The cryptocurrency market is valued at $700 billion. With more interest from investors pushing capital into this emerging market, there is much to be said and gained from watching it grow to maturity as a universal currency. Now that blockchain technology serves as a ledger, it also offers traditional businesses nontraditional methods to scale product and service offerings. It also enables consumers to control the marketplace as well as their financial security within it. Here are three additional ways that cryptocurrencies are impacting global economies.
- New Market Expansion
Cross-border taxes and costs to move money is an expense that keeps many businesses from expanding. Cryptocurrencies now lead new and exciting expansions for new entrepreneurs who need to raise capital and want to sell product or services globally. For the Bitcoin Trader participants, access to a bitcoin marketplace enables users to exchange for any number of cryptocurrencies. If you think about it, banks have been doing this for many years, so it is interesting that they chose to disregard a cryptocurrency marketplace that modeled their traditional business practices.
For many online users, trading in currency has also been profitable as it is a way to raise business capital and make revenue outside of the monotonous 9-to-5 jobs. As cryptocurrency users grow, it also reverses the power in the market as users now control financial buys, sells, and trades without having to pay out-of-pocket fees to banks. As cyberspace becomes the business management capital of the world, it also disrupts markets in that it may eventually become the world market over the United States. It stocks become digital, stock markets will reverse course.
It will also push new and innovative students toward digital degrees like data scientists since mining is now the optimal way to make cryptocurrency. Other than your transaction fee, cryptocurrency stock trading offers the best return on investment for those who have the knowledge or database access to mine for it.
- Positively Disrupts Traditional Markets
Since cryptocurrency like bitcoin first launched on the web, a disruption occurred because money was flowing in untraditional ways. As it revolutionized economic positions worldwide, more consumers looked to invest in bitcoin currency, which made traditional financial institutions also take notice. In the infancy of bitcoin, there was a push to force bitcoin out. Now that disruption occurred, it has forced the hand of those institutions to get on board and buy into the cryptocurrency market before they miss out.
It is also causing financial institutions to change the way they operate since several digital currencies have become more readily available. Now that banks are no longer needed to facilitate the digital transactions, it has produced an even bigger market devoid of the middleman fees. It also redefines financial footprints as the blocks themselves serve as the ledgers that record how money comes and goes between users. The hashtags connect the blocks and each has a number sequence that connects the transactions. Security, therefore, is still relevant even when it comes to digital currency even though the parties are private.
The only way anyone can track the cryptocurrency is when parties exchange their coins for money. Because banking systems are no longer needed to handle these transactions, it has made global governments and banking systems wary of cyber currency’s existence. It has also opened up the possibility of affordable services because of international borders that no longer define access to services worldwide.
While some people might find an autonomous cyber currency dangerous, it is a signal that our world is moving to a more digital marketplace altogether. Banks also now hold stock in many cryptocurrencies, which shows they see consumers are moving their money toward alternative payment sources. Federal currency reserves would also see a positive disruption since it costs millions yearly to mint money. For every paper bill printed by the U.S. Bureau of Engraving and Printing, it costs between 5.5 and 14.3 cents.
- Better Access to Quality Global Services
Would you seek out doctors online? Healthureum (HHEM), a premier online health care system uses a cryptocurrency ecosystem to connect top-notch medical professionals to global patients. The blockchain also enables patients to share records. Even in the U.S., doctors regularly see patients online or by telephone, so it should not come as a shock that global health care cryptocurrency ecosystems are beginning to pop up today.
HHEM cryptocurrency is valued currently at $3.53. Would you buy into an international medical provider whose doctors were from all around the world?
For developing nations, this type of system would be an ingenious way for rural patients to seek out health care. For those in first world countries who want second opinions from doctors in other countries, it also offers a way to consult and receive expert advice. Moreover, a digital patient record would save health care providers millions in waste and errors. It would also be a benefit to nations like the U.S. whose medical costs now soar.
- Americans currently pay more than $3.4 trillion in health care expenses.
- Centers for Medicare and Medicaid Services cites that Americans paid on average $10,345 for medical care in 2016. By 2023, it will rise to $14,944.
- In 2017, the Centers for Disease Control and Prevention said that 28.5 million people under the retirement age of 65 did not have insurance.
With an online health care system, it would force governments like the U.S. to change their pricing models so that health care would be affordable if not universal. The same theory would go with any system where capitalism reigns supreme. Banking systems could no longer charge outrageous banking fees. Education systems would have to change its academic expenses if citizens had access to educations globally. You can shop at Walmart and Amazon now with coins. Buying and using cryptocurrencies will eventually have a ripple effect on every economy and country.
Would you invest in cryptocurrency? While it might seem difficult to get started, choosing a marketplace like Bitcoin Trader would enable you to engage with other bitcoin traders while also learning more on their website about safe and secure cryptocurrency buying and exchanging.