The benefits of digital currencies are many. But one significant advantage arises from the fact that cryptocurrencies are simple to transact and are secured.
Today, many countries, including India are trying to control their cash economy and turn towards digitization. But while these countries are making noble efforts, the truth is that digitization will solely depend on the use of cell phones. Currently, it is estimated that there are 300 million smartphones users in the country and the number is expected to hit 700 million by 2020.
While we discuss digitization, cryptocurrencies are going to be the significant game changes towards this revolution. The cost of internet payments is coming down, but the truth is that banks act as intermediaries who increase the transaction cost as well as acting as third parties.
POS terminals are expensive for many merchants. The number of such terminals is increasing, but their demand from the merchants are not expressing their interest in continuing to use them. So can these merchants use digital currencies at a lower cost and solve their digitization or connectivity problem? Yes, it is possible. As long as customers enjoy a low cost of data, cryptocurrencies can be used to transact even with small merchants.
Here are some advantages that cryptocurrencies can offer to digitization
The cost of internet payments is coming down, but the truth is that banks act as intermediaries who increase the transaction cost as well as acting as third parties. Most land records in developing countries are not adequately maintained. Tracking of such records is cumbersome, and in most cases, the documents have tampered. Once these records go on the blockchain, it will be hard for people to tamper with them and could solve the land records in India. Poor Indians who have no land records will benefit from the use of cryptocurrencies.
Since there is no middleman involved, cryptocurrencies operate on a peer to peer platform and
thus contracts are settled instantly.
No Theft in Transaction
It is not possible to have identity theft in a cryptocurrency transaction. This is because you are in total control of your transaction as opposed to a credit card where the bank acts as a third party to your transaction.
They are Global
Cryptocurrencies operate all over the world and are not limited by the boundaries of any state. Thus, transactions are straightforward as nobody can block your account if you misuse it. The owner has a private key, and therefore nobody can take your money unless you lose your key.
Transactions Can Be Done at a Fraction of Unit
Digital currencies can be done at a fraction of a unit. This means that if you want to transact for a few dollars or rupees, there will be no additional transaction cost. Mostly, banks will charge you more for small transactions and lower for significant transactions.
They are Unregulated
While most people are worried that the government will track their bank accounts, such a happen in digital currencies since they are completely decentralized.
If you want to buy ripple in Australia, then you need to search for a reputable exchange that will allow you to set up your account. Ripple is designed to benefit Bitcoin users as it gives them a reliable payment network. If you want more info on buying ripple in Australia, then make sure you receive updates on our upcoming articles.
Cryptocurrencies will play a great role towards the realization of India’s digitization program. The benefits of digital currencies are lower transaction cost, secure and they are global.