An introduction to Cryptocurrencies
Celebrated Astro Strategist cum Business Astrologer Hirav Shah says, “Virtual or digital currencies secured by cryptography are known as Cryptocurrencies. Cryptocurrencies in nature are decentralized, and to fully realize the impact of cryptocurrencies on developing nations, it is mandatory to understand the general advantages and disadvantages of cryptocurrencies to its users compared to fiat currencies such as the rupees, naira, and dollars issued by national and international banks.
Also, it is important to observe that all cryptocurrencies function on the blockchain, and the first-ever cryptocurrency in existence to date is bitcoin. It is the biggest cryptocurrency in terms of market capitalization and recognition, and acceptanceCrypto currencies have widely been considered an instrument to support the growth process in developing countries. This write-up focuses on the impact of cryptocurrencies on developing countries; hence, it focuses not just on personal influence but also the impact cryptocurrencies have on businesses to show the possibilities attainable with cryptocurrencies.”
Pros and cons of cryptocurrencies when compared to fiat currency
Shah explains, “Cryptocurrencies have their dark sides, as some would like to say. But its benefits and their impact on developing countries cannot be over-emphasized. Hence, we would look at the pros and cons of cryptocurrencies compared to fiat currencies, which are a centralized system of finance.”
The first advantage we would be looking at is its transparency; record data of cryptocurrency transactions are readily available on the blockchain and accessible to everyone; therefore, transactions can not be manipulated by individuals or organizations. Hence cryptocurrencies’ transparency dramatically diminishes the risk of fraud and corruption.
Cryptocurrencies are not government regulated, and as such, they eliminate unnecessary charges like the electronic transfer service charge; thus, the cost of transactions is meager compared to fiat currencies. Also, because they do not require brick and mortar building, neither doest is it requires the services of employees and the wages that come with it; hence the cost associated with these naturally morph into low transaction fees.
Another benefit of cryptocurrencies on global financing is their capacity to serve as fast and secured means of payment, making inter-border transfer timely and more convenient. Cross-border payments can be the most significant use case for cryptocurrencies due to the reduced transaction time and costs. In addition, cryptocurrencies are decentralized, and not government regulated, there is no geographic restriction, and hence cryptocurrencies can facilitate global transactions at a meager cost without any mediating institution.
Also, cryptocurrencies support financial inclusion, which significantly impacts developing countries as these nations lack essential banking services. Cryptocurrencies are a lot more accessible and come with an easy-to-use platform without much requirement compared to banks and other financial institutions. Plus, there are a lot of applications and programs that facilitate the use of cryptocurrencies and bring them closer to the unbanked.
However, with the ease of inter-border transfers and the anonymity cryptocurrencies offer, users can also facilitate money laundering and terrorist acts. Cryptocurrency’s autonomous border payment makes it simple to get money across the border even money obtained from criminal operations and money planned to subsidize psychological oppression can be moved quickly without obstruction from the monetary foundation or unofficial law rather than government-issued money where the money needs to go through the banks and individual personality reviewed through KYC.
Hirav adds, “The high unpredictability of bitcoin and cryptocurrencies, as a rule, is very disturbing, which has prompted cryptocurrency boycotts in certain nations. Nonetheless, a critical trait of money is its inescapable acknowledgment paying little heed to region or tribe; however, it is that bitcoin has acquired worldwide acknowledgment undoubtedly and acknowledgment generally, all things considered, their nations where the utilization of bitcoin has been restricted and not acknowledged as a type of payment, additionally nations where strict guidelines have been set up to forestall the dangers related with cryptocurrencies, make it questionable if cryptocurrencies meet each measure for it to be utilized as a method for exchange.”
Opportunities presented by cryptocurrencies in developing countries
Hirav Shah states, “There are numerous challenges faced by people and organizations in economic developing countries that the impact of cryptocurrencies on developing countries can not be overemphasized. For one, cryptocurrencies can accelerate the development process potentially in various industries. For example, let’s take a look at the banking industry, where the majority lack access to essential financial services, and some do not own a bank account due to the numerous requirements to open an account. But with cryptocurrencies, one only needs access to the internet and a smart device to send money to anyone and receive money from anywhere in the world.
Another opportunity presented by cryptocurrencies in developing countries is increased participation in international trade as bitcoin and other cryptocurrencies can help facilitate payments in an efficient and timely manner without the need to own a bank account.
Also, there is an issue of trust speaking of corrupt political officials and government inflated budgets; the masses do not trust the government. But with the transparency of cryptocurrencies, all transactions can be monitored on the blockchain. Hence curb the embezzlement of public funds, and the government tracks their expenditure for improved budgeting.”
Hirav Shah concludes by saying, “The effect of cryptocurrencies in developing countries is yet to be acknowledged by governments who have stopped their use in their country, despite the pros of cryptocurrencies outweighing the cons. Although the technology around cryptocurrency is at its infancy stage, it is only a matter of time before these governments embrace this technology, just like the internet in the early 1990s. Cryptocurrencies can strengthen the development of an economy; however, it is left for the government of a nation to put in place policies that will encourage the adoption of cryptocurrencies to foster economic development.”
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