The adoption of digital currency is undoubtedly a topic worth ruminating upon. The technology took off like anything in the recent past leaving a lot of experts & speculators stunned with the unprecedented benefits that industries across the world yielded through it. The overall rate of growth is also dynamic which can be attributed to the fact that companies look forward to implementing the latest technologies that can entail significant innovations at thebitcoincode.io.
Has it all been hunky-dory since the beginning?
Bitcoin era brings you the latest trends that are reshaping the entire landscape of the financial systems in economies worldwide. A cryptocurrency is a form of blockchain technology that not only received significant acceptance from countries worldwide but also transformed the whole digital finance ecosystem. But was this as smooth & seamless in the beginning as it is now? Well, the answer to that is a “BIG NO”. The advent of cryptocurrency was met with substantial opposition from seasoned speculators, investors & economists. However, there were still some prominent proponents of cryptocurrency that never gave in to the naysayers and backed the crypto industry quite ardently.
Governments, on the other hand, couldn’t afford to let such an aerodynamic technology make inroads into their ecosystem since the technology was being considered highly disruptive. The incumbent financial system in place sensed the threat and tried to keep up with dynamic trends but it was quite too late. Users & participants had already begun to switch to digital currency systems as it entailed greater benefits than traditional methods could ever offer.
Why has crypto gained relevance over traditional means?
Needless to say that the adoption of cryptocurrency has skyrocketed in the last decade and continues to set an example for traditional systems in place. Emerging markets have already acknowledged the unfathomable potential of the crypto industry and countries like Kenya, Venezuela, Vietnam, Nigeria are witnessing a significant rise in the overall transactions being conducted on peer-to-peer platforms.
Another predominant reason for such a considerable surge in peer-to-peer transactions can be attributed to the fact crypto is a decentralized platform that can be accessed by anyone. People don’t need to have a designated bank account to be able to conduct the transactions. Hence, centralized exchanges are being overlooked for far better options and crypto is one such emerging example in such countries.
Ways that people adopt to circumvent restrictions
Emerging markets are bound to have currency devaluation which stimulates the citizens of the country to resort to ever-expanding peer-to-peer platforms. They can easily buy the cryptocurrency through such platforms which also enables them to keep their savings intact. In addition to this, international transactions can also be carried out easily in such areas which can vary in nature i.e., commercial use or individual remittances. For instance: purchase of products/goods so that they can be imported or sold later.
However, emerging markets also put a specific limit on the designated amount which can be moved out of the geographical boundaries of the country. Hence, this is where cryptocurrency comes in handy for people who want to move the larger sum of money out of the country by circumventing the imposed regulations. This method easily facilitates such people in meeting their respective financial needs quite seamlessly.
Peer-to-peer platforms are redefining the trends
China is one of the largest markets in the world that was recently ranked fourth in terms of cryptocurrency adoption globally. On the other hand, The United States of America was also featured in the list at 6th spot. Now, here’s the catch, the ranking witnessed a significant shuffle when USA’s rank went down to the 8th spot, while China’s rank slipped to the 13th spot.
The main reason that can be attributed to such a great fall is their exclusive rankings in the volume of trade on peer-to-peer platforms. However, other countries are also catching up with the trends now and the sky is the limit for all adopters of the latest technology.
The regulations imposed by the government had to be complied with but they did not impact the proliferation of cryptocurrency under any circumstances.