Even though the infamous illicit Internet marketplace has been shut down, cryptocurrency continues to bloom. The virtual or digital currency has been present for almost 10 years now and it has never been more in demand like it is nowadays.It is a known fact that digital currency like Bitcoin is one of the few that managed to keep raising its value. And not only that. This is the first cryptocurrency with trading momentum, wide adoption and deep structure that managed to achieve escape velocity.
The only problem that most people still see when it comes to digital currency is that it is less real than real money in their hand. It has its digital value but no physical form and that is why people are still not convinced completely that they should deal with it. Still, this form of currency managed to gain its legitimacy.
The relationship of cryptocurrencies with state authorities, credit and paper currencies is still very complex to say at least. Most of the time, all financial and governmental institutions are actually worried what the people will do with all that money.All they want to know is that the people using this innovative system will act responsibly and legally. What they mean is, they want to be sure that people will not use Bitcoins to launder money or pay for drugs and weapons.
Everything is digital in a world of today
Every transaction that we see today involves a use of these digital currencies. When you want to transfer money from one country to another, it travels in a special electronic form using the banking network system. It is not before you come to the bank to withdraw it, that you get it in its physical form.Various fees, taxes, payment delays, all of these exist for a reason and they represent a way how financial institutions are guarding themselves against any type of fraud or counterfeit or income extracting.
Cryptocurrency works almost the same way, it has the same security, ensuring that the user gets what they paid for. It protects the investment and charges significantly lesser than any bank in the world. In a way, this is a completely independent currency and it offers total security to its users.Once you need to do a transaction, all you have to do is authorize the specific amount and that is it. And it allows those who do not have any access to digital payments or credit to use them for free. It is actually safer to use this way of international payments than your credit card.
No one can use your personal information without your authorization. So, when you come to think of it, you can do whatever comes to your mind without having to answer to any financial bank for it. Cryptocurrency could change the global economy by making it better. It will give more power to the people than to the governments and financial institutions.