It’s been a really long time since the cryptocurrency came to the market. But nowadays youth is recognizing it as a tool of income only. However we cannot deny this fact. Cryptocurrency is actually a good source of income. Cryptocurrency has the power to effect the financial sector of the world because it provides the better access to financial services.
But one cannot trust the cryptocurrency totally. The price of it changes a lot. We can take the example of bitcoin which was nothing some years back. And now it is the highest prized digital currency of world. Let’s discuss how cryptocurrency is effecting the financial sector.
Increase in economics activity
The business of cryptocurrency is already very large. There is a complete business sector of cryptocurrency. The business is under the organization which take care of all the transactions occurring in this whole world. The people who already became wealthy overnight with the help of cryptocurrency give the good rate of growth of digital business. Bitcoin is the first cryptocurrency of world and hence the most famous one also. It already give opportunities of growth to many people and business. People are relying on bitcoin for their incomes as well.
Countries with bad bank rates
More than a third of the world’s population do not have the access to basic banking services. These services could assist them in case of financial emergency and other crisis. The people who are in financial emergency, use the more risky loans. They have to pay very high rates of the interest. On the other hand the interest rate of the cryptocurrency is very low. Hence, it provides the better financial services.
Transaction Costs are Low
Transaction cost of cryptocurrency is very low. The biggest reason of this is that cryptocurrency do not need any physical location to operate. Everything occur online. Employee have to pay only power expenses. There is no need of paying rent as well as salary of employees. Therefore, automatically the transaction fee is low than the transaction of other currencies. As a result more and more people are trusting the cryptocurrency technology.
Increased Transaction Transparency
Since all the block chain and cryptocurrency are digital therefore their record is safe in a online book. The best part is that individuals or businesses cannot effect it. Hence, the risk of scams and frauds are very low. As a result developing countries can increase their financial sector with the help of cryptocurrency. Furthermore all the residents will be able to know about the government funds. So there is a transparency between everything.
Entrepreneurs should have more power
Cryptocurrency may enable the entrepreneurs to receive the payment via multiple options. Thus it is a better option for businesses. The goal is to assist small and medium businesses throughout the world to get the best financial coverage. There are lots of wallets that helps the entrepreneur to convert the digital currency into real money.
Thus, we cay say that cryptocurrency is protecting our global sector somewhere. Cryptocurrency is going to be the superpower of world.