To make things clear first, both digital assets and Cryptocurrencies are different things. Yet, there are some common grounds which makes them replaceable in debates and ledgers. Digital assets mostly refer to any binary format file stored on a computer, mobile, or any relevant device. Cryptocurrency can be a part of digital assets but that too, partially. Many people often confuse themselves with terms like “digital assets” and “Cryptocurrency”, so; let us see what makes them different yet somewhat similar in the financial world:
In simple words, everything stored on a digital appliance is a digital asset. Be it, computer, smartphones, media players or any digital device. Every Cryptocurrency can be a digital asset but not every digital asset can be referred to as Cryptocurrency. For an instance, an electronic mail is a true digital asset but you can’t refer it as financially helpful or exchange it for transaction medium. The value of a digital asset often gets hiked depending on the need of an hour. Managed and monitored by a specific organization and private network, a digital asset can be transferred and accessed by a different organization under different prices. Like a software service provider, the companies can increase or decrease its accessibility cost and charges for their customers and clients.
Now the term digital asset might have got cleared by this time. If not then let’s flip the coin and discuss what is Cryptocurrency? Like digital assets, Cryptocurrency also exists digitally. Introduced to this world at the time of 2008 financial crises, Cryptocurrency has now uplifted to a whole new level of making the world cashless and complete their transaction digitally. Being decentralized, many people consider it as a trade for black market, frauds, and drug dealership. But, to be clear, Cryptocurrency has benefitted many businesses and new startups to expand their business worldwide without any second thought to financial proceedings. They can now easily buy and sell goods and services by sharing their Cryptocurrencies like Bitcoin and litecoin. Moreover, cryptocurrencies can be controlled and monitored by the owner, as they are free from both private and public key assets.
Below are listed some of the major benefits of cryptocurrencies for a clear picture:
1) Secure transaction:
Unlike cash payments and credit cards where you have to remain cautious towards every detail and password of your card credentials, cryptocurrencies are digital and encrypted which means, you are free from thieves and intruders who can steal your wallet full of cash. People today prefer online shopping more where they have to share card details through numerous payment gateways and anything that can make their credentials safer is a benefit.
2) Free you from brokerage charges:
While buying or selling real estate properties and business, the worst maddening situation is to handle brokers and middlemen who unnecessarily raise the actual price of the property to fuller their pockets. With Cryptocurrency, you can cut short those brokerage charges and legal fees, as both the buying and selling parties can agree to contractual prices for the property or automobiles.
3) Accessible to all:
In this world of a revolutionized digital market where people tend to complete all of their transactions online through their mobile phones and internet connectivity, Cryptocurrency can make them feel more secure in terms of low-cost on products and zero-charge on transactions.
4) Recognized worldwide:
For those who business worldwide and outside their country often had to pay legal fees for completing their transactions but with cryptocurrencies anyone can establish successful transactions, cutting fees and heavy taxes. If you are the one who has to exchange currencies to other form and evaluate its pricing then Cryptocurrency has made your job a lot easier, as now you need
Benefits of Digital Assets:
1) Reduce the time wasted on marketing campaigns:
The digital assets can be easily shared and transferred to marketing executives prior to their implementation. So, if you are planning for a campaign then the resources are already in-hand. All you need is to get ready for execution of your campaigns.
2) Eliminate the risk of misplaced or lost data:
When there is a third-party involved in your data sharing who can track and keep records of your every transaction and network, the risk of losing or misplacing the data reduces automatically. The DAM software (Digital Assets Management) simplifies the workflow of complex organizations and of course, the time wasted on collecting the data from every single user.
3) Persistency of brands is maintained:
The DAM gives complete authority to the administrators and users to choose whatever asset they are in need of. Thus, organizations can easily create brand awareness without investing much into digital marketing and campaigns.
4) Improve your marketing investments:
With DAM, one can track and report every transactions and usage of assets. This helps business look after their every single investment made to business and services. Thus, create persistency among companies and marketing experts.
There are many experts and financial scholars who are working to make this concept of Cryptocurrency and digital assets accepted worldwide with open arms. The biggest step towards digitalization, Bitcoin and blockchain networks are sooner or later going to conquer this world.