Impact of cryptocurrency on the global economy

Since its appearance in 2009 with bitcoin, cryptocurrency has been the subject of constant debate. Accepted more and more as a payment currency both in online casinos and in the “traditional” market, the various crypto-currencies have succeeded in establishing themselves in the market. According to the newspaper Les Echos there were already in June 2021, more than 221 million crypto-currency users around the world with bitcoin at the top of the list.

But in reality what is the impact of bitcoin and other cryptocurrencies on the global economy?

What is cryptocurrency

Cryptocurrency also called crypto currency is a digital currency « independent » from the central bank which is issued peer to peer through a decentralized computer network. Even though the history of cryptocurrency started with bitcoin, today there is a multitude of cryptocurrencies. Among others, we can cite: Bitcoin, Ethereum, Litecoin … It should be noted that the breakthrough of crypto-currencies was also favored by the health crisis of COVID-19 which hit the world during 2019-2020. According to a study by Opinionway, more than 60% of French people have made contactless payments since 2019.

How to choose your broker

By definition, a broker or broker is an intermediary who ensures transactions between a buyer and a seller. Today, the majority of brokers come in the form of software and allow you to trade online. So, when you want to buy or sell bitcoin or any other crypto currency, you have to go through a broker. There are several brokers, especially since there are also several cryptocurrencies. Before choosing your broker, you must first test it using your demo account. You can therefore check the ergonomics of the site on which you are. Do not hesitate to test the responsiveness of customer service and especially check if the advisers speak the same language as you. Also take the trouble to check if the broker you found online has a License. If you wish learn more about a reliable crypto broker and crypto brokers in general, do not hesitate to visit the website

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Cryptocurrency: an asset for poorly banked countries

It is estimated that around the world, more than 30% of the population does not have access to basic banking services. This therefore exposes this part of the population to a “personal” financial crisis and does not facilitate the implementation of projects; whether they are personal or professional projects. This part of the population is therefore forced to resort to usury and other borrowing practices that are not secure and not supervised by governments.

Cryptocurrency, for its part, corrects the situation a little thanks to its ease of use and especially its volatility. The border barriers being crossed, the formerly abandoned populations will easily be able to receive and store money or rather cryptocurrencies in their accounts.

Reduction of transaction fees

Unlike banking institutions which have significant operating costs, because having head offices and agencies, blockchain and crypto-currencies are more based on the virtual, which allows low operating costs. The charges being lower, the transfer fees are also lower than during transfers between banking institutions. In addition to the reduced cost factor, there is also the speed of the transfer. It is these strengths which, according to several analysts, are the basis for the acceptance of cryptocurrencies by online casinos. Many of them offer bonuses to users who make their deposits and withdrawals using cryptocurrency.

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Cryptocurrency for more transparent exchanges

All transactions made in crypto currencies are not only automated, but also digitized. Thus, they are accessible to all, while preserving the anonymity of the identity of the users. This principle of transparency of crypto-currencies is a great asset since it allows to considerably limit the risks of fraud which are very frequent in the case of payments by bank card. It must be said that crypto-currencies are based on fairly rigid security protocols that make them practically inviolable.

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The freedom of business leaders

Companies can now offer their customers different payment methods to settle their invoices. Even more, it is now much easier to get paid by other international partners. Businesses will then be able to convert cryptocurrencies into fiat currency as needed in order to make other investments.

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