Digitalization has always brought a revolution in the economy and it is believed that cryptocurrency will bring a huge change in the economy of countries. Cryptocurrency is not just a digital currency but it is an alternative to the existing monetary system. It is a revolution that can bring it down. The cashless economy has started with cryptocurrency and it will continue as long as people believe in virtual money over physical money.
In order to go cashless, India made an important shift by introducing demonetizing in 2016. It was a revolution that changed the economy of the country. Now the government has introduced a new way to make India completely cashless with the help of crypto currencies.
India’s economy is going through a transformation and it will greatly benefit from this change. The investment in the virtual sector will increase and this will result in more jobs for people who are skilled in this field. For the past few years, we have heard a lot and research has been going on regarding the concept of cashless economy and its merits.
In addition to this, with the emergence of virtual currency, it has become even more important to understand how these two concepts are interrelated. This article will delve into the prospects of demonetization as a result of crypto currency and see whether or not it is walking on the path of demonetizing.
Cashless economy
To promote digitization, the government has been introducing various schemes for people to do digital transactions and pay using digital payment. This can be considered as an initiative from the government of India to promote digital transactions and to move towards a cashless economy.
Promotes digital transaction
The transaction fee for cryptocurrencies is very low which encourages people to do online transactions digitally rather than physically and this also helps in moving towards a cashless economy which can help in the demonetization of a country’s currency.
Digitalization also makes buying and selling easy which also helps in promoting virtual transactions. It should be noted that demonetisation has made people go cashless by forcing them to use digital platforms such
Crypto currency is emerging as the first choice of digital transaction. The invention of bitcoin and many other forms of crypto currency has given a new direction to the word demonetizing. Crypto currency is accepted by many countries, but India still has some reservations regarding it.
Prospects of Cryptocurrency
Crypto currency can be used for peer-to-peer transactions without any involvement of third party or central authority. These transactions are fast and secure as compared to traditional methods like paper cheques or money orders because they do not require physical documents to transfer funds from one account to another. In today’s world, where computers and the internet have become a necessity, the industry is going through a drastic change.
Rapid growth
With the introduction of new coins and tokens every day, it would be fair to say that the crypto market is expanding more than ever before. It is imperative to note that the popularity of cryptocurrencies has led to an increased interest in the digital economy. As a result, we see a decline in the use of physical cash throughout the world. This can be attributed to the fact that digital transactions are easier and faster. Moreover, people do not have to travel all the way to their banks to transact money.
Looking of media networks
Furthermore, there has been an emergence of various platforms involved in cryptocurrencies trading and investment. This has resulted in a significant increase in investment in this sector. In addition, it also encourages people to focus on using electronic money rather than physical cash. The advent of the blockchain has ushered in a new era of society: the age of cryptocurrency.
In recent years, cryptocurrency has become more and more popular as an investment vehicle for people around the world. The reasons for this are many: it offers increased privacy in terms of what you buy with your money, promises to eliminate heavy transaction fees that traditional financial institutions charge, and is not subject to government regulation or taxation. These factors have led some to speculate that cryptocurrency is on a trajectory towards eventually replacing our current system of money altogether.
Conclusion
This idea isn’t as far-fetched as it might seem at first glance. We already live in an era where “cashless” is not only possible but increasingly common. Most of us now use our credit cards for most purchases and rarely carry cash around with us anymore – a trend that’s been growing rapidly over the past decade or so. In fact, many retailers no longer accept cash at all!
Also read: How Cryptocurrency Companies are Tempting Top Big Tech Talent
