A Perspective on Bitcoin and Other Online Virtual Currencies
Bitcoin, the most famous digital currency, is in the limelight in the last few years. It is a properly-designed cryptocurrency with the aim to be used as an alternative currency in buying goods and services online. Although Bitcoin and other alternative digital currencies such as Litecoin and Darkcoin are highly volatile in nature, an increasing number of people are still mining and advocating its use as a fast way to effective economics.
There have been numerous digital currencies developed since Bitcoin was first introduced to the public. Despite this, none of them seems to have piqued the interest of consumers as they are not as user-friendly as Bitcoin and other alternative cryptocurrencies.
Yet another advantage of Bitcoin and successors are encrypted currencies which are mainly traded via public key encryption. This means that its value or worth will never be controlled by the government or a centralized banking system.
Bitcoin, Litecoin, Acoin, and Peercoin among others help in enhancing online commerce. This is monumental in that it makes the buying and selling of goods faster, simpler, and altogether, a more pleasant experience for both consumers and entrepreneurs. Bitcoin and other alternative digital currencies may be decentralized, but they simply enhance the online economy by offering people the chance to pay for products and services while bypassing the major role of banks as intermediary.
This means that Bitcoin and other cryptocurrencies help people avoid expensive processing costs and the utilization of credit cards altogether. Online digital currencies promise a more flexible, smoother, and cheaper way to facilitate transactions online.
The New Era of Commerce
Bitcoin and other alternative encrypted currencies is not the end of the paper money ear, but the beginning of a currency that will undeniably change eCommerce. The continuous rise of Bitcoins tells us a story of our present and future global economy. As more people are looking into mining and working hard to receive more bitcoins, governments and even financial institutions are getting more anxious that a digital currency with such humble beginnings can dominate over strong and solid currencies such as the US dollar and Euros.
Although Bitcoin and other cryptocurrencies are highly volatile, there is a viable market for them. As more people have established trust and confidence in online merchants, majority are now leaning on its utility as an important currency which enable them to buy anything and everything without having to spend real savings and money altogether.
The new money innovation that comes in the form of Bitcoin also facilitates smoother transactions when funding or financing online businesses or even actual business projects. Companies can further improve their financial portfolio as Bitcoin and other alternative currencies are now considered to be crucial assets when building businesses with majority of its dealings online.
Top 3 Digital Currencies
• Bitcoin
There are approximately $21,000,000 worth of Bitcoin as of writing. Its open source and limited nature makes it a very valuable cryptocurrency among those who are seriously considering on building their online currency portfolio. Among all digital currencies, Bitcoin is known to be the most sustainable alternative to real currencies.
• Namecoin
is not your average digital currency. Aside from being a decentralized open source cryptocurrency, it also aims to protect the rights and voice of consumers online. It supports Wiki, and helps online visitors access free and valuable information, most especially in the field of editing, marketing, and coding of Wiki online files.
• Darkcoin
Darkcoin is known as the dark horse in the digital currency field. This is due to the fact that its investors can use Darkcoin in the acquisition of anything and everything, including black market items. During its first month of release, the value of Darkcoin jumped from its starting 75c to a whopping $7 per 1 Darkcoin.
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