The cryptocurrency market has grown rapidly in the last decade, reaching a value of more than $ 2 trillion globally. This is a significant amount of wealth, although it is still negligible compared to the market capitalization of the world’s major economic sectors. Bitcoin is the largest digital currency and accounts for more than half of the market capitalization of cryptocurrencies. That is one of the reasons for its importance in the world economy. Also, bitcoin affects fossil fuels making the prices for oil surge or go down.
Today, Bitcoin and other cryptocurrencies are gaining more and more acceptance as investment instruments and payment methods. Many businesses and consumers use them to pay for goods and services. Investors are also ramping up fast for digital assets, as they are less vulnerable to inflationary pressures than fiat money.
The sectors where cryptocurrencies are accepted are more and more numerous and, are that cryptocurrencies have been the subject of debate for a long time. But only now are financial tools, accessible and useful, coming to light, for more than just the connoisseur of the matter. Cryptocurrencies have the potential to enable social and economic growth around the world. Even in developing countries, by offering easier access to capital and financial services.
Bitcoin in particular has a highly utilitarian, but also variable, peculiarity that has slowly but steadily begun to interfere with the functioning of the traditional financial system.
There is already an entire industry built around cryptocurrencies and it is supported by institutions dedicated to overseeing all digital currency exchanges that take place around the world. The growth rate of the cryptocurrency industry is dizzying. It is a new world where many found a way to grow financially.
Traditional banking systems have excluded millions of people from the global economic platform. An estimated 2 billion people around the world do not have access to banking services. As a result, it is difficult for them to access capital and conduct business with the rest of the world.
Currently, some many applications and programs facilitate the use of cryptocurrencies and they are increasingly available to a growing public. An added benefit of using cryptocurrencies is that it is completely decentralized, so trading can be freely done globally. The use of technology will facilitate a financial revolution that will increase the number of sectors where cryptocurrencies are used and will also allow us to stay more connected, empowered, and financially enabled.
Because cryptocurrencies and blockchain do not need an actual physical building to exist, the costs associated with their transactions are minimal. There is no need to pay employee wages, utility bills, or just rent. So these savings naturally turn into low transaction fees. This, in turn, pushes more people to trust these new financial tools and start transacting, allowing the global economy to be more intertwined.
Bitcoin has a lot to offer the world, and the aforementioned benefits are just the tip of the iceberg. The world will discover more opportunities over time as Bitcoin adoption spreads to major economic sectors.
As regulatory hurdles are overcome, cryptocurrencies can become legitimate substitutes for fiat money.
The use of cryptocurrencies has not only been limited to investors who buy and sell this asset, more and more sectors are joining the use and management of BITCOIN and cryptocurrencies, among some of them are:
- FINANCIAL SECTOR: Cryptocurrencies offer a digital currency and a platform for banks and users to carry out transactions.
- CASINO INDUSTRY: Most of the casino brands are online and many accept cryptocurrencies in their payments.
- MUSIC INDUSTRY: By eliminating the middlemen, this technology enables musicians to benefit directly. It also allows consumers to easily access and pay for content.
There are more and more cases of large companies that join the world of crypto assets, many who have already gotten involved have seen their finances turn upside down, where companies such as WALMART, GUCCI AND JP MORGAN, among many more everything this to achieve a higher level of stability their capitals and that they do not have to suffer the drastic consequences of inflationary processes.
Technology moves fast, culture and customs not so much, but the passage of time will allow the consolidation of a financial culture around cryptocurrencies and human beings, especially those who are over 40 or 50 years old, although they require more “PROCESSING MENTAL”on how to use these products will access them contributing to increase the access and management of cryptocurrencies.