Emergence of Crypto- Currency
Cryptocurrency has a huge impact, directly and indirectly on the global monetary system and the world economy. The transformation which cryptocurrency has brought in the world economy is very important. There are many determinants which will influence the expansion of cryptocurrency in the future. The extent to which cryptocurrency will fulfill the functions of current paper/cash/plastic money will have a direct impact on cryptocurrency dissemination.
Background of the classical currency: Coins have dominated for many centuries and then paper money came into existence in the 17th century and started gaining significance in the economy. Simultaneously banking system stated budding up which was followed up by the development of the central banking system. This growth was well accepted by the market and the economic system.
Evolution of cryptocurrency: As a result of technological progress and global trade expansion, the digitalization process of money started. The initiation of the Electronic Fund Transfer (ETF) system in the USA was the stepping stone for the digitalization process. This was followed by ATM, plastic money usage. Advancement of internet technology proved to be a boon to digitalization and electronic money transfer stated gaining its peak, and thus cryptocurrency came into existence.
Bitcoin, the first cryptocurrency, is defined as the electronic payment system based on the encryption wherein both sides are directly associated with each other. There is no intermediary, like a bank. Trust is an important aspect of cryptocurrency process and it is claimed that it can be addressed through technology. Computer algorithms and mathematical rules will handle trust rather than by the authorities which have the power to issue money. Bitcoin exchange plays an important role in the MLM business.
Blockchain technology came into existence in 2009 along with Bitcoin and is considered to be a revolutionary breakthrough. Bitcoin has gained huge growth in terms of volume and market value since its emergence and in parallel, even blockchain technology has deepened its roots. This fast-growing technology over these few years has even influenced the business of multilevel marketing (MLM). Bitcoin Integrated MLM software has an outstanding advantage these days. MLM Software, Binary MLM IT Software, Cryptocurrency MLM Lending Software, Cryptocurrency MLM Binary Software, Cryptocurrency MLM Unilever Software, Bitcoin MLM Binary Software, Blockchain MLM Software, Crypto Blockchain MLM Software, and others prevail to elevate the market of Cryptocurrency and MLM in conjunction.
Cryptocurrency has a high degree of volatility, which prevents it from becoming a perfect substitute for the prevailing currency. The volatility even prevents the currency to become underlying for the valuation of goods and services. Thus, volatility may become a hurdle in the spread of cryptocurrency.
There are presumptions that cryptocurrency will become the part of central bank reserve in the future. Cryptocurrency has gained attention through a huge volume of transactions and its usage areas. These are seen as a transfer and investment tool considering its cost efficiency and rapid transaction. The inclination of people and institutions towards cryptocurrency is because of their desire for a simple process, cost-benefit, and a safe mode. This attitude is giving strength to cryptocurrency and days are not far when, with the advanced technology and proper control, crypto currency might rule the economy.