Digital currencies – cryptocurrencies have been making waves ever since inception to members of the online trading community. Digital currencies aren’t just a promise; they are now being introduced to various uses.
Alongside the blockchain technology, they continue to take businesses forward. Digital money can potentially expand international commerce and support financial inclusion. They can transform how we shop, save and do business in ways we probably cannot even yet fully understand.
These days, it’s almost impossible to go a single day without the mention of cryptocurrency in the news. Goes to tell just how far they have come in a very short while.
How Digital Currency Will Change The World
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
Cryptocurrency is Faster
There are many legitimate reasons to use digital currency in place of everyday currencies like dollars or naira – it’s secure, cheap and fast and offers genuine technical innovations that many believe will one day replace more traditional forms of exchange. International bank transfers can take up to a week, with correspondent banks and country-specific clearing houses involved at both ends.
Cheaper Bank Transfers
By using a digital currency such as bitcoin, bank transfers could be made instantly, cheaply and safely. In fact, such transfers could even happen without using new currencies. Their technology moves money around the globe in seconds by first finding the most efficient path between trading partners.
Cryptocurrency is Safe
The basic monetary units of any cryptocurrency are computer code lines. The developers encrypt this code to manage cryptocurrency and protect it from counterfeiting. The code of each crypto is stored in multiple copies of the programmable digital registry, a blockchain that runs on hundreds and thousands of individual computers. All computers in this network use a consensus algorithm to confirm the registration of verified transactions and to verify new blockchain transactions. In other words, to steal tokens or modify a distributed registry in another way, cybercriminals will have to infect hundreds of thousands of computers on the network at the same time.
Digital Currency by State
Many governments are considering, or already in the process of, developing state-backed digital currencies—chief among them the United States, China, Russia, and to a lesser extent, Iran.
These specific countries and their respective cryptocurrency development efforts present an interesting dilemma given the changing notion of military conflict, in addition to the fact that digital currencies have the potential to become the backbone of individual nations’ economies.
China, for instance, has been building its idea of the digital yuan since 2014, with late 2016 seeing the announcement of first tests of the digital yuan. Russia has also attempted to enter the global cryptocurrency market, taking an approach similar to China’s.
Cardtonic operates as a trading platform with direct gift card brokers. Cardtonic also provides flexible trading options to allow the ease of trading. This platform allows the option of trading via Instant messenger, website, and a mobile app for convenience.
Trading is done easily through the mobile app, website, and instant messengers. Moreover, this platform processes over 10,000 transactions each month. Given so much volume, the company possesses a brilliant reputation for being secure and reliable.