3 Ways Cryptocurrncies Are Disrupting The Economy

In the past three years, a lot has happened in the crypto-space. Blockchain technology is now widely accepted in, popular companies. Countries are trying to implement the use of cryptocurrencies as well. Blockchain technology is what cryptocurrencies are made of. Cryptocurrencies are changing the today’s global economy. However, the impact they make is far greater than just changing businesses. Let’s see how.

1. Disruption of The Dollar Standard

In case you didn’t know, the entire world economy relies on the US Dollar. This form of centralization is now being unsettled by cryptocurrencies. With Bitcoin arriving at the stage, making thousands of cheap and fast transactions, the decentralization of the transactions started. This is now changing the entire dynamics of trading, economic sanctions, and even diplomacy. Also, this process is contributed by the fact that countries like Venezuela consider launching state-owned, oil-backed cryptocurrencies

      2.No Middlemen

Money transfers usually happen via banks and SWIFT. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It allows users around the world to transmit financial information to each other. The entire process lasts several days. Using crypto-transfer protocols changes the entire transfer environment. There is no bank included, no transaction fees it takes minutes. Most importantly you get a much higher level of privacy. Using this technology helps the fight for money laundering and terrorist activities.

3. Easier Crowdfunding

ICOs are today’s most popular crowdfunding method. It’s faster, cheaper and less time-consuming. Entrepreneurs aren’t wasting time convincing banks and investors to give funds to their star-ups. This method brought many new projects to be actively developed and boost up the private sector for small businesses immensely.