The distinction between digital currency and traditional currency !

A brief introduction to Currency:

Core features of Digital Currency and Traditional Currency

Digital currency:

  1. Cashless Economies: These days, the great dilemma of people/traders that how to carry the stash of cash, and ATMs to deal in it. So, Digital currency offers them to trade without carrying any cash. Further, it makes transactions easier.
  2. Fast transactions: As earlier, businessmen spent days and even weeks to approve payments from banks to transfer their cash or cash in hand. However, this hurdle has been removed by the induction of Digital Currency into the market. It offers fast transactions and reduced taxes and other duties to a minimal level.
  3. Stable pricing: Unlike traditional currencies, digital currency is consistently improving its status and volume by gaining millions of investors across the globe. So, it’s damn sure to have your currency greater in volume.
  4. Strong Cybersecurity: Crypto-transactions involving Bitcoin transactions are network recorded, which comes in the BlockChain system’s remit. So, there is a rare chance of stealing or crashing the money. Also, the exchange of Bitcoin into dollars requires verification that further strengthens its credibility.
  5. Education and awareness: The interest in Cryptocurrency has been growing over the past few years. As 1 Bitcoin is worth equal to more than 57K dollars and is available in some 800 different kinds. The exposure means more consumer adoption.

Traditional Currency:

  1. Fungible: The quality of the units of the good should be somewhat consistent so that they may be interchanged. If multiple units of an item have varying attributes, its value in future transactions may not be constant or dependable. Trying to use a non-fungible item as money incurs transaction costs since each unit of the commodity must be individually evaluated before an exchange can take place.
  2. Portable: Traditional Currencies compared to Crypto-Currencies are portable and can be divided into small quantities. So, trading in this money is quite easy, as it is transferable anywhere to anyone. Further, it is limited to local and one could easily trade in it.
  3. Recognizable: The users should be able to simply determine the legitimacy and amount of the commodity so that they can easily agree to the terms of an exchange.
  4. Local market stability: It is a bit stable as per international markets, so, sudden surges and declines in prices never hurt its value. As, it takes time to observe the Currency change internationally, so, goods do not lose their worth quickly and are stable.

Current and future currencies:

--

--

BFIC is a Decentralized Financial Coin built on 3rd Generation Blockchain technology and supported by a massive utility based eco-system.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
BFICoin

BFIC is a Decentralized Financial Coin built on 3rd Generation Blockchain technology and supported by a massive utility based eco-system.