A crypto or virtual currency is electronic money used for secure, safe and private online financial transactions. Crypto-currencies are global, borderless and increasingly impacting the society. They utilize cryptography to convert digital data regarding purchases, transfers and balances into inaccessible code. Since its creation it appeared inevitable that crypto-currencies will transform the world.
The digital currency process comprises computer languages, math theory and computer science to securely transfer digital money or information through cyber space. It requires no third party intermediary intervention from governments, financial institutions or regulatory agencies. All transactions are anonymous and this has attracted interest from a lot of people.
Many CEO’s of global financial institutions and high-ranking government officials are downplaying the importance of digital currency. Digital currency’s opponents have a vested interest in preventing its influence from growing. Despite this, there are too many people, who stand to benefit from this technology, so it will inevitably grow in significance. It was Christine Lagarde, the Managing Director of the IMF (International Monetary Fund) who recently said that, once digital currency overcomes its controversy and limitations, it would transform the entire traditional banking system by decentralizing monetary systems.
Traditional financial markets are prime targets for disruption as traditional capital investors increasingly accept crypto-currencies. Today it appears that younger tech savvy people are valuing decentralized digital cash over traditional investments. A recent survey suggested that as much as 30% of people between the ages of 18 and 34 preferred purchasing crypto-currencies rather than traditional stocks or government bonds.
Blockchain technology has the potential to decentralize world computing and revolutionize how assets are exchanged. Proponents of digital currency argue that, investment and interest in digital currency will put further pressure on traditional capital markets as people migrate assets to digital currency as a store of value. The tendency will be to eventually, transition away from centralized structures to decentralized systems with the absence of third party intermediaries.
In the days to come, proponents of digital currencies contend that as global debt escalates and there are downturns in stock markets, more investors will transition their money into crypto-currencies. Digital currency enthusiasts recognize that finance will be only one area reformed by mass acceptance of crypto-currencies. This is attracting a huge amount of attention from many individuals and industries.
While some digital currencies are intent on revolutionizing asset exchanges, most global corporations are adopting a wait and see approach to where things will go. Corporations that wait too long risk becoming obsolete much like, the print newspaper industry did a decade ago by failing to adapt and modernize along with technology.
Institutions that modernize and adopt crypto-currency and blockchain in innovative ways could benefit tremendously. Digital currency was initially intended to replace cash but today not all crypto-currencies are designed with that in mind. At GLITZKOIN we are clear about the benefits of blockchain technology and are geared to modernize the diamond industry by developing a modern state of the art diamond blockchain platform.
GLITZKOIN has a seasoned professional diamond team with decades of diamond industry experience. The project has also scouted the finest talents in blockchain and crypto currency technology.