Ways Cryptocurrency Will Make The World A Better Place

Ways Cryptocurrency Will Make The World A Better Place

If you haven’t quite yet warmed up to the idea of cryptocurrency, you are in good company. Only an estimated 15% of Americans currently own some form of digital currency like Bitcoin or Ethereum.

A large portion of these investors has bought in over the past two years. Regardless of your investment stance, there is a strong possibility that cryptocurrency will be impacting you and the future of business transactions. 

Make e-commerce stronger.

It seems like everyone makes most of their purchases online nowadays, especially during The Holidays. Although it’s much more convenient than driving from store to store to find a specific item and makes window shopping a lot easier and more comfortable, concerns of fraud deter shoppers from making certain or as many purchases as they otherwise would.

Not only does the use of cryptocurrency reduce the risk of fraud for shoppers, but it does the same for vendors and sellers. Cryptocurrency transactions are permanent. In addition to the mitigation of risk, using cryptocurrency creates more opportunities for worldwide business.

Great Opportunities for Poorly Banked Countries

More than a third of the world’s population does not have access to basic banking services that can help them out in case of a personal financial crisis – loans, checking accounts and the list can go on. These people that in most cases are already financially disadvantaged typically resort to doubtful and dangerous lending practices.

The interest rate of these practices is anything but fair, which consequently leads to more instability among the people who requested the loan. This is where cryptocurrencies come in with their high volatility and ease of use.

There are now many apps and programs that facilitate the use of cryptocurrencies and bring them closer to a wider audience. An added benefit of cryptocurrency use is that it’s completely decentralized, so trading can be done freely across borders. The use of technology will facilitate a financial revolution that will leave everyone more financially connected, empowered, and enabled.

3.  Low Transaction Costs

Because cryptocurrencies and blockchain don’t need an actual brick-and-mortar building to exist, the costs associated with their transactions are minimal. There is no need for employee wages, utility bills, or rent to be paid, so these savings naturally morph into low transaction fees.

 Cryptocurrency

This in turn encourages more and more people to trust these new financial tools and start transactions, allowing for the global economy to be more closely intertwined. And depending on the broker you choose, you can even trade with no minimum deposit requirements – as offered by CryptoRocket, for example.

Increase crowdfunding.

Crowdfunding is an increasingly popular way for entrepreneurs to raise money for their concepts and/or products. Investors can make small investments instead of a few investors making large investments. Therefore, this mitigates risk. Without the risk, more investors want to get involved.

Cryptocurrency will make the world a better place as it continues to positively impact crowdfunding. Initial coin offerings (ICOs are centered around cryptocurrency which is used as the source of capital for a startup company’s venture.

Help increase global remittances:

Older money transfer firms like MoneyGram and Western Union are not cost-effective. Typically, foreigners are charged a high percentage as commission when they send money to their home country. Asides from the high commissions, funds transfers made through money transfer operators like Western Union are not processed on time.

Cryptocurrency transfers, on the other hand, are highly cost-effective and occur in real-time. Such advantages are expected to enable digital currencies to drive growth in foreign remittances. The fact that users could also process transfers directly from their mobile devices from any location will also help encourage participation.

Faster transfers:

As already mentioned, cryptocurrency transactions are processed instantly. This means that market participants need not wait for days or weeks for transfers to be confirmed. 

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