Even though digital currencies have not been a part of the official global financial market, they have been dominating the currency aspect of that business for a quite some time now. One of the facts that prove that digital currencies are becoming more and more present in the mainstream is the fact that there are more than 1,400 ATMs for Bitcoin in the world. More and more people are starting to use Bitcoin and other digital currencies and the global financial market will be influenced by these digital currencies significantly in the future.
One of the biggest advantages that digital currencies might have in comparison to the huge majority of standard currencies is the fact that they enable users to conduct payments and transactions across borders without having to go through complicated and slow processes of exchanging money in different countries. Because of that, it is expected that the popularity of digital currencies will grow as the world becomes more and more globalized.
Besides that, digital currencies seem to be much safer and much more secured than the standard currencies. With the standard currencies, it is most likely that a person will lose money from their wallets but with Bitcoin and other cryptocurrencies that is not the case as they are stored in digital wallets that have been displaying a huge level of security and protection in the most recent period.
Banks are currently not willing to embrace digital currencies as a part of their business but if they did that, digital currencies would be much more efficient than the standard currencies. Payments would become much easier and it would not take a long time for banks to process those payments like it is the case with standard methods of payments. Because of that, many are calling for banks to implement technology that would enable them doing business based on digital currencies.
Over the years, there has been a lot of criticism of digital currencies and it was mostly about them providing an easier way for criminals to make transactions. However, that is far from being true. Criminals do not use digital currencies more than they use standard currencies. Besides that, the blockchain technology that most of the digital currencies are using has enabled all the transactions to be public which is yet another argument against that claim.
For many people, one of the biggest advantages of the digital currencies is the fact that they exclude banks completely from the transactions. With the standard currencies, banks are making a huge amount of money for exchanges and other related businesses but with digital currencies that is not the case. They did not require any intermediate for actually making transactions and that is one of the reasons why established banks do not want to be a part of the digital currency market.
Digital currencies are only in their infancy and they have already taken over a huge part of the global financial market and that is their biggest advantage. Digital currencies have more than enough time to come up with the best possible solutions for this technology which is something that is not available for the standard currencies that have been present for a long time and still did not make any steps forward.
