In today’s time digitalization has forayed into almost every sector. Right from online payment, e-commerce, online food booking to accessing medical services online, digitalization has not only made our lives convenient but easy as well. In simple words, human life has become dependent on this concept. 

In fact, due to the advanced use of digitalization, the concept of virtual currency or cryptocurrency could take off around a decade ago. As a result, cryptocurrencies have become the talk of the town and their popularity, as well as usage, continues to grow exponentially among people around the globe. 

But, you must be wondering what a virtual currency really is, right? 

Or How can a digital currency help you do all the work you do with physical currency or digital money? 

Well, give a pause to your thoughts and put on your reading glasses to know everything about virtual currency. Do remember to read till the end to know about a digital currency bank that can help you grow your investment money multiple times and enable easy participation in a decentralised economy as well. 

Understanding Digital Currency: 

Digital currency can be understood as money that is in digital form and intangible in nature. It is often known by other names like electronic money, digital money, electronic currency, cybercash, etc. One of the best features of digital currency is the fact it enables the borderless exchange of ownership. 

The advantages of Digital Currency Includes: 

  • Payments in digital currencies are peer-to-peer. This implies that the transactions are mostly executed between the parties involved without the need for any intermediates. Therefore, the transactions generally incurred less to no additional cost. 
  • Digital currency-based electronic exchanges or transactions are usually recorded on a digital ledger that prevents any kind of fraudulent activities. 
  • Payments or transactions made via digital currency are relatively faster. Even cross-border transactions take a few seconds. 

Different Forms of Digital Currency: 

Broadly, there are two categories of digital currency:  

1) Virtual Currency: It is a digital currency that gets used inside a particular network. For example, when you play the FarmVille game, you mostly use the virtual tokens coins to buy different things from the ranch. This simply means that the virtual coins remain within the network of that game only. Having said this, do remember that the virtual currency only remains inside a predefined network. Similarly, you cannot use your FarmVille coins and use them to purchase anything as they hold no value in the real world. 

2) Cryptocurrency- It is yet another digital currency that holds true value or worth. For example, Bitcoin or Emocoin. One of the most striking points about cryptocurrency is the fact that it is not integrated with the economy of any country as of now. Hence it is decentralised in nature and removes the flaws of a conventional centralised economy. 

Let us understand more about the digital currency that holds value in today’s time, i.e cryptocurrency. Given below is the table that elaborates the popularity of cryptocurrency in the world at the present time.

COUNTRY NAME  SHARE OF RESPONDENTS WHO USED CRYPTOCURRENCY AT SOME POINT 
Nigeria 32%
Vietnam 21%
South Africa  17%
Turkey  16%
Peru 16%
Spain 10%
China 8%
U.S  7%
Germany 6%
Japan 4%

**Source: Statista

Advantages of Using Cryptocurrency:  

The fact that the world is evolving with the use of digital currency is undeniable. Many economic sectors have been trying to cooperate with the use of digital currency in some of the other forms. But, more than virtual currency, it is a cryptocurrency that has stood the test of time and continues to flourish among the masses.

 

Given below are the advantages of using cryptocurrency!  

  • Accessible- There are billions of people that have undisputed access to the web. Therefore, these people are enlightened about the cryptocurrency market and can use it as a means to grow wealth.
  • Protection Against Fraud- Since the time the cryptocurrency came into being, every transaction gets recorded on a public ledger. The details of cryptocurrency ownership are totally encrypted in order to avoid any fraud and to ensure legitimacy. The currency is decentralized i.e. neither the government nor any bank has any control over the transactions.
  • User is the owner- There is no other electronic currency system that offers  the feature of completing owning your own account
  • Identity theft- The digital ledger is kind of a guarantee that all exchanges between peer-to-peer are checked to ensure that the tokens involved in the transaction are claimed right. This public record is technically termed a transaction blockchain. Hence, with security like this, blockchain technology is ready to affect essentially every fragment of our lives.

If you too are convinced of the advantages of cryptocurrency and wish to be a part of the cryptocurrency world then go ahead and register yourself on emobank.digital right away. 

This digital currency not only allows you to invest in cryptocurrency but enables many additional services through the use of Emocoin. So, go ahead and be a part of the Emocoin network.