LONDON–(BUSINESS WIRE)–Infiniti Research, a world-renowned market intelligence solutions provider, has announced the completion of their latest article on the different types of digital currency and their impact on the financial industry.
At present, there is a very small number of users who prefer digital currency. The outline for its regulation and the tax structure to control digital currency is still developing. It has two types, namely virtual currency and cryptocurrencies. Digital currency enables direct payments between payees and payors and eliminates infrastructure costs, intermediaries, and processing costs. It also allows the easy and transparent flow of funds.
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Digital currency is a payment method which exists only in the electronic form. Digital money has many advantages linked with it like easy and timely payments and smaller transaction costs. The acceptance of digital currency by the financial industry is less due to risk factors such as identification of payment beneficiary, volatility of currency, regulatory compliance, and transaction risks.
“Digital currency helps companies in the financial industry to eliminate the risk of exposure since they are highly secure,” says an industry expert from Infiniti.
Digital Currency List:
- Bitcoin: This type of currency was launched in the year 2010 and since then it has earned huge popularity as a cryptocurrency. Even though bitcoin is becoming prevalent since the time it has been introduced, it also has suffered a few disadvantages in the past few years like its shooting transaction costs. To know more about our solutions, get in touch
- Ethereum (ETH): Ethereum was launched in 2015, it has got its strength from its development team. It depends on the blockchain technology and has pooled a crowd of famous institutions, investors, and also some of the well-known corporations like BP, Toyota, Intel, and Microsoft. To read the complete list of the types of digital currency, request a proposal
Impact of digital currency on the financial industry:
- Increase in efficiency: The use of digital currency will upsurge the effectiveness of the financial industry by making payments faster, easier, and most prominently more secure. The businesses in the financial industry will clearly witness many benefits from the use of this technology.
- The effective alternative for unstable economies: Even though digital currency has not been accepted extensively, its use in countries like Venezuela where Bitcoin looked to be more stable than its national currency at the time of high inflation, shows that it can be an effective substitute for hard cash in the future. Get in touch, to know more about the impact of digital currency on the financial industry
Infiniti Research is a global market intelligence company offering strategic insights to help look beyond market disruptions, study competitive activity, and develop intelligent business strategies. Listed below are the different types of digital currency and their impact on the financial industry.
View the complete list of the different types of digital currency and their impact on the financial industry:
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 15+ years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.