Digitalization of Money

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 “Everything changes with Time” we all know this Quote, Lets apply this in our real world and we observe that, its applicable everywhere from our food to cook, and fashion to lifestyle. Everything is changed and get more modernized with time, so what about our way of transaction while purchasing the things, yeah! Its also changed, After the corona pandemic the use of electronic payment is increased rapidly.

Leading company such as Paytm, Google Pay and many other are the most trending Gateways to do transaction. Now the question arises that this the way of transaction of real money, what about the virtual money.

Demand for peer-to-peer or one-to-one transactions is rising world-wide. Cryptocurrency the subset of virtual currency act as a digital asset upon which no financial Institutions have any control. There are number of cryptocurrencies available on the Internet including Bitcoin which is the first crypto currency to come in existing and considered as a digital gold. The transaction took place on the next level of technology named as blockchain with the help of miners. However, this blockchain technology isn’t limited to the virtual currency exchange but are often utilized in various other sectors also.

Virtual currency that exists virtually, many of us our familiar with the term Bitcoin and Cryptocurrency. These terms are most trending in the stock markets and investing company. According to the scientific studies during the corona pandemic time from mid of the 2020 (after April) the investment amount is increased from 923 million $ to 6.6 billion $ nearly about 600 per cent jump.

Over 1.5 crores Indians are investing into Cryptocurrency and craze of it is going to be increase in the next few years as everything is going to be digitalized. Then what are the facts that still in many countries including India not accepted the Virtual currency.

These are the factor for non-acceptance of virtual currency:

  • The transactions are irreversible. In case of a wrong transaction the person won’t be able to recover it.
  • It is involved in various illegal activities like money laundering, promoting terrorist activities, for drugs etc as we don’t know who is behind the screen,
  • The Bitcoin is limited to 21 million of Bitcoin all across the world and for circulation it is approximated 18.6 million Bitcoins.

 

After all we may hope that experts may find some won.

Apoorva Jain

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