Planswell - Digital Currency: The New Concept Of Money

To understand the concept of digital currency being the new form of money, we will need to understand what Digital currency is? Planswell is here to enlighten you about the growing digital currency trend around the global village. 

It does not have any physical presence, but it is gradually being more used in the online platform. What makes these currencies different from old-time paper money is that transactions are done through the internet. 

Digital currency is used with the same means that many use offline currency for buying or paying for certain requirements. Its usage is not applicable on specific illegal and immoral sites to make it safer. 

The main motive in the invention of digital currency has been to eradicate the involvement of the middle man. This idea allows people to expand their level of spending to grow their business or get property anywhere with no intervention and delay of the third party’s involvement meaning an individual will have the freedom to make the best use of their money easily. 

Different Types of Digital Currencies:

So far, there are three types of digital currency that are gradually growing its usage among people of different parts of the world, they are:

1. Cryptocurrency is the type of digital currency used online with the help of Cryptography as the medium for online transactions. Bitcoin and Ethereum are examples of cryptocurrency.

2. Virtual Currency is another form of digital currency that is under the management of the founders of a specific organization. It also involves various stakeholders, and virtual currency is not regulated by the jurisdiction so far.

3. Central bank digital currencies are issued by the central bank of any respective country. It is regulated and is purely formed on digital value and not physical. Many countries, with changing times, are showing their interest in digital currency and liking this bank’s idea. 

Benefits of digital currency

Some of the significant benefits of digital currency are:

1. Because of no middlemen’s intervention, digital currency is very fastly transferable within long-distance over a short period.

2. Since it is solely formed digitally, it does not require any physical form, which also happens to mean that there will be fewer cases of fraudulent of fake money.

3. As the bank, which is the middleman in today’s ordinary money transaction, does profit through the taxes it applies to the transaction. The digital currency money transfer will be a lot cheaper.

Digital currency is the expansion of the financial industry, making it more comfortable for people to expand their overseas transactions with less to no struggle. Like these digital currencies, Helping people to gain more monetary profit, Planswell is here to expand your knowledge on financial aspects. 




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