Post
Topic
Board Economics
Re: Effects of Cryptocurrency Adoption
by
karmamiu
on 27/05/2023, 09:58:00 UTC
The effect of crypto currency adoption is the decentralization of financial transactions, with that it allows for more secure and transparent transactions, without the need for intermediaries like banks. It can potentially reduce the cost of financial transactions and increase financial inclusion for people who do not have access to traditional banking services. Potential for increase for privacy in financial transaction is another effect. Crypto currencies like Bitcoin allow users to make transactions without revealing their identity, which can be beneficial for people who are concerned about privacy.
We can see from the stats provided by OP that more and more people are becoming aware of crypto in general. Although some aren't paying much attention, it could be said that they are already aware about its presence and the possibility of switching from traditional payment system to electronic payments. Compared to before, people will just say "nah, it's another form of scam again", but now they are willing to learn more about being cashless as what we can notice in todays society in which we are already inclined to technology that we always keep pushing since then. At the very least it won't no longer be new to people since even banks are slowly introducing crypto to their customers although they aren't pushing it too much due to its risk, but it is already considered a well done if I would be asked.