By Jay Alonso
The word cryptocurrency is synonymous with low-cost money transfers, censorship-resistant stores of wealth, non-cash remittances, a fraud-proof medium of exchange, etc. With globalization growing at a rocket speed, the world is becoming more interconnected day by day, and international business is currently at its peak. Previously, third-party sites used to conduct international transactions that would require several compliances as they were also very much time-consuming.
International business demands instant settlements that no centralized financial institutions can provide. Here comes the role of cryptocurrencies that depends on blockchain technology that makes instant settlement possible, which is the urgent need of the hour. From being just an academic concept, cryptocurrency has made a giant leap for becoming the future medium of exchange, disrupting all other powerful currencies like the Dollar, Euro, or Yen.
Can Crypto be an Alternative to Fiat Currencies?
Though there are many speculations about cryptocurrencies taking over traditional fiat currencies, till now, no cryptocurrencies have been able to completely disrupt the use of fiat in any counties of the world, and the reasons are manifold. Though there are countries that are scurrying to put legislation into place to make cryptocurrencies the mainstream currency, they face logical challenges from the rivals. For example, take the most popular cryptocurrency Bitcoin; Bitcoin currently does not fulfill the criteria of being a currency because it is neither a medium of exchange nor a store of value or a unit of account. Besides, Bitcoin is highly volatile, but if the volatility factor can be decreased to the level of fiat currencies, then it might act as an alternative to fiat currencies.
However, today cryptocurrencies and traditional money are inextricably interconnected, with cryptocurrency’s worth being estimated in terms of fiat currencies, or fiat currencies going digital, and even cryptocurrency platforms launching traditional asset trading. This way, the existing competition between fiat currencies and cryptocurrencies will be merged entirely in the years to come. With the fiat currencies merged with cryptocurrencies, the current bottlenecks like high exchange rates, more waiting times, or high cross-border fees in case of international transactions will be removed.
Cryptocurrency or blockchain itself is a brand technology that has already illustrated its potential to fundamentally disrupt the global economy; it has already created a paradigm shift in the way we look at fiat currencies but technically has not yet taken over the reign. If the global economy shifts towards cryptocurrencies, poorly banked countries will be hugely benefited. Still, now there is a huge population across the world that does not have access to basic banking services. Therefore, they are always denied financial assistance in case of any financial emergencies. If cryptocurrencies take over the traditional financial system, this part of the population will have access to money. Also, cryptocurrencies being decentralized, trading can be freely done across all borders without any hassles.
Moreover, there is also a possibility that cryptocurrencies might be floated on the NASDAQ, which would definitely add further credibility to the cryptocurrencies and blockchain, which will, in turn, make the cryptocurrencies a robust alternative to the traditional fiat currencies. An ETF (exchange-traded fund) also makes Bitcoin investment easier, but then there must be a demand for crypto, which currently is not possible by a mere fund.
How to Buy Bitcoins Instantly?
Bitcoins can be bought and sold instantly from crypto exchange platforms like Coinitix that are developed, keeping in mind the needs of daily users.
How Does Coinitix help to buy Bitcoin with a Credit Card?
With Coinitix, bitcoin purchase has become quite easier. With much more payouts and commissions and no hidden costs, users find it more convenient to buy bitcoins through the Coinitix exchange. All that the users need to do is download the crypto wallet and register it with the US Securities and Exchange Commission.
After that, the users need to select the payment mode and click on the operations tabs (Buy or Sell) to buy or sell bitcoins. Coinitix accepts any mode of payments, be it debit card, credit card, or apps like PayPal, to ease the purchase of bitcoins.
Buying bitcoins with credit cards has its benefits as it allows for instant settlements. Therefore, the hackers do not get time to hack any information from the database so quickly.
What is your reaction?
