Though the value of cryptocurrency and bitcoin as a legitimate currency has long
been debated, however it’s high utilitarian quality has slowly but steadily interfered with the way traditional financial system works and there is an amazing quantity of room for enhancement in finance all over the world if cryptocurrencies are properly
integrated into the financial system.
How bitcoin and other cryptocurrencies has helped improved the financial system?
The present challenges of monetary programs can be resolved with the integration bitcoin and other cryptocurrencies into the financial system, for instance in third world countries were majority of the populace lacks access to basic banking services
cryptocurrencies could ease the barrier of financial transactions, the excessive
charges by banks for these transactions and maintenance cost, whereas cryptocurrency and blockchain on the other do not run brick buildings thus the cost associated with the 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. This in turn encourages more and more people to trust these new financial
tools and start transacting, allowing for the global economy to be more closely
Also the opportunities presented by bitcoin and other cryptocurrencies is unprecedented and can confirmed by early adopters of cryptocurrency who’s lives have been transformed financially as cryptocurrencies keep growing at a tremendous rate. However, bitcoin, the most famous of these cryptocurrencies, has already permitted many people and companies to develop and flourish, while many also rely on trading as their source of income. The economy is slowly shifting to adapt to these needs and cryptocurrencies have a great potential in satisfying them.
The bottom line
The world is changing and it’s changing quickly, the speed at which cryptocurrency is taking over is a clear indicator that traditional financial institutions can no longer hold the fort so well and that other financial needs are arising and need to be addressed. Similarly, the world is facing a growing need to tear down borders, in search of a complete social and financial inclusion – this blockchain technology has everything it needs to address such issues.
It will only be a matter of time until these cryptocurrencies definitively find a way into our lives, shaping them for the better, with economic growth and inclusion in mind. Millions of people will now have the opportunity to invest, send money across borders, save money and start a business thanks to the amazing possibilities that cryptocurrencies bring to the table, hence creating sound finance for everyone.