How Crypto Currency Will Take Over The World
Crypto currency is the digital currency that makes use of encryption in the process of creating this currency.
The use of encryption is also the critical feature that is used in the different crypto exchange platforms. It is the new main distinguishing feature from the traditional and conventional forms of currency. Some of the crypto currencies include Bitcoin, Ethereum and Ripple.
Crypto currency is also distinct in that it does not have a centralized system of control. This decentralization makes it free from the control and interference of central banks. It works independently on peer-to-peer networks that are independent. That means that the network in one country is completely free and independent from the control and interference of any other country.
The question as to whether it`s globally accepted can be answered by looking at the facts. The IMF, which is the premier international financing institution, is planning to launch its own version of Bitcoin. The new digital currency will be known as IMF Coin and will be used to replace the existing reserve currencies with this new digital currency. This will be the new special drawing rights (SDR). The acceptance at the highest levels of international banking and finance is the strongest pointer that crypto currency has gained mileage globally as the new frontier of payment.
Countries are also increasing launching their versions of digital currency. An example is the government of Dubai that is planning to launch its national crypto currency to be known as Em-cash. This move by individual governments globally to embrace crypto currency is a precursor to the eventual take over by digital currency as the new way of transacting business globally. This will eventually lead to the death of the currently used different forms of national currencies. The IMF could eventually regulate the new crypto currencies between nations based on a consensus agreement.
The good news is that already there are a number of big international corporations that accept payment using crypto currency. The acceptance to use digital currencies by these companies is a sign of good faith in this new form of currency. They include Dell, Tesla and Microsoft. Apart from the big corporations, smaller companies are also accepting crypto currency as payment for goods and services that have been rendered. The most commonly used crypto currency currently is Bitcoin. Online casinos have taken to using Bitcoins in their games.
The current volumes of trading and payments globally using crypto currency is increasing. This also extends to borrowing and lending against crypto currency. This is expected to increase in the future as crypto currency makes more inroads internationally. In some countries, there are plans underway that will lead to the formation of official stock exchanges based purely on crypto currency. The current market capitalization for crypto currencies globally is over $100 billion. This shows that it is just a matter of time before crypto currency takes over the world as the leading currency.