Currently, as we know, a global pandemic is sweeping across the world, ripping entire countries and their economies apart.
People are unable to work, businesses are being shut down and people are being ordered to stay at home to reduce the spread of the corona virus. We have not faced such uncertainties since the outbreak of Influenza in 1918, and we are struggling to deal with the repercussions.
CEO’s of the world are stepping down, venture capitalists are drawing their finances tight and banks are fast running out of cash. Countries are implementing stimulus packages in order to save what they can of their failing economies.
Stocks and shares are plummeting. Global economies are failing.
We are only at the beginning really of the corona virus pandemic here in Australia, and the consequences we are facing are just a tow in the water with what we can expect to see over the up coming months. And no one can give answers as to when this will all be under control and economies can start rebuilding what has been shattered.
This pandemic has really proven to everyone worldwide just how fragile and weak the economic systems of most countries really are. However, from all of this we have the opportunity to rebuild and learn. And we can rebuild into something stronger and fail-safe.
All Hail Crypto
With economic systems crashing and failing worldwide, there has never been a better time for cryptocurrencies to come to the rescue, and prove to the world their benefits of their system.
By implementing crypto as the main source of currency, this means we are implementing a decentralised system that rewards efficiency and quality, creates value and freedom for the people. A decentralised system means that local communities are benefiting all while being interconnected on a global scale.
Mati Greenspan, founder of the analysis firm Quantum Economics, has stated,
“There’s certainly a bit of fear in the Bitcoin market, but it’s not anything close to the panic we’re seeing on Wall Street today, with the clear flight to safety.”
How Crypto’s Can Help Sustain A Global Econom
Great Benefits For Poorly Banked Countries
More than one third of the world’s population does not have access to basic banking services. This means that in times of financial crisis, as we are seeing on a global scale currently, these people are already disadvantaged from a service which many of us take for granted, however, now we are only experiencing the real affects of that first hand.
Cryptocurrencies allow people in this situation to access basic financial needs and services more readily and with ease. Due to its decentralised nature, trading can be done freely across borders, allowing us to become more financially connected and enabled.
Transparency of Transactions
Due to its decentralised nature, every single transaction that is made on the Blockchain is open and transparent for anyone to view. This means no more lying to the people and no more hiding.
Businesses are able to trade and receive and make payments in more currencies, gaining them better financial coverage and a liberated financial connection with the rest of the world which we have not seen before.