If you are among those who like to surf the internet, then you must have heard of bitcoin or at least you have seen a bitcoin advert somewhere on the internet.

Since it was introduced back in 2009, this digital currency has been rising all the way to become one of the most valuable assets in the stock market and this has had some major impacts on the global financial sector.

Also Read : Bitcoin Changing: A revolution is currently underway in the financial sector

Valued at around $1000 back in 2017 January to more than $15000 in December, this digital currency has become one the most searched topic on the search engines and this clearly shows how bitcoin has become a dominative force even in the global economy thus becoming difficult to even ignore this fact. With that being said, let us look at some of the ways in which it has impacted the global economy.

• Greatly reduced the reliance on one currency

If you take a look around just the way we do things including transactions, the digital revolution today seems to be having much effects on our lives. With the emergence of new systems like the mobile apps and online banking, which are also a part of the digital revolution, many banks have been relying on this.

However, with the rise of bitcoin, this is seen to be taking a new cause and bringing some change to the industry. This enables the users to find it easy to make a transfer to fiat currencies.

It is also minimizing how people consistently depended or relied in one particular currency as this gives them the authority to protect your investments or savings against things such as inflation. The rise of bitcoin has also seen more businesses become global by promoting things such as a safe and fast trading across the borders.

The use of bitcoin has also seen business have reduced transaction costs and also being protected from the currency volatility. Follow this link to read more on how this could replace the dollar symbol https://www.forbes.com/sites/laurashin/2017/11/07/why-cryptocurrencies-could-push-the-dollar-from-world-reserve-currency-status/

• Accessible credit system

Bitcoin is always unregulated and is just based on nothing but data alone. This allows you to have unrestrained access to a safe credit system.

By using bitcoin as your method of payment, you will be saving yourself some cash since you won’t have to worry about paying any processing fee for your credit card or even paying a currency conversion free.

After the implementation of belfrics payment gateway, businesses can now be able to accept bitcoin as a method of payment from anywhere in the world. This is also supported by the great blockchain technology that use high cryptography thus making it safe for everybody and bringing them together. This also, makes the global economy grow stronger.

• Slowly shutting down traditional banking system

For a long period now, almost all the financial transactions had to go through the banks for them to be completed. This nowadays is changing with the emergence of the bitcoin.

This is because with bitcoins, you can be able to make much transactions as you like without a third party interference. This is sort of giving the masses authority from the central banks and therefore threatening their operation.

This is why this is why they might consider coming up with their own digital version of fiat currencies. This change in how we handle our financial transaction can also change the whole structure of the global economy.

Also Read : Spencer Mecham Is Ready To Move You Away From The Boring 9-to-5 Routine

• New regulations

After seeing bitcoin gaining that much popularity in such a short time and threatening the use of traditional currencies, the central banks have now began to implement new controls on the growth momentum of the cryptocurrencies.

This will of course lead to the laying down of new rules and regulations that will govern the whole cryptocurrency ecosystem. This might ensure that the right corrections are made to make the crypto system more secure and transparent for those willing to invest in future.

The places that mostly enjoys large opportunity for bitcoins around the globe is the overseas remittances. Currently, you will need to go through a lot of intermediaries if you wanted to make a transaction between two different countries.

These includes bank services and currency exchanges among other things. According to a report by the Businessweek, it was stated that the average fee that people usually for each remittance service is nearly about 10% of the whole transaction, also with some additional fee of almost 5% just for the conversion of your wire money to cash.

People always get charged when using systems such as the Western Union mainly because of the technologies used to make it possible for that transaction to happen between two different countries. This also carters for the provision of a legitimate transaction. With the emergence of bitcoin exchange platforms, you can now be able to have safe and untraceable transactions.

• Rise of new opportunities and markets

The existence of the cryptocurrencies, something like bitcoins, has opened the doors for new markets and investment opportunities that might have some impact on the global economy.

The fact that the cryptocurrency offers its users almost a completely free transaction process among other benefits, makes it more appealing and much superior when compared to the traditional fiat currency that many of us are used to.

You can see it also inspires the emergence of new trading systems like the Bitcoin Loophole. With more plans still to come from the crypto world, you can surely say it is a new dawn in the global economy when it comes to digitalization.

Also Read : FINANCIAL IDEAS THAT COULD MAKE YOU RICH

• Increased online trading activities

With bitcoins, you can always be sure of quite reliable transactions. This is mainly because the transaction has to happen between the two of you alone. Of course this is much more reliable compared to when you have to go through so many channels and intermediaries just to complete a transaction.

This could be the reason why many people are nowadays showing much interest in online trading. Thanks to the safe transaction nature provided by the crypto systems. With increased trading taking place online, of course the global economy will also be improving and becoming stronger with each passing day.

• Reduced chances of scams and frauds

Well, in an economic field, you can always expect cases of scams and frauds. This is because a lot of people aim at making profits quickly and they just realized this can happen but through illegal ways.

This is why most of them will always try to take advantage of the economic activities. But with the use of bitcoins, you won’t have to worry about the safety of your transaction.

This minimizes the risk of being duped and this is why most people who deal with online businesses are always looking forward to use and accept bitcoin as a method of payment. Additionally, the use of bitcoins also speeds up the trading activities through enabling people to make quick transactions.

Conclusion

Well, as the cryptocurrencies continue to get the better of traditional financial systems, both the acceptance and the adoption of bitcoins also continues to increase in different markets and industries around the world.

With all the advantages it comes with, you can be more assured that a day will finally come that traditional currencies will be put to rest and the whole world will shift to bitcoins.

With these few points, you can now get a rough idea on how the global economy is being affected by the existence of bitcoin. You can see more here.