Internet and electricity were considered the wonders of the world, until recently. The emergence of blockchain technology, the mother of cryptocurrency is adjudged to be one of the shining light of this generation.
Technology expert and leading enthusiast in the field have argued that the emergence of the blockchain technology is the most significant invention after electricity and internet. Some have even argued that it is more groundbreaking than the recent development in the telecommunication and the transport sectors.
Economically, the impact of cryptocurrency has impacted positively in the economic activities of some countries, to the extent of reviving the fortune of some countries, who at one time or the other faced economic hardship.
Though the price of the coin depleted earlier in the year, it is gradually gaining back momentum and prices are soaring once again. Now, let’s look at the economic and financial aspect of cryptocurrencies from the following standpoints.
A Tangible Alternative
Cryptocurrencies are viewed in many quarters as a viable alternative to paper money. It is also just as valuable as the money in the crypto space as fiat money. It is in this respect that the wall street and main street accepts the digital currency.
Even established global brands like Microsoft, Amazon, Alibaba, Samsung and other notable firms accept cryptocurrency as a means of exchange for the payment of their goods and services. While Samsung accepts the coin for the purchase of its products in the Baltic, the others have embraced blockchain technology in one way or another.
At some point in 2017, bitcoin rose to an all-time high of $19,932. Quite a lot of investors who bought the coin at less than $1,000, witnessed a sporadic rise in their profit – one they have never imagined in their lifetime.
A Source of Living
The introduction of cryptocurrency into the market have created direct job opportunities for millions of people, around the world.
Since the introduction of Bitcoin in 2009, several companies like Coinbase, Ripple, Tron, and Ethereum have sprung up, and each of these companies hires hundreds of people, even if not thousand, and indirect job, growing into millions.
A lot of other opportunities have also risen since the emergence of blockchains such as freelancing and its likes, with many benefiting immensely from these digital currencies.
Forging Of New Billionaires
Technology is the main thing in the world right now. Billionaires are made now and then, through the massive opportunities available on the technology timeline.
Billionaires like Jeff Bezos of Amazon, Mark Zuckerberg of Facebook, Bill Gates of Microsoft, Jack Dorsey of Twitter, Evan Spiegel of Snapchat to name a few are smiling to the bank, licking from the juice of technology. But the Billionaires club just got bigger, with the introduction of blockchain technology and cryptocurrency as a whole. Blockchain billionaires like Chanpeng Zhao of Binance, Vitalik Buterin of Ethereum, Justin Sun of Tron, Brian Armstrong of Coinbase, among others have amassed a lot of wealth, due to the global acceptance of cryptocurrencies, and the list is sure going to be global, as more and more people embrace the technology and the virtual currencies, as a whole.
Revitalization Of The Economy
Cryptocurrencies have provided a global boost in wealth, that cannot be overlooked. The cryptocurrency market is so huge that it is very capable of revamping the economy of a country and place it high among the developed nations.
In May 2018, a news outlet analysed the crypto market and realised that it is capable of dragging developing nations, out of the scourge of poverty and make them better off than where they were.
The report adds that countries like Malta and Cyprus have witnessed the glowing fortune of the blockchain, which has transformed them, from a crumbling nation to a developed state.
If all nation could embrace the use of blockchain technology and accepts cryptocurrency, it will go a long way to reduce the worlds poverty level.