If everyone around the world gets into cryptocurrency, do you think it will even help in solving or lessen socioeconomic problems? Can it be used to buy goods from other countries? It is fair to say that crypto will help a lot of people but what will it do to one's country? Will it help improve a country's economy?
BENEFITS ASSOCIATED WITH BITCOIN
1. Bitcoins most important characteristic, and the thing that makes it different to conventional money/normal currencies, is that it is decentralized. No single institution controls the bitcoin network. That means that, in theory, one central authority cant tinker with monetary policy and cause a meltdown.
2. Those who endorse this digital currency are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe.
3. With Bitcoin you dont have the problem of inflation because the system is designed to make Bitcoins to be finite as only about 21 milion Bitcoins will ever be released (mined).
4. Its a re-imagining of international finance, something that breaks down barriers between countries and frees currency from the control of federal governments.