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Cryptocurrency

The Relation between the cashless economy and Crypto Industry

written by Nitin Garg | May 07, 2020
The Relation between the cashless economy and Crypto Industry

Whenever there is a crisis in a world, the first thing that gets hit and goes down is the economy of a nation. With the financial institutions going bankrupt, the lives of citizens get affected. There comes a shortage in the cash flow, making the situation even more difficult.

The cryptocurrency can be a solution to it. Before the digital currency, the only mode to transact online was net banking or via the cards, i.e. debit and credit. You can have your wallet by the ICO (Initial Coin Offering)

But after a decade of the launch of cryptocurrency, their usage and acceptance are rising dramatically. Also, the standard currency has many limitations associated with it. You can provide the users with a platform to trade in the cryptocurrencies (that are the future of transaction and investments) with the help of the crypto exchange software.

Making You Familiar with Cryptocurrency

Some say it’s the way of the future, some say it’s just a scam, others call it magic internet money. What is a cryptocurrency, and why is it taking the world by storm? 

Let’s make you familiar with cryptocurrency.

Well, the most basic definition, cryptocurrencies, are the means of exchange. They are means of carrying out a transaction digitally. They are virtual currencies. It’s entirely outside the government control or any centre of authority, entity, server, or you name it. That means you do not have to go to a bank to process a transaction. 

Your next question must be “If there is no centre of authority, then how is a transaction verified?”. “How is this cryptosystem valuable and where this supply comes from?”. 

Let’s take bitcoin as an example and start with the term blockchain. The blockchain is the public ledger of all the transactions ever occurred on the bitcoin peer to peer network. It is just one long record book dating back to when the first bitcoin was created in January 2009. And so the most extended transactions continued to be made with bitcoin. 

The ledger will continue to grow and build on itself, and this is the reason behind calling it a chain. Since this ledger is made public to everyone, it will continue to have its information distributed and synchronized all across the world. It will always share the same information on it.

Some benefits of the cryptocurrency

Cryptocurrency is taking on the headline for a reason, and it’s not just one. There are many advantages associated with a digital currency that make it more valuable than the traditional method of doing transactions.

  • The transactions done between the two parties remain in the network.

  • Every user gets a dedicated private key hence providing them with a unique identity.

  • The currency does not lose its value even while doing international transactions.

  • They are being accepted globally by major brands hence making them viable to replace traditional currency.

Cashless economy: Introduction

Go Cashless

Somewhere in the future, hard cash might become relics of the past age. It might only be found in places like a museum. Hard money will disappear, and transactions will become electronic using maybe the smartphone?

Another question that might arrive is “What is the rush to get rid of cash?” and “What is the cost?”.

Let’s talk about it. Money is cumbersome for the customers and also for the banks. The operation in cash costs approx 0.5% of its GDP every year. Demand from the new generation is rising to get a new mode of transaction that is faster and convenient for them and get rid of the old one. 

Digital payments are easy to make and neat and require only the crypto app development. Having every single transaction recorded is efficient, but there’s a downside to it. People are afraid that private companies might interfere and get the data which should not be disclosed. 

With so much to fear about, cryptocurrencies are the perfect solution to it! They are confidential, they are secure, and any financial or government institution does not regulate them. 

Conclusion

For you to invest in a business, proper market research and the future scope is what’s required. Same is the case with the digital currency. After more than ten years of its launch, the cryptocurrencies are making news in the market since then. Many major brands have invested in this advanced technology. Some see it as a medium of exchange, and some consider it a future investment. 

The first cryptocurrency ever introduced in the market was bitcoin, after which several cryptocurrencies are in the market. This increase has simultaneously led to a boom in the developers dealing in the initial coin offering development.

You too can grab the opportunity to deal with these fancy currencies by approaching a developer for the crypto exchange and take on the market with this advanced technology. 

87nitingarg@gmail.com'

Nitin Garg

I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning, app, web & game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.

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