Future of transactions: Think Digital!

Bitcoin, Ethereum, Ripple & Litecoin are among the most common terms used today anywhere and everywhere. Terms such as ‘Cryptocurrency’ & ‘Blockchain’ have made a strong impact on minds of individuals all across the globe. While some consider digital currency a ‘fad’, others believe its here to stay.

I tend to believe that it shall be wave of the future for various reasons:

1.  Instantaneous transactions: Digital currencies allow for a transaction to be done in a matter of seconds irrespective of the distance between the two parties involved.
2.  Cost effective: Blockchain technology, which is the backbone of digital currencies reduces costs and complexity in any given transaction.
3.  Investment opportunity: With the addition of new digital currencies everyday, individuals have an opportunity to invest and make profit should the value of those currencies explode.
4.  Adoption by major vendors: Firms like Microsoft, Subway, Virgin Atlantic, Expedia, Newegg & Shopify stores have started accepting payments in digital currencies.
5.  Sound technological advancement: The technology behind digital currencies is intriguing. Every time a payment is made or received, the blockchain records it, ensuring there’s evidence the transaction took place. To an extent, this protects one’s assets.

While there maybe certain cons with digital currency like extreme volatility and safety (i.e. online hacks), the advantages definitely outweigh the cons; and as time progresses problems like volatility and safety will be put to rest to a great extent.

Below are some of the key facts of cryptocurrency, for newbies.

1. Bitcoin, which is valued at more than $10,000 as of today had a valuation of 10 cents in 2011.
2. An individual can purchase a fraction of a bitcoin (i.e. <1)
3. There are various cryptocurrencies a person can invest in today that are valued under $10 (Examples include Ripple, IOTA, ICON & Ardor).
4. The infographic below illustrates how ‘Blockchain’ technology works. (Source: Techtarget)

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Best,

Jai A

www.revampyoself.com

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