Cryptocurrencies have been in existence for over a decade but only now people have started realising their true worth and are actively investing in and using them. Not only institutional investors but millions of individual investors are now recognising cryptocurrencies as the future of finance. If you are wondering what exactly changed or how Cryptocurrencies like Libra Coin became the stars of everyone’s eyes, you’ll know everything here.
With cryptocurrencies having been around for years and people as well as institutions building heavily on the blockchain, there’s no denying that digital currencies have the potential to disrupt world economics, enabling more growth in both developed & developing nations alike.
So, how exactly can cryptocurrency help (or are helping) boost the world economy? Let’s find out.
Easier & affordable access to global financial services
Up until now, people had limited options for accessing financial services locally or globally. Most of the existing financial systems are decentralized and controlled either by banks or governments, which make them not so safe or private. Cryptocurrencies like the Libra Coin not only give easy access to affordable financial services but also make global (cross-border) payments quick & cost-efficient by reducing the need for middlemen in payments. This is particularly important for people in third-world & developing countries, who are deprived of even basic financial services.
A better, more efficient e-commerce
Libra Coin is the perfect example of how a blockchain-based e-commerce system can revolutionise the industry and provide a way to do secure & fast online shopping transactions without the middlemen. Besides allowing users to transact securely & globally through its state-of-the-art digital payment system, Libra Coin/ecosystem allows building futuristic e-commerce solutions based on blockchain technology.
Quick & secure digital payments
With the world going online, the need for secure & convenient online payment options is now more than ever. Cryptocurrency-based digital payments are not only secure but are backed by the leading blockchain technology, which ensures fast, reliable & transparent payments to anywhere in the world. Libra Coin as a digital currency can be used across a variety of online/offline platforms for making digital payments conveniently.
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Besides allowing businesses to receive payments easily & securely from their international clients, cryptocurrencies have also made it possible for entrepreneurs to accept payments in a wide range of options. No longer you are required to depend on your banks or seek help from costly platforms (with high commission) every time you want to accept or make an international payment. Just use your bitcoin wallet to pay or get paid anywhere you want.
Blockchain – Decentralization, Transparency, Immutability
One of the best things about cryptocurrencies is that they operate on the three pillars – Decentralization, Transparency, Immutability – of blockchain, which means you can be assured of your crypto transactions being P2P (middleman-free), transparent and immutable. This is particularly beneficial for people & governments of developing nations who are combating issues like corruption and bribery.
Transparency in crypto transactions will also help make supply chains more efficient & transparent for the end consumers, who will know what exactly goes into making a product they are using, thus establishing better trust for genuine brands and eliminating fraudulent players from the game.
The world is ready for cryptocurrencies. In fact, it’s more than ready; it needs cryptocurrencies, which can solve the various problems of the financial markets globally. It’s clear that traditional financial systems are no longer sufficient, and cryptocurrencies are a feasible solution to the limitations of these traditional systems. Blockchain-based digital currencies have everything the world needs to get complete social & financial independence.