The major role of cryptocurrency in promoting financial inclusion. - page 2.

BIT-BENDER

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Quote from: Promocodeudo on May 02, 2023, 12:06:53 PM

Another benefit is cryptocurrencies can be use to reduce payment sorting costs, giving room for small businesses to retain in their possession more of what they get and significantly increase in the rate how fast they get paid.

I don’t think I understood you here how does crypto-currency reduce payment cost for small business, let’s say I am a small scale business owner and I have a good going for $1 it would always remain $1 regardless of it you are making payments in Crypto-currency or in Fiat.

Yes I agree with you that bitcoin transactions can be fast, but small scale business mostly get paid in cash, so I believe that’s faster.

We need to understand this bitcoin is not the solution for all our problems, it give us freedom, right to privacy and anonymity but it won’t make a small scale business man start earning more from his Business only a good business plan can do that.

BlackHatCoiner

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The major role of cryptocurrency, in my opinion, is the ability to create without being reliant on anyone. Create Internet transactions, small governments, communities, proposals for further innovation etc. It's a very alive organism itself.

It can also cause denationalization of money, which is a huge deal. There was no such currency before. Even gold was effectively under the state's control.

Ndabagi01

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Quote from: Promocodeudo on May 02, 2023, 12:06:53 PM

The most notable advantages for businesses in taking up Cryptocurrency is the high likely future returns.

When you say future returns, it comes to mind that everyone can be able to face the market reality but no, only those with full confidence and patient can enjoy the high market return when they venture their business in bitcoin, not just any cryptocurrency.

Quote

Cryptocurrencies are new compared to Fiat currency, and so is their market values volatile. However, their volatility comes with prospective good gains. Another benefit is cryptocurrencies can be use to reduce payment sorting costs, giving room for small businesses to retain in their possession more of what they get and significantly increase in the rate how fast they get paid.

You made a lot of comparison of digital asset and its simplified means of payment to Fiat currency. But generalising the term to just cryptocurrency makes it a thing of thought. All this can be achievable with bitcoin and not just any cryptocurrency.

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Quote from: Promocodeudo on May 02, 2023, 12:06:53 PM

Cryptocurrencies are new compared to Fiat currency, and so is their market values volatile.

True, even though cryptocurrencies in general really shouldn't be.

Yes, it could be arguably viable to compared bitcoin and stablecoins to fiat currency, but the entire cryptocurrency space? Not really. A huge majority of cryptocurrencies are just pseudo-shares of platforms. For some reason people are still with the 2017 narrative that every other cryptocurrency is trying to compete with Bitcoin.

bitmover

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I wouldn´t say that Bitcoin major role is to promote financial inclusion. That is a possibility.
However, the main role of Bitcoin is promote financial freedom.

Financial inclusion cannot be achieved by the bitcoinization of the society. Although many people became rich with bitcoin, it is very unlikely that those who are most needed will get any bitcoin at all in their lives.

However, middle class citizens are probably the ones who will be most benefited by bitcoin, specially those in countries where there is high inflation (such as Latin America, specially Argentina, and other countries like Turkey...) or those who live under authoritarian regimes.

Promocodeudo

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The most notable advantages for businesses in taking up Cryptocurrency is the high likely future returns. Cryptocurrencies are new compared to Fiat currency, and so is their market values volatile. However, their volatility comes with prospective good gains. Another benefit is cryptocurrencies can be use to reduce payment sorting costs, giving room for small businesses to retain in their possession more of what they get and significantly increase in the rate how fast they get paid. Crypto may serve as another effective possibility of choice or making asset equal to cash, this might be lower over time due to inflation. It can further aid stronger control over the capital of such enterprise to cope with the risks and opportunities of direct involvment in digital Business.

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