Will Cryptocurrency Bring Any Change in World’s Economy?
Cryptocurrency has been there in the market for over a decade, but it came into the lime light after the 2017. 2017 marks the golden year of the Cryptocurrency. 2017 has witnessed the highest price evaluation of the Bitcoin. And since then, the Crypto trade market has been on the positive curve.
Cryptocurrency has the potential to change the financial world for good. With the help of the Cryptocurrency, today, even the poor country can compete with big countries in the trade market.
Today, more or less, every traders and investor are investing in the Cryptocurrency in one way or another. Even after being a risky deal, traders are investing in them willingly.
Let’s have a look at the future possibilities of the Cryptocurrency and how it will help to support Global economy.
Provide opportunity to poor countries
One third of total world’s population still does not have any bank accounts. There are many poor countries that still lack enough banks to support their citizen. Without the basic banking services many people had to go through hardship in the times of financial crisis. And even if someone is able to open a bank account, the interest rates are too high for the people to stick with their account. In time like these Cryptocurrency can really help people. Cryptocurrency account is no different than a bank account. Hence, people can use them as a substitute bank account.
Low transactional cost
Cryptocurrency are supported by the blockchain technology that means it does not have any third party platform or application for a transaction. If there are no third parties involved, the transactional fee automatically reduces. Not only the transactional fees, but if you are doing any international transaction, then there are conversion changes as well. So if you are using Cryptocurrency for the transaction. You are not only saving the transactional fees, but you will also be able to do smooth international transactions.
All the Cryptocurrency transactions are done on the public ledger network. Hence, whatever information is shared on this network is visible to the entire member present in the public ledger. The best part of the Cryptocurrency transaction is that it is supported by an advance blockchain technology. So, once the transaction is made with the help of blockchain technology, it cannot be change or deleted. This reduces any kind of fraudulent activity. As Cryptocurrency are decentralized currency, it gives other small country opportunities to share the same trade market with some of the big and powerful nations.
Golden road for entrepreneur
For the entrepreneurs, there has never been a good chance than Cryptocurrency transactions. Being an entrepreneur is never easy. You have to think about saving whatever little money you can save for the business. But with the high transactional charges and conversional charges, it has always been a problem for the entrepreneurs. But after 2017, the scenario has changed. Businesses owners have started accepting payments in Cryptocurrencies. This has helped them to save some money on the transactional and conversion charges. Entrepreneurs are also using online platform to deal with the Cryptocurrency. Know how crypto millionaires spend their money.
Rise in economic activity
After the introduction of the Cryptocurrency in the trade market, the trade market has become a better place for new traders. Today, there is an entire industry that works around Cryptocurrencies. And some of the old investors of the Cryptocurrency act like supervisors of the all the crypto exchange happening in the trade market. Cryptocurrency stated its career as a digital currency, but today it is mostly know as assets. This shows that just how fast the trading marketing changing in the presence of cryptocurrency.
The Cryptocurrency we know is only the tip of the iceberg; we are yet to uncover its full potential. So we can just wait see what the future have I n store for the cryptocurrencies.