The explosion of the course of bitcoin has revealed the existence of cryptocurrencies in the world. These virtual currencies have been the focus of attention in recent months. Between opportunity and fear, how can the explosion of cryptocurrencies change payment habits?
A freer way to pay online
Bitcoin, Ether, Ripple, OmiseGo. Cryptocurrencies have multiplied in recent years by offering alternatives to traditional means of payment. With the impressive rise in bitcoin prices in November 2017, the interest in cryptocurrencies has increased, and the entire connected market has benefited. Used as a haven or a means of payment security, cryptocurrencies have the advantage of operating on a global scale and thus affect all users.
No need to trade in euros or dollars with the use of virtual currencies as they do not depend on central banks. Much more malleable than traditional coins, they are not limited by ceilings or remittance limits. Some are specialised in using the blockchain as Ether. Finally, these cryptocurrencies are also utilised within internal networks as a currency of exchange between users. Bitcoin is used globally as the virtual online payment method. Make a visit to https://www.amarkets.com/about-amarkets/ and know more about it.
Difficulties still very visible
Despite increased visibility in recent months, cryptocurrencies face many challenges that hinder their development. First of all, the price of these currencies is exceptionally volatile. If the amount of Bitcoin has exploded to reach $ 17,000 in December, it has only dropped in recent months stabilising to $ 8,000 or a drop of 47% in two months. This was a fall that only led to other cryptocurrencies.
- In recent years, bitcoin has not only lost value but also benefits it had acquired such as lower payment fees than Paypal or online purchase by credit card. The duration of money transfers also exploded from a few minutes to several hours. Moreover, cryptocurrencies are also in competition with each other to ensure a monopoly on the market in question.
Finally, even with the recognition of bitcoin as a virtual currency, cryptocurrencies are still used in small numbers, and their modes of operation are complicated. The explosion of cryptocurrencies is, therefore, information to be taken with great care. Useful in some situations, it is necessary to weigh the advantages and disadvantages before investing in them. However, these virtual currencies are in an excellent position to position themselves as a means of payment in connected commerce.