Recently we have seen Russia is working on a government-run cryptocurrency. And they're not alone. Governments around the world — including the U.S., China, Japan, Canada, Venezuela, Estonia, Sweden, and Uruguay— are either actively working on some form of digital currency or exploring the topic.
In the Middle East and Africa, the poor internet infrastructure discourages the terrorist groups from using bitcoins. However, India has a much better internet infrastructure regarding equipment, speed and connectivity. Plus, the IT skills are better.The use of bitcoins is on the rise.
The technology behind digital cash isn't new in concept of execution. Long before Venmo had become a verb, companies were working toward entirely digital transactions. Adoption wasn't terribly quick or widespread. Nor were the systems that emerged to service digital transactions terribly efficient or cheap.
Governments and banks weren't in any hurry to adopt this tech since nobody else was either.Then bitcoin happened.The explosion of BTC and other cryptocurrencies have forced governments to take a look at just what these technologies mean for the future of commerce, finance, and centralized authority over the creation and movement of money.
Why Cryptocurrency Is Beneficial?
Blockchain is the reason why cryptocurrency has any value. Ease of use is the reason why cryptocurrency is in high demand. All you need is a smart device, an internet connection and instantly you become your own bank making payments and money transfers.
Under the new system, you'd pay with money directly held by the government (or really a country's central bank) through what some call a "Centralized Digital Currency," or CDC.
I Am Still Thinking CryptoCurrency is being the next BIG thing in the connected world.