Online currencies have become more common in recent years. Why is this? Is this a positive or negative development?
Digital
currencies
have gained additional attention in the last
few years although
they have been in existence for more than a decade. In my opinion, it is a good sign from a future perspective, however
, the concept is not yet mature enough to adopt immediately right away and get rid of the entire dependency on paper currencies
. Additionally
, there is a lot of scope for enhancements in order to become reliable and overcome a few drawbacks.
One of the obvious benefits is it can be used virtually online and does not require us to carry it physically in wallets while
shopping in the stores. Instead
, there is a digital or electronic wallet with a decentralized mechanism that helps to store and access easily whenever it is needed. Additionally
, a few currencies
support the concept of smart contracts with which almost every functionality that a financial institution performs today can be achieved. For instance
, cryptocurrencies such
as Ethereum and Cardano have already been implemented with which people can get loans or raise funds for an investment or a business and many more things can be done by making a smart contract agreement between the parties.In addition
, all of these digital transactions are extremely swift and secure with proper traceability along with
cheaper resource consumption.
On the other hand
, there are a few drawbacks such
as the highly volatile prices and the huge amount of corrupted black money involved in this
market due to
no regulations in many nations and also
has no global acceptance on these yet. However
, few countries have already started enforcing the tax rules since 2021. In fact, a country like El Salvador already adopted bitcoin
as its national currency.
In conclusion, online Capitalize word
Bitcoin
currencies
are the way to go forward across the entire world with their huge potential,nevertheless
there are a few major developments needed to prevent price volatility and illegal usage. In order to accomplish that, government authorities must step in and regulate digital currency trading platforms appropriately.Add a comma
nevertheless,
Submitted by prudhvi.pinninti18 on
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