Go Back   The Finance Forums > Finance forums > General Finance

General Finance Discuss general personal finance issues and home accounting not covered on the other finance boards.

Thread Tools
Old 02-20-2018, 08:54 AM
moneytradecoin moneytradecoin is offline
Join Date: Dec 2017
Posts: 63
Default Cryptocurrency - The Hero encouraging Globalization

Cryptocurrencies have grown and expanded significantly over the years. In a span of merely five years, a number of Digital assets have emerged in the global financial market system.
The popular of cryptocurrencies have increased marvelously and are affecting the world economy. Even though it is still not accepted as a legal medium of exchange and is still to reach the mainstream market, it is having significant effects worldwide.
Let us briefly analyze a few ways in which the virtual currencies have stimulated Globalization.
1) Global Transactions Sans Documentation
The biggest and the most eminent benefit of cryptocurrency lies with international (global) payment transfers. Using cryptocurrencies for international remittances (the Money sent back home by workers living abroad) provides a big advantage as the average fee using traditional banking services is as high as 9%, which is not the case with virtual currencies. As such migrants are utilizing cryptocurrencies so as to curb the transaction costs and also, it allows transfers with long and tedious paperwork. Crypto-assets also, remove the risk of credit card fraudulent.
2) Speedy Transfers
Cryptocurrencies are making international payments and transfers easy, secure, hassle-free and fast. Individuals and companies are finding the utilization of these digital currencies beneficial as the transactions are done almost immediately with any hefty documentation.
Unlike the traditional banking system, cryptocurrencies are especially developed to provide security guarantees and credit conveniences without any extra fees, taxes and delays.
3) The power of Decentralization
Cryptocurrencies work on the very efficient Blockchain technology and are based on a peer-to-peer network. This implies that no central authority has any control over its transactions or no third-party intervention is entertained. The transactions take place on a public ledger and are available to all the cryptocurrency holders.
However, the bank transactions are controlled and regulated by the central authority of the country. As such the decentralization provides a upper hand, and allows people across the nations to make transactions fair, easy and fast, without losing the value of the product in currency conversion.
4) Accounting for a huge population.
The accounts maintained by different banks (local, national and international) are not stored in manner that can be compared easily. It becomes a difficult task to dig out proper and accurate information from the scattered records.
However, since cryptocurrency transactions are registered on a public ledger from the day the transaction of a particular cryptocurrency has started, it becomes easier for comparisons and measurements. Also, it provides a high end transparency, thereby reducing risks of illegal uses and fraudulent activities.
Reply With Quote

Old Sponsors
Old 02-19-2020, 04:34 PM
John Tollerman John Tollerman is offline
Senior Member
Join Date: Sep 2016
Posts: 464
Default Re: Cryptocurrency - The Hero encouraging Globalization

The world of Crypto is amazing but it needs to be worked out wisely if we are to benefit. I find it super easy through FreshForex broker, where I can do Crypto trading smoothly and able to perform well and achieve results that I so badly desire.
Reply With Quote

Old 02-29-2020, 08:09 AM
ColomboMan ColomboMan is offline
Senior Member
Join Date: Sep 2016
Posts: 125
Default Re: Cryptocurrency - The Hero encouraging Globalization

A trade copier is a popular form of Forex trading that I tried and was very pleased with the result, but later I wanted an individuality and I used this site https://www.vpsforextrader.com/ , which helped me a lot with it
Reply With Quote


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

» Boards

All times are GMT -4. The time now is 09:39 PM.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.