How far have we come as a human race that now our currencies have also been converted into the digital medium! AI has already stepped into the global market and is making its way further to reach its full potential (helpwithdissertation, 2021). We can carry out several functions by transacting these online currencies and operating the system through the digital world. You must have got an idea up till now that we are talking about cryptocurrency here. But there are a lot of questions that people have regarding it like what is it? What future does it hold? In how many countries is it legal? And what benefits does it has to offer? All these and other related queries about cryptocurrency will be answered in the following post:
Doing business and buying services from online platforms has become a new normal in today’s time. Students buy Assignment Help In London and from across the world through online platforms. Workspaces and offices are operated through online mediums. All these and other forms of business are dealt with through online platforms including the transfer of payments in return for services. Even though; cryptocurrency is not used for transaction purposes up until now but it has made its way into the digital market.
Cryptocurrency:
The literal definition of cryptocurrency is the act of transacting currency through the means of coding or programming language. It is defined as the form of currency that can be used for digital transactions but its records are operated by the decentralized authority rather than the central one (mainly the government).
Cryptocurrency is a recent phenomenon that is receiving significant attention. Extensive academic attention has also been focused on developing theoretical models of cryptocurrencies (Liu, 2021). The lawyers of earlier generations are not much informed about this matter. However; our new batch of lawyers are being educated about such issues by assigning them different projects to write upon. Students often like to take Contract Law Assignment Help or writing assistance on other related topics from professional writers. Even if they write it by themselves or not; once they go through it, they can comprehend the topic and grasp the situation through the research work that is done by professional writers.
Types of cryptocurrency:
Some forms of cryptocurrency are the kind of blockchain technology and some are not. Nevertheless; we will be discussing some of the main types of this form of currency.
- Proof of work cryptocurrency.
- Prof of stake cryptocurrency.
- Token cryptocurrency.
- Stable cryptocurrency.
How helpful is cryptocurrency?
Cryptocurrency is proving to be quite helpful for people as of now. Following are some of the beneficial features of this form of technical currency:
- It provides better, secured, and safe options for transference purposes.
- More and more investment possibilities have been brought in because of cryptocurrency.
- It is quite easy to access which makes it even easier for people who find it difficult to go to banks to get their financial matters sorted.
- It also paves the way for the avoidance of any kind of fees.
- Cryptocurrency has direct control over the investments that you make.
Even though; the above-mentioned are some of the benefits of cryptocurrency still there are some downsides to it as well:
- Cryptocurrency owners will have to deal with legal matters in some countries.
- Owning cryptocurrency lacks any kind of supervision as it is under decentralized authority.
- It does not have any kind of inherent value like the traditional forms of currency.
- There might be a rise in infrastructure stability problems due to rapid progress in cryptocurrency.
What is the future of cryptocurrency?
Even though not all but some of the kinds of crypto-currencies are considered to be quite good for future use. In some cases; it is expected that it might surpass even the Bitcoin. This form of currency is gaining popularity with each passing day by offering seamless transaction payments; that too within a short time.
A few months back; cryptocurrency has managed to break records by stabilizing its position in the market. Ethereum is one of the best forms of cryptocurrencies due to its unique technology usage. Similarly; there is Cardano, tether, and many other such forms of cryptocurrencies that seem to be a safe option for future purposes.
Is cryptocurrency legal in the UK?
Yes! Cryptocurrency is legal in the UK. The reason for giving green chit to the usage of cryptocurrency in the UK is its extreme popularity. Over the last few years, a prominent rise in the usage of cryptocurrency has been seen. Large companies are investing more and more in various forms of cryptocurrency. Due to this sudden rise of a decentralized form of currency among the general public as well as the business owners, the government of the UK has decided to give it permission with some rules being implemented.
However; this step was taken by the UK government because of a necessity as nobody would welcome the decentralized form of currency. This is why there still are some obstacles in this form of transaction. Nevertheless, the UK government has accepted it to be a digital asset and permitted it to be used for business purposes in their country.
The adoption of cryptocurrency across the world:
Most of the developed countries have allowed the usage of cryptocurrency including Canada, the US, etc. However; there still are no proper laws made that can regulate this form of currency. But developing countries cannot think to adapt cryptocurrency because of its decentralized nature as they still have to work on stabilizing their country’s economy.
Conclusion:
Cryptocurrency has given a new direction to money transactions. More and more people are adopting this means of digital currency. However; it comes with its pros and cons. We have mentioned all the legal aspects and the positive plus negative sides of cryptocurrency in the above-mentioned post. Hopefully, it will prove to be helpful for you guys.
Bibliography
helpwithdissertation. (2021, Jan 12th). How Artificial Intelligence Is Changing The Education System For The Better. https://www.helpwithdissertation.co.uk/blog/artificial-intelligence/ .
Liu, Y. (2021). Risks and Returns of Cryptocurrency. The review of financial studies , 34 (6), 2689-2727.Cryptocurrency
