Moving Towards a Digital Economy
The increased level of acceptance of digital tokens in investors is leading the movement towards the digital economy. There is more excitement around Bitcoin than leading stocks and investors, even in small towns and cities, are warming up to the latest asset on the block and want to buy cryptocurrency.
Digital has become the new normal and people are equally comfortable dealing with online transactions as they are with the physical ones – whether it involves making a small payment for groceries or making a large purchase like paying school fees or buying a gadget or a vehicle. Bitcoin, the first cryptocurrency, has already been accepted by many leading companies for payments and the increased level of acceptance augurs well for the future.
Cryptocurrency is based on blockchain technology that involves transactions on peer-to-peer networks and is pseudonymous in nature. It promises to democratize the transactions and investment, minimizing the need of the intermediary. To buy cryptocurrency, one needs to have an account with the cryptocurrency exchange and transactions can be done with ease.
The traditional low-risk investment culture is being replaced by the willingness of young investors to take risks. This is visible in the fact that the average age of the users on one of the leading crypto exchanges in India is 25 years.
The shift to the digital economy is visible in the funding raised by crypto start-ups in India and aggressive promotions to attract new users to a relatively less understood investment option.
The money supply of regular currency is controlled by the government through the central bank, while a cryptocurrency like Bitcoin has limited supply, and thus can be used as a hedge against inflation too. Along with the volatility in the value, there is a huge potential of price appreciation, which gives the holders a twin benefit of investment along with it being a medium of exchange.
Cryptocurrency provides the following benefits over fiat money
- Faster and Clearer transactions- The transactions are faster because of no intermediaries’ involvement
- Low Transaction Fees
- Security: Crypto transactions are pseudonymous, i.e., not completely anonymous but identifiable by a blockchain address that makes them difficult to track for hackers
- These transactions are peer to peer and money can be sent to anyone in the world
- The intermediary is not required, and money can be transferred without having a bank account too; this means individual ownership of money
In the times to come, you can expect the digital revolution to gain momentum, Get started with ZebPay, and get ready to play your part!
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