Since 2009, the virtual currency become part of the world monetary system. Digital currency transactions on the online exchanges, providing anonymity, which provoked the Association with drug trafficking and money laundering. But on the other hand, this anonymity also provides the convenience of carrying out transactions, which was one of the reasons for the growing popularity of cryptocurrency.
At the moment virtual currency have more than 6 million people, some of which are ambitious and determined to enter the ranks of “bitcoin billionaires”.
Now virtual currencies are on the threshold of a new phase in its history and may soon play an even greater role in our financial lives. Because of concerns that existing cryptocurrencies (which work independently of governments) complicate the detection of cases of tax evasion, Russia, China, Sweden and other countries have announced plans to launch its own official virtual currency. In the case of Sweden it could happen in 2020.
Although recent studies show that the shift from cash to virtual is not happening, but experts say that the combination of independent and national cryptocurrencies may eventually displace coins and paper banknotes that people have used for thousands of years.
If the transition from conventional to digital currencies occur as experts predict, it is likely that this will require at least a decade.
However, many retailers are already beginning to use bitcoin. Microsoft has now started to accept Bitcoin and even Cash, and a recent survey of 100 us traders showed that 60 percent of them will accept bitcoin as payment.
To use digital currency and start the whole industry. Real estate has become one of the first. In several States, including Arizona, Vermont and Florida, was amended in laws that allows to use the blockchain to record and transfer documents for the property.
Why real estate uses cryptocurrency? First and foremost, because of the convenience. In traditional real estate transactions the buyer and seller for transfer of ownership needs to involve the insurance company. This process can take days or even weeks. But with bitcoin, this process takes place instantly.
“This is a very simple and easy,” says about cryptocurrency transactions, the General Director of the company Propy from San Francisco, Natalia Karaseva. “You just register, pay, sign documents electronically, and then once the cryptocurrency is received, you will be issued a document confirming the right of ownership with a blockchain address. No problems with the banks”.
Worried that many people will soon be able to make untracked payments without the involvement of banks or other institutional intermediaries, national governments are considering the issue of virtual currencies, which will provide convenience Bitcoin, Ethereum, Ripple, etc., while maintaining their ability to monitor large financial transactions.
If the United States starts to produce “cryptodira”, it is likely that its stability will be able to compete with the usual dollars. Greater stability will make it more attractive for consumers and investors, though there may be some difficulties.
Cryptocurrency wallets are more vulnerable to hacking than the normal Bank account, so security is one of the main problems. Another minus is associated with erroneous payments. In the case of existing cryptocurrencies, a simple typographical error when entering the blockchain address can send a payment to someone else, and to return the money in this case is almost impossible.
Even if they entered cybergallery or other national cryptocurrencies, according to experts, bitcoin is unlikely to disappear any time soon. This is due to the fact that virtual currency issued by national governments are unlikely to offer anonymity, which is one of the main advantages of an independent cryptocurrency.