• People are giving heads up to trading and dealing in cryptocurrency due to a current surge in its value.
• Cryptocurrencies such as Bitcoin allow you to simply earn online through mining or trading and have also been used as getting financial assistance from developed countries.
Cryptocurrency is increasingly gaining global attention due to its hassle-free person to person transfer feature, without the involvement of banks or any other third party.
It is immensely advertised as a saviour of the growth of the economy of third-world countries. People are giving heads up to trading and dealing in cryptocurrency due to a current surge in its value.
Various developing countries are paving ways and developing new means to promote the usage of cryptocurrency because it is now being seen as a potential source of economic growth.
Cryptocurrency has been successful in changing people’s outlook on money. Countries like China are taking measures to back and launch their own version of State-backed official cryptocurrency. It has even launched a platform that can be accessed at yuanpaygroup.org.
Helping in money transfers without any third party involvement.
There is a larger number of people who do not use bank accounts and the majority of these belong to developing countries with struggling economies. Banks allow you to rotate your money through global businesses earning your country great profits and benefits. Resultantly, when you have fewer bank accounts less revenue is generated earning you a backend position in the global market.
Whereas, cryptocurrency enables a country to step into the global market without the involvement of any third party, especially when the internet facility is now being taken as a basic necessity more than a luxury even in the developing world.
Cryptocurrencies such as Bitcoin allow you to simply earn online through mining or trading and have also been used as getting financial assistance from developed countries. This is not a new concept as Pakistan and Syrian refugee camps in Jordan have been provided crypto aids by the UN in 2017.
Cryptocurrency as a potential source of income for new startups.
It is extremely difficult to launch a new start-up in developing countries. The providence of loans and funds is limited to already known and trusted businesses and manufacturers. Due to low economic growth even banks hesitate to take risks of investing in new startups. It leads to further unemployment and halts the circulation of wealth.
This asks for a nonconventional solution. Digital currency can be used to get loans from international markets and can be taken into developing countries. This would open doors for new businesses and trading, bringing in wealth and profit for the country.
How Cryptocurrency can be used to fight corruption?
Transactions made via cryptocurrency are protected and recorded. They can be traced and are very difficult to forge. This keeps corruption and money laundering at a bay. As corruption is a major hindrance in the economic development of developing countries, once it is tackled it will be a lot easier to bring economic growth to track.
Furthermore, cryptocurrency is secured from the effects of inflation, and in this way, reservoirs of Bitcoin will help keep the economy stable in case of sudden fluctuations in the value of the fiat currency of a country.
Thus, with the growing potential of Bitcoin and other such cryptocurrencies, it is an opportunity for the developing world to encash its trading and investing potential in order to boost their economies and secure a more sustainable financial future.