It is believed that to increase the mainstream appeal of cryptocurrencies, its widespread adoption is necessary. We should also consider that fact, how the current economic system has failed repeatedly in the past and created a need for a better alternative
Failure of Bank & Fiat
In the past two decades, we have witnessed so many instances, where the current economic system has failed. Greece came so close to defaulting on its debt to the European Union, the financial crisis of Iceland, and inflation in Venezuela.
The current economy has always been unstable, and the above cases explain its fragility. The primary reason identified for this is the centralized structure, that leads to the suffering of a common man.
Cryptocurrency is an emerging financial instrument that will be of assistance to everyone. Cryptocurrency has the potential to allow economic and social progress, to every individual, especially in underdeveloped countries.
There are many benefits that a cryptocurrency user may enjoy, but the most significant of them all is financial freedom.
Cryptocurrency & Financial Freedom
- Powering Economic Activities
The rate at which the crypto industry has developed is very astounding. Early adopters of cryptocurrency have used it as an opportunity to get rich. Many people and businesses using Bitcoin have thrived in the past.
More than one-third of the population in the world has no access to banking services. There are financially disadvantaged and are vulnerable to risky loans and dubious schemes. Cryptocurrency here will provide easy access, simple to use, and high volatility platform to such people.
For trading in cryptocurrencies, a person is required to have a computing device and an internet connection, making it accessible to almost everyone. Cryptocurrencies are decentralized and allow cross-border transactions easily at a very low cost.
- Low Cost
In cryptocurrencies, there are no middlemen, no physical structure, and it is peer-to-peer networking so the transaction cost is minimal.
Cryptocurrencies use distributed ledgers to store transaction data. It is not controlled by any organization or individual, making it secure from any fraud and corruption risks. Providing a golden opportunity for developing nations to use Bitcoin and develop their economy around it.
Cryptocurrencies provide a viable alternative to the current economic system. To ensure that we can enjoy this financial freedom mass adoption of cryptocurrency is required.
Many consumers are still unaware of cryptocurrency and the benefits that it offers to society. At present cryptocurrency ecosystem only represents a small part of the world’s population, but this community is increasing with each passing day.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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