Cryptocurrencies: An alternative neutral currency for globalization of services

The move from metal coin & paper money to electronic wallets is in progress .

While travelling around various countries, it is now possible to not have to carry fiat currency with us, and instead we do everything digitally., it has now been the case for years that anything can be bought with a card, no matter what the value.

Day by Day we are operating via digital and mobile banking, money has moved from being ‘a thing’ we carry, to numbers we move around. In such an habitat, it is unavoidable that new types of currency will appear to challenge the historic norms. Cryptocurrencies, such as Bitcoin, takes a major step by using a pattern which reflects the underlying structure of the Internet and World Wide Web, namely a distributed pattern where the software and operating model becomes self-sustaining. So in such habitat, we believe it is more a matter of ‘when’ rather than ‘whether’ such models will impact our existing currency structure.

Rather from developed country now a days developing countries such like India is also promoting cashless transaction & creating lots of opportunity for electronic transaction via internet mobile banking & creating awareness about the technology . In such cases, if money needs to be exchanged between individuals, it may be best for the agreed value to be held in a neutral form. In recent years the USD has often been considered as that form, but offering autonomous, unbiased cryptocurrency, such as Bitcoin, can be a replacement of that model. This global, ‘neutral currency’ for use in developing nations is identified as an important opportunity and use case for some observers of cryptocurrency. It will, however, rely on the ‘neutral currency’ having a prominent value for people to want to use or accept it so it will probably only evolve as the currency stabilizes and matures.

The increase rates of consumer uses of electronic mode of transaction & interest creating towards technology is a sign that they are likely to have a significant impact on present system .The rapid growth of capabilities and use cases for cryptocurrencies creates a number of opportunities, Now is the time to follow the potential scenarios in which these use cases can be embraced as once change happens it could be extremely rapid.

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Comments

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