Bitcoin & Ethereum Virtual currencies and Crypto currencies are becoming household names. But, what are they and what are the challenges and benefits to these digital forms of money? A couple of big firms (Accenture, Oxford Economics) have studies out that answers lots of these and other questions, so on a fairly slow short week take a good read. Great insights and remember, it's not all about bitcoin.

(Bill Taylor, CEO)

"There is a lot going on when it comes to virtual currencies or crypto currencies. The global use of digital technologiesis supposed to add over $1.36 trillion to the total global economic output in 2020, (data from 2015) according to a study by Accenture and Oxford Economics Source, so a lot will happen.

The value mentioned may be only a fraction of the total global gross world product. As the global economy moves to digital platforms, there is still a substantial space for growth and virtual currencies will play a big part on it. The challenge is how to manage a valuation between real economy and commodities such as gold and the emergence of digital crypto currencies such as Bitcoin and others.

One of the key catalysts which have contributed to the growth of the modern economy as we know it today is the evolution of money and payment systems. By having a more efficient and secured, way of transferring and receiving monies, this has helped to facilitate the exchange of assets, goods and services from one party to another.

However, over the past two decades, the global economy is undergoing a new wave of transformation fuelled by the advancements of the internet and mobile based technologies. These technological developments are beginning to change the way goods and services are being exchanged today, from traditional physical settings to online settings..."

Source: Intelligenthq