We would have made fun of a such a statement that fiat currency could be replaced with cryptocurrency if we were told of it long back. Though nowadays, cryptocurrency has taken a new place in the world economy and more investors are willing to invest in it as the time is going by.
It took a lot of time of people to understand the technology behind it and then relying on it. Bitcoin has established itself as a new definition of digitalization and has been leading digital markets since its creation.
‘The Flippening’ is a terminology that is used when the tipping point of one digital currency outplaces the other one. In May 2017, the greatest example of flippening was seen when Ethereum almost touched the popularity standards of Bitcoin. Some of the economists consider that flippening would be actually seen only when a cryptocurrency would become as famous as conventional fiat currency, and only when the economic environment would seem to be changed.
The most appropriate and considerable sign of Bitcoin leading in the economy is that it has almost reached the equal level of PayPal i.e. the biggest global payment processor. So, thinking about the cryptocurrencies to take over the international economy should not be considered wrong.
Cryptocurrency became so famous in no time because of the technology behind, and i.e. Blockchain. The concept of Blockchain using cryptography enables the cryptocurrencies to function flawlessly and securely than fiat currencies. In cryptocurrency transaction, there is no involvement of any third party of the government body. Due to this facility, there exists no hidden fee while performing the transaction and that’s why it is cheaper than any transaction being performed using fiat currency. The transaction process performed via blockchain is fully transparent and involves a public ledger that can be seen by anybody but can’t be changed, deleted or edited. The ledger keeps on updating itself with transactions and any transaction can be tracked by the respective user.
The Blockchain has introduced an advanced way to transfer money and given a new definition to security. The new applications and uses of blockchain are being introduced day by day because this concept cannot be limited to cryptocurrency only. There is a lot to do with cryptocurrencies as well as blockchain technology.
In a nutshell, we can say that cryptocurrency has the capability to become more popular than cash in upcoming years. If this would happen then governments would get affected badly because cryptocurrency adoption will definitely remove the authorization and control of the government over any country’s currency. There would be no need to print money because mining will be doing all the needful. In turn, the deflationary cryptocurrency may remove the term inflation from the economy, because it is being produced in limited quantity only.
The jump from fiat currency to cryptocurrency can be considered as an actual aspect and it could completely redefine the traditional financial base of the world.
Rilcoin is a cutting-edge crypto technology-based, fully decentralised crypto-currency, which actually has all the benefits of fiat currency as well the freedom and anonymity of a crypto-currency. Rilcoin is a part of an Asset Management System (AMS).
Rilcoin is an upcoming cryptocurrency that would be based on a technology equivalent to Fiat Currency. Some of the features which would not be similar to fiat currency will be made suitable using smart contracts. Its flexibility to adopt all the benefits of fiat currency makes it an exclusive one among all the other cryptocurrency. It would be the first ever cryptocurrency owning qualities of fiat currency.