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Crypto_Frau

Influence of blockchain on the world economy

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The implementation of the blockchain technology can transform the world economy. At the moment, the financial world system is centralized and managed by the participants, who have the most power. The implementation of the blockchain will create an economy of joint participation. Consequently, it will exclude intermediaries between market participants.

In the financial and banking spheres it will accelerate and automate processes. Furthermore, the use of "smart contacts" will allow limiting or completely excluding regulatory bodies. The use of fast, efficient digital money that does not bear the cost of processing cash and can be tracked will improve the financial system and reduce the level of corruption. In the future, the use of blockchain will facilitate the banking and interbank transfers.

In addition, digital money can be introduced to make transactions in everyday life for ordinary citizens. Already, there are digital wallets, ATMs, credit and payment systems on the basis of the blockchain. For example, to pay for advertising on the Internet, a limited set of payment methods is used (most often bank transfers). Using blockchain and cryptocurrency will allow each user to easily pay for advertisements so that they can develop their business (a similar solution is offered by the Dan Service project (https://dan-service.com/)). Optimization of advertising will allow the business to increase efficiency and conversion.

The implementation of blockchain in developing countries will bring them to a qualitatively new leap in development. For example, some small countries do not have fixed phones or addresses, but most of them have smartphones and the ability to create wallets with crypto-currencies. Cryptocurrency will provide them with an opportunity to pay for basic needs, such as utilities, rentals, and meals.

Besides, blockchain will increase the transparency of various charitable organizations that fall under corruption or government manipulation. Enhancing the level of trust will increase the money flow to those parts of the world that need financial assistance. Blockchain technology and the digital currency will reduce risk and fraud and give them final control over the implementation of monetary policy and taxation. Therefore, the introduction of this system will allow building a financial system based on trust.

The government of developed countries also plans to implement blockchain. For example, the UK plans to use it to reduce corruption and fraud, as well as improve the efficiency of government agencies. Experimental developments are conducted in the area of welfare distribution, namely pensions and wages. It will allow Great Britain to track and record all citizens' payments. Also, one of the areas of blockchain’s possible application should be an automated customs service. Consequently, it is planned to reduce the waiting time at customs points when arriving at the airports etc.

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What do you think of online payment systems like PayPal/WeChat Pay for cryptocurrency?

Do you think this is possible? If so, do you think it would do well?

Some people are trying to avoid the "middle man", but some people don't care.

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Posted (edited)

`I think it's okay and it can be used for daily payment. Furthermore, If giants like Amazon will allow paying in cryptocurrencies, such services will be extremely useful.

Edited by Crypto_Frau

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I think that the popularity of blockade is not easy. It's a great idea for any operations. Minuses are always there. Different countries impose their own limitations. Technologies are developing and scammers are developing. The danger of losing money increases. We will in any case see consolidation of the blockade in the market or it will disappear.

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Blockchain has bring a change in life style of people as it has lot of profit in it. Economy of country has been influenced by blockchain. Series of people have connected via blockchain to attain profit. Economy can be developed by blockchain. Like road belt of china in which numbers of country has invested.

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In my opinion, the original purpose of cryptocurrency is to replace the current currency and become a universal digital currency. This will greatly reduce the cost of cross-regional transfers and simplify currency usage. This was originally a technology, or an innovative way of using the currency brought by the Internet. But if it is now, cryptocurrency seems to be a field that is separated from fiats(What I mean is it became another independent subject) and this field is also endowed with prices. This is in contradiction with the meaning of cryptocurrency. The Nobel prize winner and Yale Sterling Professor of Economics claimed that the Bitcoin phenomenon fundamentally is a speculative bubble. The CEO of JPMorgan has been vocal about that he would no longer discuss bitcoin, and the Bitcoin price is meaningless. In fact, my point of view is similar. Nowadays, the price of excessive speculation is actually a bubble. Its meaning does not match the price. If the cryptocurrency is to be treated as a stock or a securities fund, a solid industrial foundation would be required at first. The significance and value of cryptocurrency lie in the implementation of technology and the real improvement and resolution of social problems. Instead of being just a piece of empty and virtual "white paper".

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What is the reason for the drop in the rate of bitcoin? Some believe that the current players on the crypto-exchange, seeing the rapid demand for bitcoins, decided to scalp the market, and when the rate was inflated to a certain extent due to demand, some bitcoins were sold to new happy owners. Due to the extensive offer for sale, the bitcoin rate fell back to 10 thousand, and thus the most operative crypto investors recorded their income. So bitcoin will remain quite liquid until it is in demand, and as we see, demand for it is only growing. By themselves, crypto-currencies are exactly a bubble with all its attributes. And only when it bursts, they will begin to be used as a means of payment within the Internet turnover and on their basis financial instruments will be created. What do you think about this?

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