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The Impact of Cryptocurrencies on the Global Economy - Superior Business Essays

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The Impact of Cryptocurrencies on the Global Economy

In the past few years, the term cryptocurrency has quickly gained popularity. Cryptocurrency also known as digital currency has also taken the world by storm as more and more people buy and invest in them. Blockchain technology is the main technology behind cryptocurrency and it undoubtedly going to be a major disruptor of the global economy. Here are some of the ways that digital currency is affecting the economy.

First of digital currency is challenging the dollar standard. As it stands the global economy largely depends on the US dollar and the dollar is the reserve currency of the world’s economy. Every financial action in the world depends on the United States market and therefore any slight change in the US financial markets affects all other countries. However, with the introduction of digital currencies, the financial transactions are being decentralized. Digital currency is expected to largely change the dynamics of foreign relations, diplomacy, and international trade.

Cryptocurrencies have gained better acceptance all over the world recently. These days a lot of people are using digital currencies such as Bitcoin. This has been promoted by the fact that legitimate businesses have started embracing it as a way of payment. Online shoppers and investors are increasingly using cryptocurrencies and in 2016 more than 1 million wallets were created. An online casino based in New Zealand adopted the use of bitcoins and it has had a massive increase in customers since then. Going by this information we can say that this will also happen to any other business in this industry.

Digital currency has also cut out the existing middlemen in financial transactions. In the international financial transfer transactions usually require parties such as clearinghouses, banks, and swift. This means that no global transfer of money can occur without the SWIFT network. However, with the emergence of digital currencies, this is no longer a requirement. The elimination of middlemen by digital currencies is revolutionizing the global payment system.

Digital currencies have also been known to lead to the emergence of new markets. An example is Bitcoin and Ethereum which have led to the development of new markets which are not controlled by anyone. This means that cyberspace will rise as the new body that will handle and maintain such markets. The transactions of digital currencies attract minimal transactions costs depending on the stability of the currency. This means that digital currencies will become more popular than traditional money in the near future. This is just the beginning and we anticipate that these new markets will bring about more changes.

Cryptocurrencies have also simplified the crowdfunding process. It is impossible to talk about digital currencies without mentioning the initial Coin Offering (ICO). With the emergence of ICOs, entrepreneurs and developers don’t have to waste a lot of time trying to convince venture capitalists, banks and angel investors to put up equity in their business. As it stands, once an idea has been conceptualized, it is then tokenized and taken to the public. This means that there is an increased proliferation of technology-based businesses that would never have been there.

Blockchain technology is already beginning to have a massive effect on the financial industry and these are just a few of the popular ones. Digital currencies are improving the financial sector daily and it won’t be long before the current financial infrastructure become a thing of the past.

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