How A Country Can Benefit From Crypto Currency|24-0ctober-2020|
Hello to all the fellow steemers in @project.hope and to entire steemit family
Yes,there's no doubt that we're living in a world where a country can only develop if it uses all the latest technologies.
And One of the greatest technology of this world is Virtual Currency
Let's talk how a country can grow economically through crypto currencies.
We all know Crypto Currencies have the ability to stable a country's economy growth or to take a country's economy growth to the next level.
As everyone knows that an industry has been working around crypto currencies where all the coins exchange takes place.The speed of the growth of Crypto Currency industry is shaking the whole world.
Getting Involved With Crypto Currencies
A country can stable its economy by getting involved with this industry as there are alot of people and companies which have shined and flourish through crypto currencies.
Most of the people have made trading as their way of earning in this industry and there a lot od ways to earn for a country.It depends on the think tank of the country on how they make good use of this industry and make their country economically stable.
Because a developing country is involved more in trading so they can use this technology for trading money with low transaction costs.
Helps In Growing Businesses
The economy of a country is highly effected by the growth of businesses inside the country.
And use of crypto currencies help a country in growing internationally.
Lets take example of ny country PAKISTAN
Here in pakistan it is very hard for a local person to get a start up loan for business because you don't know whether your business will be successful or unsuccessful.
But Crypto gives you the opportunity to give crypto-backed loans for small businesses to grow domestically as well as internationally without any worries which will have a positive effect on emerging economies of countries.
Crypto Currency Helps Eliminate Corruption.
One of the basic problems of poor countries is corruption.They don't have the proper records of cash transfers and it is a huge advantage for thiefs to transfer their money outside their country which destroy a country's economy.
On the other hand Crypto Currency transactions are transparent and each of the transfer is saved and recorded which doesn't allow anyone to do corruption and if a poor country or a low-income country manages to beat corruption its economy will become unstoppable.
For example: Pakistan right now is fighting with corruption within the country and our economy is South Asia's second largest economy but we don't have the proper check and ballance of each transaction but in the future we can benefit from crypto currency transactions.
That's alll from today i hope you all will like my effort.Please forgive me if i have made any mistake in this post as i am still learning about crypto currencies and block chain technology.
A Proud Member Of This Community Always Available For The Growth Of Community
Together Against Plagiarism
In the end i would like to thank @crypto.piotr for the immense support to my efforts.
Hello @moohsin
I believe that the benefit, beyond the cryptocurrencies comes also from the economy that supports them, that is, the blockchain.
That's where the value of this technology is, it can be totally decentralized and serve as a digital book in which the transactions are settled.
And obviously, cryptocurrencies work as an ideal means of payment, because they process very quickly.
What you mention about loans, is something that is already happening, through DeFi's intelligent contracts.
There are NO mistakes in your post, no need to apologize, it's your vision about it, thanks for sharing it.
#twopercent #colombia
Thanks @josevas217 for giving your views and thanks for appreciating my post as well...