The defining technology of this decade is, undoubtedly, blockchain technology. The highly dynamic and decentralized technology is the force behind cryptocurrency. Cryptocurrency is the modern currency that has shaken the financial world. It also has the potential to change the face of the local economy and lead to a better future.
There are many different reasons behind this proposition:
Low Transaction Cost
Since there is no single authorizing unit governing the transactions of cryptocurrency, there are not many significant charges on the transaction. Banks and other financial institutions charge a lot of fees and costs for n number of transactions. Cryptocurrencies do not have boundaries of geography and other limits and thus are more flexible.
Crowdfunding is often equated with an economic boost. Crowdfunding is the way through which start-ups and emerging organizations get resources to further expand. Although crowdfunding activities are also pursued through other means, cryptocurrencies are the easiest way. Large amounts of funds can be easily processed to the destination. Also, through global blockchain connectivity, crowdfunding has also become a universal activity.
Blockchain technology keeps account through a public ledger – there is no special service. Since all the transactions are recorded and kept in the public record, cryptocurrencies are more apt in holding companies accountable and ethical.
The way to global development is to be more connected. The world wide web connected the communication of the world and brought everyone closer to each other. Likewise, blockchain technology has the potential to connect the world in terms of financial transactions and other monetary connections. This has the power to boost scientific advancements and innovative start-ups.
Alternative To Other Currencies
When it comes to the global movement of money, there are exchange rates and other similar economic hurdles. Cryptocurrency beats that. It is a stable alternative to other unstable currencies. It has the potential to be a favourite monetary tool for entrepreneurs and businessmen.
So, it is a safe assumption to look at cryptocurrency as a means for global growth and peace. There is more information available on the highly advanced Sir Patrick Bijou’s books. You can understand the role of cryptocurrency in global peace in much detail with a comparative analysis of the world before. The knowledge provided is backed by research and citations. So, you can always cross-check the opinions, facts and develop your own viewpoint on this burning topic.