The crypto economy is propelling the development of a cutting-edge financial and technological infrastructure that is global, open source, and available to anyone with internet access, regardless of nationality, ethnicity, race, gender, or socioeconomic class.
The cryptocurrency ecosystem is giving birth to real, programmable, and modular technologies. Store of value, peer-to-peer micropayments, lending, margin/collateralization, market creation, and price discovery are central to these technologies.
For decades, underdeveloped countries have been plagued by poverty, corruption, inflation, high unemployment, and political instability. As a result, some countries are experiencing terrible economic turmoil that is unresolvable. Because of these issues, cryptocurrency may be a viable option for those in countries where basic financial instruments are difficult to obtain.
Over two billion people worldwide are estimated to lack bank accounts, making it impossible to buy or start a business, take out loans, or receive government benefits. They are excluded from the global economy and suffer as a result. Some people are locked out of the financial system for a variety of reasons; some cannot even afford the fees associated with opening a bank account.
People need banking services and financial services to ensure a healthy lifestyle and grow financially. But due to long and hectic bank registration processes, people aren’t able to use banking services. That’s why cryptocurrencies are becoming increasingly important. Because crypto is inclusive, hassle-free, and grants people the ability to easily store and transfer their wealth.
Cryptocurrencies have the potential to make banking services and the global economy available to everyone. Where two-thirds of the population lacks access to banking. Blockchain can assist individuals in less developed countries to an efficient, transparent, and scalable financial alternatives.
Low Remittance Costs
The use of cryptocurrencies can significantly reduce the cost of remittances. However, once sent to someone's wallet, they can only be used if other people and businesses accept them as a payment method. Nowadays, businesses, entities and institutions, as well as some countries are accepting and adopting cryptocurrency. This increases how liquid it is as an asset, and improves its functionality as a medium of exchange.
Decentralized Financial System
Financial transactions have relied on central bank-issued fiat currency for decades. Fiat currencies, on the other hand, are severely constrained by government and institutional control. Cryptocurrency, unlike traditional currencies, is not governed by any government or jurisdiction. Users can send and receive money across borders without having to deal with traditional financial institutions in this manner.
Users can acquire and store wealth from anywhere in the world thanks to the decentralization of cryptocurrency. Complete financial control is a huge step toward financial independence.