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The Growing Popularity Of Digital Currencies

769 words - 4 pages

Digital currency is a kind of electronic money, which has booted in popularity
and grabbed the attention of many enterpreneurs. It is distinguished from
another electronic money,because it is a cryptocurrency. That means that no
one can track the transaction. The most wide-spread cryptocurrency is a
Bitcoin. Being a new product on the market, digital currency became a sharply
arguable topic. Indeed,it is difficult to decide if it is a successful venture or not.
Currently the product has more disadvantages,than advantages.
First of all, digital currency is not safe enought. According to bincoin official
website «Bitcoin on mobiles allows you to pay with a simple two step-andpay.
»
It means that a client do not need to create an account, sing up, and swipe his
card. It seems like an advantage,that a person can stay incognito and save its
time,but it becomes less safe. The official bitcoin website warns that cipher
transaction is not absolutely safe. Being untracked is not able to guarantee
safety.Users are not insured using cryptocurrency. Taditional electronic
money,which can be tracked , have more advantages in this case.
Another weak side,which makes digital currency incomplete,is that a bitcoin is
not controled by central bank. The payment is realized directly between users
without middlemen. It attracts many persons, including thiefs. Being unable to
control bitcoins, few countries have made cryptocurrency illegal .Also there is
a number of countries, which did not make it illegal,instead of it they have
created some specific laws about bitcoins. For instance:
«Meetings with policymakers in the UK in September suggested that bitcoinbased
businesses would not have to register with regulators, at least for the
time being, while they consider their regulatory position. The most recent
message from the UK suggests that bitcoins won’t be treated as money, but
will instead be classified as single-purpose vouchers, which could carry a
value-added tax (sales tax) liability on any bitcoins that are sold.
Germany is perhaps the most advanced country when it comes to regulating
bitcoin and virtual currencies. Although some issues remain unresolved, the
German government has exempted bitcoin transactions held for over one year from 25% capital gains tax. It also categorized bitcoin as a form of
private money.
Finland issued a regulatory guide to bitcoin in September, which imposed
capital gains tax on...

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