In common terms “Cryptocurrency” refers to a digital currency that is regulated or operated by a government. To regulate the way it generates units of currency and for the verification of fund transfers it takes up Cryptography. Bitcoin is the first cryptocurrency. Amidst all the cryptocurrencies Bitcoin and Ethereum tend to have the most demand. Here are a few reasons that compel to believe why or why not the world should rely on Cryptocurrency.
People who advocate the idea of relying on Cryptocurrency say that because the world in the near future would heavily rely on the latest technology, Cryptocurrencies would make it more convenient for people to carry out peer to peer transactions. It is easier when it comes to transferring the amounts and conversion methods. Also, it would eliminate elements like banks and financial institutions that charge heavy fees for transferring funds. Bitcoins carry a unique number and make it easy to verify if a transaction is successful. One of the top economies of the world, that is Japan recognizes Bitcoin as an official currency.
One cannot deny the fact that cryptocurrency is one amazing and innovative mode of carrying transactions. In the near future, there might be greater innovations and help Bitcoin becoming a norm and gets every coin with a maintained record. This amazing concept would eliminate the practice of money laundering and related methods that lead to the ill use of money.