How Cryptocurrency Can Help Fight Poverty
Even if there have been some setbacks, the popularity of blockchain technology and cryptocurrencies continues to grow. Because of its anonymity and unpredictable market value, many people are still hesitant to embrace Bitcoin and other digital currencies.
The ongoing technological improvement of digital currencies gives a paradigm that can assist emerging countries politically and economically. Cryptocurrencies can address issues specific to certain countries, such as boosting access to financial services and growing the economy by increasing transparency and eliminating corruption. It can also save time and money by reducing transaction times and expenses while allowing greater microfinancing and inclusion.
Reduce Transaction Time and Costs
Time and money are two of the most valuable variables that people might have in today’s world. Cryptocurrencies have the potential to enhance the lives of migrant workers from developing nations by lowering remittance costs.
Immigrants in affluent countries, predominantly from poor developing countries, make up the majority of the worldwide remittance business. As remittances, they frequently transfer their hard-earned money to their relatives in their native country. They employ remittance services such as MoneyGram and Western Union, to mention a few, which charge them exorbitant fees for each transaction.
Fortunately, cryptocurrency provides a less expensive option that can lower transaction fees by up to 90%. It also removes the time-consuming process of receiving and sending money, which is especially beneficial to people living in poverty who rely on overseas remittances.
Cryptocurrencies provide a more practical and cost-effective method for small and impoverished business owners to send money internationally, which has paved the way for financial innovation in several nations.
Fight Against Corruption
Corruption and a lack of development agencies in developing countries are often the roots of many issues, resulting in a slower rate of poverty alleviation and inefficient financial systems.
