Now it’s almost 9 years has been passed since digital currencies are in use. There are different laws in different countries for the cryptocurrencies. In some countries, it is banned and illegal to use while many countries allow the use of cryptocurrency.
There are a few stores which also accepting payments in form of digital currency while many still prefer the old methods of using Credit cardy, Paypal or other payment options. Bitcoin and many other digital currencies have provided good profit to many users but there are still a lot of people who believe that it is not a good idea to invest in digital currency and they believe that cryptocurrency can ditch them any time which can cause them huge losses.
Some mathematicians and finance experts analyzed the digital currencies with the study on data for about 4 years. The analyze the exchange rate of different cryptocurrencies with the United States Dollar and they have found during the cryptocurrency analysis that the return rate is not normal at all and they can’t fit all the cryptocurrencies to a single distribution.
The bitcoin is the most popular digital currency in the world along with many others. During the analysis process, they have used a list of cryptocurrencies and they find a different pattern distribution when the compared the exchange rate with USD and Euro. Cryptocurrencies and blockchain is beneficial as well and has lots of uses as this blockchain infographic explains.
In the table below you can check the trends:
Now the question arises whether you should use the digital currency or should avoid it? Before we talk about anything else, the thing which you should know is that, whether it is legal to use the cryptocurrency or digital currency in your country? If it is not legal then don’t use it because you might get in trouble. But if it is legal and law allow you to use the use the digital currency, then read the few advantages of using cryptocurrency below:
Advantages of Cryptocurrency
- It is a potential Investment: If you are using the bitcoins, the most famous digital currency, then you are well aware that its rates go up and down just like stocks. Those who started investing in bitcoins only with few dollars, they have now thousands or even millions of dollars as the rate is very high now when we compare bitcoin with US$.
- Quick Transactions: You can make transactions using the bitcoin or any other digital currency very quickly using your online account. You don’t need to carry your credit cards and looking for the ATM. Transactions through digital currencies are seamless and easy.
- Exchange is Easy: If you are in a country where Bitcoin or other cryptocurrencies are not acceptable, you can easily exchange your coins with $ or other currency and can get the dollars in your online account. You can use those dollars to complete your transaction.
There are a few disadvantages as well of cryptocurrencies but advantages are good enough to make a move towards starting your online purchases with the digital currency.