Bitcoin: How Digital Currency Will Change the World

Cryptocurrencies have become the new buzzword in the world of finance, and the groundbreaking blockchain technology on which it is based is finding application in many business avenues that were hitherto untapped. A cryptocurrency is nothing but a digital currency that can be used for online transactions. The coins can be stored in electronic wallets or files and password-protected.

Ways in which the digital currencies can change the world:

  1. To begin with, digital currencies can guarantee faster transactions as compared to banks. International bank transfers are known to take a while and even cross-border payment data sharing has its own challenges and drawbacks. Using a cryptocurrency like Bitcoin has its advantages because transfers can be made securely and quickly. Here is a brief bitcoin profit review where you can find some bitcoin revelations.
  2. Migrants from the developing countries transfer more than $500 billion as remittances. As the total charges for international transfers are about 10% to send $200, the load on vulnerable populations is huge. However, the blockchain technology can make such transfers much cheaper; private users will be able to send funds to their families back home directly through mobile phones.
  3. With the growth of mobile technologies in Africa, these developing nations have proved that they can also be leaders of advanced technology. According to reports, about 66% of trade in Kenya happens through phones; anyone with phone can store money and transfer credits to others. But the fees entailed are huge and digital currencies can help resolve this problem. They will become a secure and convenient payment platform for countries where most people do not have accounts in banks. Although Bitcoin does expose people to some risks, these outweigh the existing options.
  4. Digital currencies will help to unleash the true power of ecommerce. Concerns about frauds online are making many online merchants apprehensive. Since such frauds have become commonplace, many companies stay away from accepting international payments. But with Bitcoin and other digital currencies, transfers once made cannot be undone. This helps to eliminate risks of fraud and enables them to sell their goods worldwide. Moreover, it makes online shopping experiences smoother and hassle-free. This helps smaller businesses in the developing nations to play a bigger role in the world of ecommerce.
  5. When an asset is digital it is possible to move it through automated ways; this makes it possible to have “smart contracts” and “programmable money”. For instance, escrow accounts are used for large deals like property deals and when money is put into it by the buyers, it goes to sellers directly at the time they hand over the property. In a digital age, the problem of trust is usually the biggest deterrent for transactions across distances. However, use of cryptocurrencies can help small sum transactions. Another example is that of multisig wherein money gets disbursed from one account only when it has been authenticated by multiple individuals. This helps to stop digital fund thefts and ensures that money does not get stolen or “lost” when getting transferred across borders.

These are the various ways in which digital currencies can revolutionize the world of finance, and change the world as a whole. Cryptocurrencies will help to bring more stability to the unstable fiat currencies. They may even phase out the entire currency exchange system and offer people greater control over their own funds.

Leave a comment

Your email address will not be published. Required fields are marked *

Popular Post

Recent Post

Guide on Internet Security: How To Protect Yourself Online

By TechCommuters / October 26, 2021

What is internet security? Internet security and network security refer to the same thing. However, internet security is slightly different from cybersecurity. In truth, it won’t be wrong to say that internet security is just but a segment of cybersecurity. It is prudent that you clearly understand the distinction between the two.   By definition, […]

Can I use my music as a ringtone on my iPhone?

By TechCommuters / October 25, 2021

There are times when you’re listening to your favorite song. And when you hear the verse or chorus that you love the most, you wish you could set it as a ringtone for your iPhone. There are also times when you’re at a public place, and a phone starts to ring that sounds just similar […]

5 AI Tricks to Grow Your Online Sales

By TechCommuters / October 25, 2021

The expectations and excitement we see around artificial intelligence (AI) today are amazingly overwhelming. We’ll be talking to our computers soon. Is this so and how real is all this? As an industry student of technology, I can say that we are going through a rather interesting stage, when, on the one hand, the hype […]

Dr.Fone – System Repair (iOS) Review: Fixes Your iOS Devices?

By TechCommuters / October 25, 2021

Dr.Fone is a complete utility software hub. It has Data Recovery, System Repair, Screen Unlock, Phone Manager, and many other tools for iOS users. However, today, the TC team would like to share Dr.Fone – System Repair (iOS) tool review with our readers and disclose many new things about the program. So, let’s check out […]

How Software Development is need of the hour for the Healthcare Industry

By TechCommuters / October 22, 2021

The use of computerized innovation in the medical services area has changed significantly all through the world. Consolidating software with healthcare services is so useful to the clinical area that it resembles joining two of the most impressive energies into one. As displayed during this frightful pandemic, ongoing enhancements in healthcare software can assist with […]

Your Mac Lags After the macOS Monterey Update? Here’s What to Do

By TechCommuters / October 22, 2021

If you have just upgraded your macOS Monterey 12 to find your Mac is also lagging, getting stuck, or running slow, you have come to the right place. Here we will discuss quick troubleshooting tips to get your Mac back on track. Before we get into details, let us try to understand the root of […]

RecoverXData Recovery Review

By TechCommuters / October 21, 2021

Data is essential for all; be it a home user or professional, all want to keep their data safe. However, due to unforeseen situations, primarily due to human error, we lose important data. This is when data recovery tools come to play. Using them, you can get deleted or missing files back. But with so […]

Fix – Windows 11 Bluetooth Not Working

By TechCommuters / October 18, 2021

Is Bluetooth on Windows 11 giving issues? You have come to the right place. In this post, we will discuss how to fix Windows 11 Bluetooth not working. Generally, the Bluetooth problems are caused due to some software issues, but they can also be related to hardware malfunctioning. Therefore, before we get into details, let […]

How to Reset Network Settings on Windows 11

By TechCommuters / October 16, 2021

Are you facing connectivity issues? Follow these instructions to reset network settings on your Windows 11 and fix the connectivity problems. The network settings on the PC manages internet connectivity. However, in some cases, due to outdated network adapters and incompatible configuration issues like slow connection and dropped connection, no wireless connectivity occurs. If you […]

Bitdefender Internet Security Review

By TechCommuters / October 15, 2021

As the cybersecurity needs of users are growing, Bitdefender has come up with comprehensive Internet security software that is designed to keep you safe 24/7. Bitdefender Internet Security is a one-stop solution for all your security needs. We’ve got a chance to test this powerful tool and to check its compatibility with other security solutions […]

How to Uninstall Cortana from Windows 11

By TechCommuters / October 13, 2021

Is Microsoft’s digital assistant bothering you? Do you want to uninstall it? You’ve come to the right place; here, we will explain removing Cortana on Windows 11. Although Microsoft doesn’t give a straightforward way to uninstall it, there are still ways. Why Uninstall Cortana? It is not like Microsoft’s cloud-based digital assistant; Cortana takes too […]

Seven Best-Hidden Spy Apps For Students

By TechCommuters / October 11, 2021

Technology is advancing at an alarming rate, with most people jumping onto the new trend without fully understanding what these advancements entail or the consequences. It is also a widely known fact that many people do not read the terms and conditions of the new apps. So, the following seven apps will help you keep […]

Top 5 Best Apps to Boost Your Academic Writing Skills

By TechCommuters / October 11, 2021

Most students find it hard to write a comprehensive academic essay within the given timeframe. It becomes quite challenging and equally stressful to complete the assigned task, especially when the deadline is near. However, there are certainapps for writing essaysthat will help you deliver top-quality assignments. Best Essay Writing Apps to Improve Writing Skills There […]

What is brand risk protection and why does it matter?

By TechCommuters / October 6, 2021

Today’s security professionals have become familiar with the idea that every organization has an attack surface that describes its global exposure to threats against internal and cloud applications, devices, users, and data.  The attack surface grows as greater connectivity, cloud applications and myriad new types of device are adopted as an organization expands its digital […]

How to Keep Yourself & Your Devices Safe Online

By TechCommuters / October 1, 2021

Worldwide, more and more people are doing what they can to protect themselves and their data. Considering we live in a world that is so connected, with everything from work to our social lives and entertainment happening online, protection is a must. Staying safe online isn’t as difficult as you think either; it just requires […]