PERFECT MONEY by Dr.KARTIK H

Author:Dr.KARTIK H [KARTIK H]
Language: eng
Format: epub
Publisher: HAMSA PUBLISHERS
Published: 0101-01-01T00:00:00+00:00

Business applications

The earliest businesses to enter the Cryptocurrency scene were web wallet service providers. This segment of the Bitcoin system had to grow first so that the number of users could increase.

Some of these businesses today offer other services like currency trading, data analytics, forex hedging, etc.

The World Bank survey says that in 2014, out of the 7.4 billion people on earth, 62% of world’s adult population had bank accounts, which is important for e-commerce (World Bank, 2014). This is even better in developed countries, like the USA, where 95% of the population have access to banks.

Now 3.67 billion people of the total 7.4 billion people on the planet have access to the Internet (up to June 2016; World Internet Users Population Stats, 2016) and it is growing.

It means that with cryptocurrencies, we can extend financial services to at least 3 billion of the world’s population at minimal cost, as on now. The concept of transacting openly via the Internet straight away evokes interest in business people who understand that they can enlarge their customer base many times over by using cryptocurrencies.

The business sector is thus witnessing a new period of progress with the arrival of cryptocurrencies.

Blockchain permits the removal of the Trusted Third Party, and replaces it with the network. It thus allows the establishment of trust at minimal cost. A trust that is created during a transaction, without government or institutional involvement. This amounts to the direct exchange of value between the transacting parties with no intermediary involved.

These qualities coupled with minimal transaction costs have permitted businesses to make new commercial standards that let users to exchange value. The amounts involved in the transaction do not matter.

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