Cryptocurrency has Transformed Digital Currency

January 23rd, 2019

Cryptocurrency has Transformed Digital Currency

Bitcoin is the world’s most popular and widely used cryptocurrency which is breaking all records. Initially Bitcoin and the concept of digital currency were hugely criticized but with time its use started growing. Many online trading platforms and BTM kiosks are coming up where enthusiasts can easily buy or Sell Bitcoin in few simple clicks. In last couple of years its popularity reached new heights; popular figures from the world of business have openly praised Bitcoin and its underlying technology. Recently Twitter CEO, Apple Co-Founder and IMF Chief have praised Bitcoinand its growing popularity. Not only that, some have even gone to the extent of saying that Bitcoin will replace traditional currencies soon. 

Traditional currencies are in circulation all around the globe, but IMF boss Christine Lagarde believes cryptocurrency will transform the way people invest and save. Digital currencies are a whole new concept which brings along range of features and specialties over traditional currency. To make buying or Selling Bitcoin easy, there are many online exchanges available. Enthusiasts can trade using Smartphone, tablets or laptop anywhere anytime. Bitcoin is still at its ascending stage and such praises from popular figures will give this digital currency unexpected boost. Christine Lagarde, the head of International Monetary Fund or IMF was very clear and sure about the global benefits of Bitcoin. She even went on to say that digital currencieslike Bitcoin will enable inexpensive and fast transactions, and the underlying technology will make all financial markets safer. 

Boost to Help its Cause

This recent statement from the IMF chief should boost the confidence of Bitcoin traders or investors, as of lately its going through a rough time. The price of world valuable cryptocurrency is hovering around $3,600. Such statements from popular figures will help enthusiasts gain trust on Bitcoin. 

It is quite true that there are many technologies from dotcom era which have transformed the lives of common people. IMF chief believes that cryptocurrency in the similar way will create a significant impact on how people invest, pay bills, save or transact. Already you can see so many online trading platform available to buy or Sell Bitcoin. These days such easy and fast transactions will create a huge impact in the lives of common people. 

Ms Lagarde also believes that there should be an even handed approach to regular Bitcoin and other digital currencies so that all people can exploit all its benefits and simultaneously cut down all risk possibilities. In recent times stories of hacks and scams have been a matter of concern in few countries, regulating it will reduce such cases. Moreover enthusiasts will be confident of using trading platforms to buy or Sell Bitcoin knowing they are not cheated. Before all cryptocurrency assets can transform the financial activities in a lasting and meaningful way, they should earn the support and confidence of authorities and consumers. 

Initiative to make Cryptocurrencies Safe

Its now clear that Bitcoin is here to stay and has created a huge impact in the financial world. Its time to take an initiative so that the global regulatory communities can reach a consensus on the role of cryptocurrency.  As cryptocurrencies have no boundaries, its important to have international cooperation. However following this claims the IMF chief also posted an article on her blog addressing the dark sidesof digital currency. Its quite obvious she wants the world to consider the negative side too and want people to understand the perils which comes along with the promise. Some of these potential problems are because of its semi-anonymous and decentralized nature of the technology.  All such pitfalls include new methods of money laundering, financing terrorism, and facilitating purchase of weapons and drugs over the internet. 

Keeping aside the negatives, the recent positive outlook from IMF boss about cryptocurrency will certainly help in gaining the trust of people who were against it. What do you think?

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