If you are quite familiar with the finance sector, you just have come across the word “Cryptocurrency.” It has been in debate for over some time now. It has now gained stardom across economies and countries at large. While several online platforms now accept crypto as a means of payment, others remain skeptical. However, one of the essential characteristics of cryptocurrencies is that they are accessible.
There are several cryptocurrencies worldwide, and some of them include Bitcoin, Ethereum, Monero, and others. These currencies could serve as a store of value as one Bitcoin is now over $35k. Anonymity is also an essential feature of cryptos. All you need to do is have an e-wallet, and you are good to go. Without any paperwork, signatory, and written contracts/agreement, you could worth billions of dollars in crypto. So you might want to ask, how then can I swap my crypto for money? It’s easy; all you need to do is visit Evonax. They help exchange popular cryptocurrencies for fiat or even other cryptocurrencies.
Here are some of the roles of cryptocurrencies in Global economic transformation
- Improve international trade
Trust and uncertainty have always been a yardstick to measuring international trade. Government, banks, and corporations are all products of lack of trust and uncertainty regarding international trade. These institutions, in their way, are all too powerful. Still, since the advent of blockchain technology, most of them are looking forward to consolidating their power. Cryptocurrencies are deployed on blockchain technology, which is 100% decentralized. You need not have a representative in another country before trading. You could be in the United Kingdom while trading crypto with someone in Australia. Cryptocurrency has helped reduced the level of uncertainty amongst transacting partners. You can now conduct your business in a radical way across any sector in the economy.
- Advancement in economic activities
Since the advent of cryptocurrency and blockchain technology, there has been a steady increase in economic activities. For example, bitcoin makes use of specialized types of equipment for mining, and this alone has created sectors and sub-sectors in the economy, increasing employment opportunities for individuals in that niche. While people trade digital coins, cryptocurrency exchanges cannot be ignored or underplayed. It’s an institution that has helped maintain the steady increase in success stories amongst writers, marketers, programmers and web designers worldwide. While you can keep your daily hustle, you could adopt cryptocurrency mining as a side hustle, which could serve as an extra stream of income.
- Means of payment:
Blockchain technology has made the mode of payment relatively easy and a lot faster. Instead of waiting on payment portals to send money across countries, you can now use blockchain technologies. While staying indoors at the comfort of your home – you could send a payment for services offered to anybody, anywhere across the globe. All you need to do is get the recipient’s e-wallet. You can get an e-wallet and exchange your crypto for fiat on Evonax. Instead of facing ridiculous transfer charges from payment portals and banks, cryptocurrency and blockchain technology offers meager and pocket-friendly transaction charges per transfer. Be sure to note that these transactions take less than a minute for payment to reflect on the other end. Fast, effective, and reliable!
- Store of value and distribution of wealth
Before cryptocurrency, gold has been the asset used as a store of value. However, since the birth of cryptocurrency and the birth of Bitcoin in 2009, the power’s changed hands. Individuals and firms are now purchasing Bitcoin and other Cryptos as a store of value. One Bitcoin as of 2009 was less than $10. Currently, one Bitcoin is over $35k, and before the end of 2021, experts predict it rises to $50k.
No sector has ever experienced growth in the crypto world. Bitcoin and ethereum made a bullish increase of 2000 and 3000 percent in 2017. Those who adopted and invested in crypto earlier, the early birds, are those enjoying the benefits now—creating overnight millionaires and billionaires. People with little or no knowledge about an investment became financial giants in the space of months.
Cryptocurrency has helped transformed the rate at which wealth is distributed and created. With everyone having an equal opportunity to becoming financially buoyant, it depends on if you are willing to take the risk – calculated risk. Some governments are fighting the innovation of blockchain technologies by setting up regulations to keep it contained.