The purpose of choosing the medium of exchange was to facilitate trade and business globally, in times of financial crisis where the role of digital currencies promised new ways to earn, use and generate the currency through new technology wave. As money started changing the logical value, how to monitor and regulate them became a big question. The world owes a lot to the digital currencies as they have revolutionized and questioned the very existence and value of traditional currencies used globally. It was the most interesting, mysterious accidental discovery of the coin digital currency, encrypted codes that were valued more than any traditional currency was during its peak trend.
These virtual currencies have attracted the most, as they are highly diverse in their very nature, promoting to trade and exchange easily. Regulations are in place that has made few countries to ban using the digital currencies, as they are already disruptive in nature for the traditional banks and traditional currency system.The task if introducing new currency is challenging and something that is not in physical form, but just digitally created codes is all the more difficult to seek acceptance among the common people. However, with almost a decade of its existence, thecryptocurrencies havealtered the accountability the record keeping and even the valuation of the currency.
Exploring the diversity and meeting, the challenges is the main role of the digital currency globally
- technology is the tool that aids to establish this new currency that has swept the global financial crisis, there should be an in a disciplinary approach to establishing this solid financial model that has reckoned many new economists, mathematician,and politicians to combine their effort toestablishing this currency system
- As we all are aware, the new monetary like system is very highly volatile, taming it and stabilizing is a huge task. Only with the demonstration and trust factor can any currency be stabilized, look at here now with a different array of currencies, holding them as a diverse portfolio will highly reduce the volatility with respect to the profits that are wiped off due to one coin currency to the other
The privacy and the responsibilities of the currency being regulated itself brings in investor confidence that increases as more safety features like digital KYC, without the No Keyword, as in the banking process of brought around even in the digital space. The success of this currency lies only when the purpose for which it was intended is fulfilled in the long term.