Every government strives to improve the economic freedom of its citizen but achieves minimal success, as we have seen in the last 40 to 50 years. Countries which did well earlier are still doing so whereas poorer countries are still getting poorer.
Cryptocurrencies can step in here as it can be the most potent tool for the purpose due to its profound implications. It can help in improving billions of lives globally, accelerate innovation, and may help in eradicating poverty from many nations.
Thus, trading in cryptocurrencies through some trusted and reputed site like the bitcoin union can be the best leveraging activity at the moment. It can help in improving the state of affairs in many countries.
In the following sections, we will take a look at how cryptocurrencies can help in redefining the global order.
Cryptocurrencies can influence economic freedom
The monetary infrastructure and economic policy of a country may take a long time to transform effectively. It can be easily said that these aspects have remained constant in a lot of countries for the past forty to fifty years.
That is why there is very little perceptible change on the ground in the life of citizens. But with the launch of cryptocurrencies and considerable smartphone penetration, some opportunity has arrived to improve the economic freedom in many nations.
The best part is that the result of this freedom can be visible within a very short time. We try to analyze the ways in which cryptocurrencies can help in achieving economic freedom.
- Opening a business can be a lot easier – A person with a feasible, good, and sustainable business plan can get global customers within a few hours as issues related to payment acceptance can be avoided significantly. Additionally, established companies can further expand and go global within no time.
- Property rights will get regarded – Today, a vast majority of people cannot store their wealth safely due to the fear of the wealth either getting confiscated or stolen. Cryptocurrency can help people to be in absolute control of what they purely own. In this respect, it can be said that it can help in ‘banking’ all people who are unbanked till now.
- It will help globalization and free trade – There is no problem of cross-border money exchange in cryptocurrency. It can also help in dismantling the hurdles for citizens in a lot of countries so that they can participate in mutual trading.
- It can help with freedom of contract
Smart contracts are already available through Ethereum so that people can enter into agreements irrespective of whether one can hire a lawyer or the place where the person lives.
- It helps people to come out of stagnating economies – Many people can easily emigrate to another country and, at the same time, take the wealth along with them. Every nation’s economy is interoperable after the advent of cryptocurrency. With a minimal cost of switching, nations are bound to develop in the long run.
- It minimizes corruption, red tape, and bribery – Cryptocurrencies have minimal intermediaries and gatekeepers. Thus, for launching a business, one may not have to extend undue favors or grease the palm of officials.
- It can be a more stable option – The volatility of cryptocurrencies is more compared to the Euro or Dollar, but there is a trend of significantly decreasing volatility each year. Thus, in the future, cryptocurrencies can be a more stable option than a lot of global fiat currencies.
As of date, cryptocurrency can be said to be in its infancy. But just like many other technologies, when it starts taking over, there can be a dramatic turnaround.
During the last twenty years, the global mean economic freedom has just appreciated by a mere three points to 60% from 57% earlier! This shows that people are achieving economic freedom but at a very slow pace.
With cryptocurrencies in place, this area can be significantly improved upon, and at least the global average can improve to 75% in the coming ten years.
There is no doubt that economic freedom remains a gigantic issue of the times that we live in. If there is healthy economic freedom on a global scale, it can work as a huge financial stimulus for many nations throughout the world and can help in curtailing wars, get rid of corrupt regimes, speed-up innovation, create more happiness, and make a difference in the lives of the poorest ten percent people of the planet.
By just adopting this new technology, there can be a profound impact on the economic freedom of many global citizens.
Interesting Related Article: “Top 6 Misconceptions About Cryptocurrency And Blockchain“