(Newswire.net — March 13, 2018) — Online trading has been around for quite some time. As a matter of fact, you may have yourself traded online. It’s just like Forex, where you buy and sell financial products or currencies but this time you do it online. I’m almost pretty sure that you’ve heard of cryptocurrencies like bitcoin, and it’s probably the reason you’re reading this. Maybe you’re even interested in online trading and would like to know what the future holds before investing in cryptocurrencies and other online trading activities.
1. Cryptocurrencies’ Worldwide Acceptance May Take Some Time
When you order some products from your favorite online store, how do you pay? What mode of payment do you use? Card payment is one of the most popular modes of payment that is widely accepted by online stores and retailers. As a matter of fact, most online businesses specify the accepted modes of payment on their website. You will find something such as “we accept via Visa, MasterCard, American Express etc debit or credit cards.” The common thing with these payment modes is that digital currency is used to pay for your purchase, and then the corresponding amount is debited or deducted from your debit or credit card account at your local bank, regardless of the currency used in your country.
Some stores even accept online payment services such as PayPal since even though it is digital, PayPal money is always in common currencies such as USD, GBP, JPY, CNY, EUR, CAD, and so on. But the case is different for cryptocurrencies such as Bitcoin. They are an independent financial product that just entered the market not so long ago in 2009 to be precise. Even though some online retailers and companies today accept cryptocurrencies such as Bitcoin as a payment option, we still have a long way to go before cryptocurrencies start being accepted globally. As a matter of fact, some cryptocurrencies are illegal in some countries such as Ecuador, China, Nepal, and Morocco [1], just to name a few. Nevertheless, it’s an evolving world and economies are changing. Once the people understand online currencies better and discover their benefits, they might as well start becoming a threat to other major currencies in the future.
2. Some Cryptocurrencies May Fail
There are more than 1300 different cryptocurrencies worldwide [2], and the number keeps on increasing. Remember that these are digital currencies, most of which are fairly new to the big deal of their target market. Even by just using semantics or simple logic, it’s not so hard to tell that out of the many, some may fail at some point while others will dominate the online trading platforms for ages to come. This makes it important to carefully choose the e-currency to invest in, lest it fails in future and you’re left lamenting your losses.
3. Regulators May Have To Step In
In the current age and day, almost anyone can come up with an idea and create a cryptocurrency. This is due to the fact that there’s a huge lacuna when it comes to the regulation of online currency, mainly due to its intangibility. Also, cryptocurrencies are not considered real money due to the fact that they are not ‘legal tender’ [3]. Nevertheless, virtual currency is regulated as a commodity in certain countries such as the US [4], which means fraud related to cryptocurrencies can land someone in hot soup. Without proper regulation, scams and overpriced currencies may become the order of the day. Once cryptocurrencies become widely accepted, the issue of regulation is most likely to sprout up.
Today, crypto robots and automated online trading apps such as the Bitcoin Code app are even available to make online trading easier, more fun, and probably much more profitable. It might take a while but with the current online trading trends, it’s not so wrong to prospect that virtual currencies could rule the financial world in the future.
References
[1]. https://www.lifewire.com/where-is-bitcoin-illegal-4156601
[2]. https://en.wikipedia.org/wiki/List_of_cryptocurrencies
[3]. https://is.gd/7HCe0z