A recent report in the International Business Times reveals that cryptocurrency companies are currently fulfilling a large percentage of oil and gas imports. Cross-border transactions of goods and services have been made incredibly easy because Bitcoin allows for peer-to-peer trading without interference from government institutions or central banks. Furthermore, land on this page for some information about bitcoin trading.
Blockchain technology is also known for its speed, which is eight times faster than traditional methods like wire transfers and checks. This cryptocurrency has already raised significant interest amongst trade organizations with a global reach. Many countries, such as Japan and South Korea, have recently announced their support for this new platform to help boost trade regulation.
The need for a better way of global trade has been recognized, and Bitcoin is the best solution. Owing to its decentralized nature, the idea of having a single entity overseas transaction has been eliminated. It means that all participants in a transaction are considered equal, allowing for a purer state of trading.
According to a recent report by Bloomberg, many companies have already started accepting this cryptocurrency as the preferred payment method. These three oil giants made their first investments into cryptos between November and January. As a result, they must have seen an increase in trade activity worldwide on this new blockchain platform.
Bitcoin’s significant part in revolutionizing global trade?
The idea of a transparent financial system has interested many businesses and governments, leading to the development of this cryptocurrency. Its global reach has been gaining traction since the soaring popularity of Bitcoin in 2013. For example, the European Union recently made some positive developments in its plan to tackle terrorist financing, money laundering, and tax evasion by supporting the blockchain technology used by Bitcoin. With its help, countries will not be able to easily manipulate trading data as it is stored on a decentralized network that anyone can access.
Now, six billion people are considered unbanked because they lack access to financial institutions and banks. As a result, this decentralized currency has become the most viable option for such people to make trades more safely and transparently.
India is also exploring the use of blockchain technology as a way to support its growing economy. Prime Minister Narendra Modi revealed his plan to create digital money and support blockchain technology in July 2016. This new platform would help provide better financial services to their citizens, especially those who do not have access to banking facilities. In addition, because India has such an extensive network of traders, the need to improve global trade is becoming vital as it involves so many individuals and businesses.
It would be interesting to see how governments and banking institutions will respond to the growing importance of Bitcoin. Some may see this cryptocurrency as a threat as it disrupts their way of conducting financial transactions. However, it is essential to remember that the development of Bitcoin stems from a need for an alternative solution for making trades worldwide. It just so happens that Bitcoin can offer us the ideal way to conduct business fairly and transparently, so why wouldn’t we allow it to revolutionize global trade?
Features of bitcoin easing global trade?
Bitcoin provides a way to send money instantaneously while ensuring it is protected by blockchain technology. With no middlemen, like banks or clearing houses, transactions are much cheaper than with traditional systems. Moreover, as an open source system, more and more people are discovering ways to adapt it to suit their needs and use it as an alternative payment method of choice.
According to a recent article in Yahoo News, Bitcoin has already taken over the market for international payments. Around 120000 transactions are being processed daily for cross-border transactions between 190 countries worldwide.
The significant benefits of bitcoin in global trade:
Bitcoin is backed by blockchain technology, which makes it a trustworthy financial instrument. It means that no one can alter the value of any transaction due to hackers stealing funds or governments trying to manipulate the data. This currency can be used in international transactions, making it faster and cheaper than other traditional methods. The user keeps their financial records on an open-source system and cannot be locked out by anyone else because all transactions are recorded on a public ledger. As Bitcoin is considered ‘digital gold,’ it has also attracted more people looking for alternatives to paper notes.
