one of the countries which has recognized bitcoin and is willing to make it official currencies. Most USA banks are expected to deal in cryptocurrencies shortly.

However, there are certain things to consider here. There are very few countries with stable and fully developed economies. Countries like the USA, China and South Korea have been dealing in Cryptocurrency but since their economies are vast, inclusive and rapid, it becomes a little unrealistic for them to entirely accept Cryptocurrency as the core platform for their economies.

Will it be easy for the world to switch to Cryptocurrency? How far can it be implemented? +

In the background of an economy of any country, there are a lot of other political and social issues going on. And hence the economies keep changing. It won't be very feasible for the entire world to switch to Cryptocurrency and there are a few reasons for that.

Abundant supply of power is highly essential for the extremely advanced technologies. Even a powerful country might not want to draw the majority of their power which usually is used in other sectors, to be entirely drawn towards Cryptocurrency. Secondly, not all countries have such advanced technologies. Many are still struggling to get the basic technology.

What measures should a government take while declaring Cryptocurrency as an alternative to Conventional currency? +

The governments must ensure that there is enough power supply for these technologies to function. They must also not implement this all of a sudden, but should start with certain sectors beginning with the ones that are financially strong. And, there are no irregularities involved while doing financial activities in digital currency.

Conclusion

That is absolutely true. As Cryptocurrency is a new concept which promises a lot of things in the near future, it becomes very necessary to predict, comprehend and plan it's functioning.

Some say that it shall be the new form of currency widely accepted by most countries, whereas some say that it will work only in a few nations, with the United States being one of them.

However, it is advisable that we make facts the source of knowledge. And we at DueClixVoice ensure the exact same thing!

I'm pretty sure that our listeners have gained a lot of knowledge from our program today.

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