The world has been developing at a very fast pace. In the last few years, the technology has improved at an unbelievable speed. The changes that we see today cannot be understood by many older people. There are people who are tech savvy and are ready to embrace any technology, be it automatic cars or use of credit cards for online transactions and there are people who are apprehensive about every new tool or skill. Now with the new digital currency becoming well known and its widespread uses online, it could just be the innovation that people might embrace with an open mind.
What is a digital currency?
This is an online transaction that takes place between people or parties and is documented online. There is no exchange of physical currency of any country. The money is in the form of a registration of transaction in a digital form. There is complete transparency as the transaction is in the public domain. It is visible in the documents of all the people who access the blockchain. To explain it further, these block chains actually are the fundamental units of digital currencies. The block chains keep increasing in the size as the amount of information or currency transaction increases.
Why is it good for the society?
There are always cases of corruption and manipulation of stocks and currencies around the world. There are some stronger currencies and some are weaker ones. The prices keep fluctuating whenever the government change any scheme or launch new taxes etc. and stock prices also keep fluctuating. But all the major financial decisions are taken by some authorities and everyone has to abide by that. However, in the case of digital currencies, there is no single government that can control the issuance or transaction rate of this money.
The society, thus in case of digital currency, is not limited to one country or state. As it is the virtual world and is global in nature, everyone has an equal right to the transaction and they all pay the same price, irrespective of their location in the world. The services and products are available through online websites and paid via the digital money, which is a completely transparent transaction and cheating is not possible.
As all the people involved in the particular public domain have the same record about the currency so no one can manipulate or change the data without others knowing about it. It has complete records online and yet there is no metal or paper currency. This is another feature that makes it tamper-proof, as no one can print fake digital currency. This unique currency might evolve with time and might be the only currency in the future as it is improving day by day and becoming better.