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Another opportunity presented by cryptocurrencies in developing countries is an increased participation in international trade as bitcoin and other cryptocurrencies can help facilitate payments in an efficient and timely manner without the need to own a bank account. Cryptocurrencies are digital or virtual currencies secured by cryptography. Another benefit of cryptocurrencies on global financing is its capacity to serve as fast and secured means of payment which makes inter border transfer timely and more convenient. This write up focuses on the impact of cryptocurrencies on developing countries, hence it focuses not just on individual impact but also the impact cryptocurrencies have on businesses with the aim of showing the possibilities attainable with cryptocurrencies. Also cryptocurrencies support financial inclusion, which is a major impact of cryptocurrencies on developing countries as these nations lact basic banking services. Hence cryptocurrencies transparency greatly diminishes the risk of fraud and corruption. But with the transparency of cryptocurrencies all transactions can be monitored on the blockchain.
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Cryptocurrencies are decentralized in nature and to fully grasp the impact of cryptocurrencies on developing nations it is necessary to understand the general advantages and disadvantages presented by cryptocurrencies to it’s users compared to fiat currencies such as the naira and dollars issued by a central banks. The high volatility of bitcoin and cryptocurrencies in general is quite alarming which has led to cryptocurrency ban in some countries. However a major characteristics of money is its general acceptance regardless of region or tribe, though it is without doubt that bitcoin has gained global recognition and acceptance to a large extent, nevertheless there countries where the use of bitcoin has been banned and not accepted as a form of payment, also countries where strict regulations have been put in place to prevent the risks associated with cryptocurrencies, makes it arguable if cryptocurrencies actually meet every criteria for it to be used as a means of exchange. Although the technology surrounding cryptocurrency is at its infancy stage, it is only a matter of time before these governments embrace this technology just like the internet in the early 1990’s. Cryptocurrencies have the potential to strengthen the development of an economy, however it is left for the government of a nation to put in-place policies that will encourage the adoption of cryptocurrencies to foster economic development.
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This is because Bitcoin operates on blockchain technology which is decentralized. Also it is pertinent to note that all cryptocurrencies function on the blockchain and the first ever crypto currency in existence till date is bitcoin and it is the largest cryptocurrency in terms of market capitalization and also in terms of recognition and acceptanceCrypto currencies have widely been considered as an instrument to support the growth process in developing countries. The first advantage we would be looking at is it’s transparency, record data of cryptocurrency transactions are readily available on the blockchain and accessible to everyone, therefore transactions can not be manipulated by individuals or organizations. There are numerous challenges faced by people and organizations in economic developing countries that the impact of cryptocurrencies on developing countries can not be over emphasized. Despite the pros of cryptocurrencies outweighing the cons, the impact of cryptocurrencies in developing countries is yet to be acknowledged by governments who have prevented its use in their country. But its benefits and their impact on developing countries cannot be over emphasized.
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Cryptocurrencies are not government regulated and as such eliminates unnecessary charges like the electronic transfer service charge, thus the cost of transactions are very low when compared to fiat currencies. Also because they do not require brick and mortar building neither doest is it require the services of employees and the wages that comes with it, hence the cost associated with these naturally morph into low transaction fees. Cryptocurrencies are decentralized and not government regulated, there is no geographic restriction and hence cryptocurrencies can facilitate global transactions at very low cost without any mediating institution. However with the ease of inter border transfers and the anonymity cryptocurrencies offer it’s users can also facilitate money laundering and terrorist acts. Cross-border payments can be said to be the most significant use case for cryptocurrencies, due to the reduced transaction time and costs. Plus there are a lot of applications and programs that facilitate the use of cryptocurrencies and bringing them closer to the unbanked. Cryptocurrencies are a lot more accessible and come with an ease to use platform without much requirement when compared to banks and other financial institutions.