World-renowned market intelligence solutions provider Infiniti Research has released a new publication outlining different types of digital currency and their impact on the financial industry, Business Wire reports. The new research asserts that although a small number of companies and individuals are aware of digital currency, such mediums of exchange offer the benefits of direct payments between peers by eliminating infrastructure costs, intermediaries, and processing costs—especially when compared to fiat currency used in traditional monetary transactions.
“Digital currency allows for an easy and transparent flow of funds,” reads the Business Wire report. The new research specifically mentions the benefits of cryptocurrencies such as Bitcoin, Ethereum, Monero and Dash.
“Digital money has many advantages linked with it like easy and timely payments and smaller transaction costs. But the acceptance of this currency by the financial industry is limited due to risk factors such as volatility of currency, identification of payment beneficiary, regulatory compliance, and transaction risks.”
Despite this, an industry expert at Infiniti Research suggests the the future for cryptocurrency is bright, stating, “Digital currency helps companies in the financial industry to eliminate the risk of exposure since they are highly secure.”
The new research publication cites increased efficiency and effective alternatives to unstable economies as the most important uses for cryptocurrency. The full report, found here, specifically ranks Bitcoin, Ethereum, Monero and Dash as being some of the most important cryptos being used in the space. Business Wire puts added emphasis on how cryptocurrency has provided tremendous aid to countries like Venezuela, proving that crypto can be “an effective substitute for hard cash in the future.”
Digital Currency Becoming Increasingly Popular in Venezuela
Unhashed reported last month that Dash has become the most popular cryptocurrency being used in Venezuela. Amidst the country’s crashed economy, in which a cup of coffee now costs one million Venezuelan Bolivars, Dash has become so popular that its total adoption outnumbers all other cryptocurrencies combined. Dash is reported to have over 500 merchants and tens of thousands of users now regularly using its token for retail exchanges.
Director of Public Outreach for Dash Joël Valenzuela said in a recent interview,
“It’s been amazing to watch the first country in the world adopt cryptocurrency at the merchant and consumer level to such a degree, especially a country that desperately needs it like Venezuela. It has been the perfect combination of decentralized cryptocurrency, low fees and fast transactions primed for use as everyday money, and a decentralized autonomous organization that has enabled a small, grassroots team to obtain the organization and funding of a large company, without asking permission from any one entity.”
Infiniti Research is a leading market intelligence company established in 2003 that is used by companies in over 100 countries to aid in market studies and business development. Qualified reports such as this suggest that the benefits of cryptocurrency remain largely unknown in the larger financial sector. Nevertheless, through maturation and increased exposure, the efficient, decentralized and secure design of cryptocurrency promises to play an important role in the coming technological revolution.
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