The world economy is so common in our day-to-day life. Contemporarily, the global economy is in touch with the word cryptocurrency which is very often among us all, but what it actually is?
Crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records to control the creation of additional coins and to verify the transfers of coin ownership.
The Cryptocurrency markets are decentralized which means they are not issued or backed by a central authority such as the government.
The crypto market is really favorable for the world economy. There are many benefits including,
Rise in economic activities as we can say that the rate at which the cryptocurrency industry is growing is earth-shattering and this can be confirmed by early adopters that became rich overnight and found opportunities to grow financially.
Also, there are now many apps that facilitate the use of bitcoin or cryptocurrency and bring them closer to a wider audience. It provides great opportunities for poorly banked countries.
The use of technology will facilitate a financial revolution that will leave everyone with more financial accessibility
It is designed to support payment systems at a low cost. Also to support peer-to-peer trading activities by creating tokens.
It enables low transaction costs. Because cryptocurrency and blockchain don’t need an actual brick and mortar building to exist, the cost associated with their transaction is minimal.
There is no need for employee wages, utility bills, or rent to be paid so these savings naturally morph into low transaction fees.
It provides more power to entrepreneurs.
It increases the transparency of transactions. Since all the blockchain and cryptocurrency transactions are automated and digitized ledgers, they are all tracked in a distributed ledger.
Citizens will be able to keep track of where state funds will be oriented and will thus have a say within their own political climate.
The crypto market is growing with time and will surely have a good future in the global economy.
It has the potential of transforming compliance-free peer-to-peer and remittance transactions.
It has become a global phenomenon in recent years, although much is still to be learned about evolving technology.
Cryptocurrency’s future outlook is still very much questionable. Proponents see limitless potential while critics see nothing but risk.
Cryptocurrencies were created to enable the easy transfer of money by eliminating geographical boundaries.
The popularity of this form of currency is expected to grow exponentially as it is decentralized, safe, and anonymous.
The fact that a huge section of technology-savvy individuals and companies are favoring the decision of using different forms of encrypted currencies closely indicates that the future of bitcoin or cryptocurrencies as a whole is going to be alright.
The world is changing and it’s changing quickly. The speed at which cryptocurrencies are 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.
It will only be a matter of time until these cryptocurrencies definitely find a way into our lives shaping them for the better with economic growth and inclusion in mind.
Emerging economies and developed economies are expected to offer significant growth opportunities for companies operating in the cryptocurrency market.
The market capitalization of cryptocurrencies over years showed high price volatility of the market.
In the crypto world, bitcoin has consistently held the top spot when it comes to overall market capitalization. Bitcoin is valuable and volatile and it’s also in vogue for traders around the world.
After a recent 15% drop, bitcoin still makes up about 68% of the crypto market.
Within a year it had captured the majority again and ever since it held a relatively stable piece of the pie.
It’s interesting to compare bitcoin’s market cap to other coins, it’s important to remember that they’re not necessarily direct competitors, and success for one doesn’t necessarily mean the death of others.
Certainly, the fun facts have surprised the world that cryptocurrency market capitalization has made it too far beyond the thinking of economies.
The market capitalization of cryptocurrencies has reached 2.1 trillion dollars way ahead of even Canada’s whole economy of 1.9 trillion dollars. Not just that this big boom of the crypto market has been compared to ⅔ of the whole Indian economy. This has made cryptocurrencies gain much popularity in recent scenarios. Not a vague claim if we see the future when economies are counted on cryptocurrency and not dollars.