Digital currency is a form of currency available only in digital and electronic form. It is also called digital money, electronic money, electronic currency, or cybercash. Cryptocurrency is nothing but digital currency based on the idea to provide a way to pay for transactions without a third party like a bank using advanced encryption techniques known as cryptography.
In recent years, it has
become a global phenomenon. With all the digitalization taking place, the
future of money will be electronic, but one can never be sure if it will
resemble a cyberpunk utopia.
Some economists predict
a significant change in crypto is forthcoming as there is a possibility of
crypto being floated on Nasdaq, adding credibility to blockchain and its uses
as an alternative to mainstream currencies. Being a decentralized currency, it
renders cryptocurrency free from government manipulation or interference. But
the flipside is that there is no central authority to ensure that things run
smoothly.
There are no legal
authorities to back the value of cryptocurrencies, compared to fiat money,
whose issuance is a highly centralised activity backed by its government’s full
faith and credit.
For cryptocurrencies to
become more widely used and have a future, they must first gain widespread
acceptance among governments and consumers. However, their complexity when
compared to traditional currency is likely to deter most people, except for the
technologically savvy. Because of its volatile nature, major concerns have
risen in people’s minds. Recently, with China announcing the ban, we all were
witness to the major fall in crypto’s price.
To become part of the
mainstream financial system, Crypto would have to satisfy very divergent
criteria. Cryptocurrency’s success or failure in dealing with the challenges it
faces may determine its fortunes in the years ahead.
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