Over the last couple of years, the term crypto currency has been rapidly gaining the public attention. Just take a look at its concept and their advantages.
What are Virtual Currencies?
Golden Coin is one of the Virtual Currency that allows you to do transactions without the intervention of any third party. All these Virtual Currencies are backed by the Blockchain Technology that builds shared and publicly verifiable database of transactions to prevent fraud.
This creates trust between buyers and sellers, thus eliminating the need for banks to get involved to verify the process.
The Advantages of Virtual Currencies:
1. Fewer Chances of Getting Fraud:
Once the transaction has been done, no one has the right to reverse it. Neither the sender nor the receiver is able to stop or alter the transaction in between, whereas in the case of traditional currencies, the transactions can be reversed and altered, which leads to more chances of fraud.
The Virtual Currencies are based on the concept of peer to peer network; therefore there isn’t any intermediate present to do the alteration in any of the transaction.
2. Easily Accessible:
According to the survey, there are more than 2.2 billion active mobile users having the access to the internet, but these figures are quite low in terms of the access to the traditional banking system. Therefore, the world is more inclined towards the adoption of the Virtual Currencies for the transaction purposes.
In 2017, having a Digital Wallet is far easier than opening a savings account in the banks, making these Virtual Currencies more accessible.
3. Lower Transaction Fees:
The Transaction process with these Digital Currencies has become quite easier than the normal banking, because of it has the lower transaction charges, instant payments and 100% security assurance.
The transaction fee is drastically low in this case because of the absence of the third party, hence, the users are being charged only by the Digital Currency Exchanges for trading in coins.
4. Virtual Currencies are Globally Recognized:
The Virtual Currencies are not confined to one region or country, they are recognized globally by every crypto exchange regardless of the user’s physical location.
They are not bound by the exchange rates, interest rates, transaction charges or other charges of any country; therefore it can be used in any part of the globe without experiencing any hindrance.
5. Easier Transaction Process:
The transaction process in the Crypto currency is simple, you can transfer any amount of currency within the fraction of seconds. Otherwise, in the traditional method, it could have consumed a huge amount of time in transferring money from one country to the other.
Each and every transaction has been done at the universal level, hence making the entire transaction process easy.
6. Most Important. You Own it.
This is the only electronic banking system in which you are the sole owner of your wallet, nobody else has the right to access the account no even the assigned authorities because the transactions are done only with the help of the private key.
The Private Key is the only passage to access the wallet, hence nobody except you can own it.
Final Thoughts
The Virtual Currency, Goldencoin is still a comparatively young and new currency which has many pros that the traditional currencies do not provide to its users.
When the Virtual Currencies are used properly and completely understood by everyone, it is definitely going to change our global economic system.
