Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Nate11 on November 28, 2018, 11:01:21 AM
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How does Cryptocurrency boost the socioeconomic development of a country?
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This is a good question.
One way I think is that, cryptocurrency could bring more profits to anyone who invested. With more income, an increase in purchasing power usually follows.
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How does Cryptocurrency boost the socioeconomic development of a country?
It helps in the development of countrys economy since major funds invested are subject to taxes and reform. This is already commence as Ive heard. Though some still not following regulations due to strict and high tax appraisal of some authority.
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How does Cryptocurrency boost the socioeconomic development of a country?
Since crypto is related to blockchain technology and we all know that blockchain technology can bring limitless to the adopters. If a country adopt crypto which is also blockchanin technology it does not only act as a new type of payment and at the same time they can tap on blockchain to upgrade the technology of their countries and this is only one of the benefit.
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crypto applied to a country will help the economy when there is a lot of crypto investment that will increase income, and in micro activities this can be in the form of public utilities that touch small community activities
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And one of the area cryptocurrecy contribute to the economy of a country is,
Cutting out the middle man. International transfer transactions require entities like clearing houses, banks, and SWIFT (Society for Worldwide Interbank Financial Telecommunication). It is an organization that provides a network for financial institutions all over the globe to transmit information to each other in a safe and secure network. No international money transfer can happen outside of the SWIFT network. There are transaction fees and it takes several days for some transactions to be processed.
With the the use of cryptocurrencies like Bitcoin, Litecoin, Dash etc, this middleman is no longer required for authorizing and authenticating transactions. The transaction fees are minimal, as low as a couple of cents in some of these cryptocurrencies. Not to mention, the added allure of anonymity and privacy that is associated with cryptocurrencies. Just when you thought that was all, you then realize that transactions occur in a matter of seconds and minutes.
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Cryptocurrencies will be booming in coming years and it will be very helpful for economic development of any country because there is a huge probability of earning by investing in cryptocurrencies. Crypto currencies can be transferred quickly anywhere in the world and it does not require any bank even we don't need to pay huge transactions fee and that could quite beneficial for economic development of any country.
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With the booming cryptocurrency will be able to create new ways to make money. So indirectly it will add employment in plain view. Because jobs related to cryptocurrency are usually in the online world. And all that can add to the well-being of those who do it. One that can be categorized in this case is bounty.