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Currently, cryptocurrency is growing vigorously, increasing stupendously and is certainly profitable to the financial markets of our modern world.
These virtual currencies make it almost impossible for counterfeiters to forge or double spend it. Since the inception of cryptocurrency, the use of the virtual currency have been on the rise; the economic and financial state of the world without cryptocurrency would be worth considering.
Imagine if cryptocurrency didn't exist, financial transactions would only be done through traditional banking system. These banking system will in turn increase transaction cost, fees and charges for businesses that were seeking to operate on a global scale. However, those transactions from the banking system will be slow and would take longer time to process especially in cases of network failure.
Also, without cryptocurrency, there would be no decentralization of finance in the economy and business setting. This therefore means that decentralized finance sprang up with the invent of cryptocurrency. Decentralized finance provides more transparency and security, as there is no central point of authority or single point of failure, something that traditional systems lack. Without such a system, trust in the central authorities would have to be relied upon, leading to the potential for corruption in the system.
Moreover, Cryptocurrencies have allowed for a new medium of investment to emerge, with decentralized finance providing opportunities for individuals to make investments in new technology without the control of governments or banks. Without cryptocurrencies, individuals would be limited to investing in traditional assets such as stocks, bonds, and real estate. This would surely create less of an investment opportunity for people to diversify their investments and could lead to the centralization of finance.
Hence, cryptocurrencies have created new job opportunities, with opportunities to work in the blockchain, fintech, and cryptocurrency industries. Without cryptocurrencies, these new industries would cease to exist, limiting job opportunities for many people.
The absence of cryptocurrencies would significantly impact the global economy. The benefits of cryptocurrencies, including fast and secure transactions, decentralization of finance, and new forms of investments, are immense. Cryptocurrencies have opened up opportunities for people worldwide, creating new job opportunities, and offering opportunities to create unique businesses. Doing away with cryptocurrency would lead to traditional banking systems ruling the world, limiting opportunities for businesses to expand and creating a one-size-fits-all approach to finance.
Therefore imagine our global village without cryptocurrency.