Upside And Downside To Online Virtual Currency

Upside And Downside To Online Virtual Currency

ICO chart in the middle of cryptocurrecy

I find that there are more upsides to cryptocurrencies than the obvious ones. Online virtual currency/cryptocurrencies are a digital currency that can be used as a standard currency. But these digital currencies lack the regulation of the governments or influence of central banks. Cryptocurrency is a form of digital currency that uses encrypted cryptography and runs on blockchain-based technologies. There are various functions that allow one to convert cryptocurrency to real money and transfer it to the bank account or vice versa.

Good for Business

There are a plethora of benefits to digital currencies. These are excellent for business owners, sellers, and buyers across a wide gamut of industries. It pays off as an investment, is easy to access and is readily available to anyone with digital access. Various projects and economies, as well as businesses, have raised funds through ICOs and cryptocurrency financing.

Quick Payment, Fast Settlement

Making payments using a digital virtual currency is simple, effortless and seamless; it is also secure, besides low transaction fees and ease of transfer. With cryptocurrencies, delays, fee payments and third-party approvals can be set aside leading to quicker settlements. Crypto contracts are also designed to eliminate bottlenecks characterising traditional settlement. This is immediate and can be completed in minutes.

Additionally, it’s private, secure and anonymous. Nobody can file chargebacks and you are the master of your bitcoin wallet or cryptocurrency stash.

The Downsides

While cryptocurrencies are a relatively new type of currency, with a lot of benefits, these do come with a learning curve. Additionally, this form of currency is not accepted and legalised in some countries, where bitcoins and altcoins are viewed with scepticism. With time and transactions on the rise, this perception is set to change among reluctant governments for the simple reason that online virtual currency is convenient, accessible, and just right for businesses that seek growth and users who require seamless payments.

Opening Up A World of Opportunities

While considering transactions, there are no limits when it comes to cryptocurrencies. One can be in any part of the world and transfer the amount without any hassles. Inter-country transactions are easy as the function is not under the control of the central bank. I find the most convenient aspect of online virtual currency to be the non-requirement of a withdrawal software or business account. All you need is a smart device and the internet to get going. Cryptocurrencies open up a whole new world, not just for developed economies, but the whole world, especially emerging nations, where even traditional banking systems cannot reach.