Cryptocurrency and Its need in Democratic Establishments

Cryptocurrency and Its need in Democratic Establishments

The global market has surged with an immense wave of virtual currency and related blockchain technology. People show interest in the amplitude of benefits and new features that these digital token exhibits in the existing market. As this new currency medium spreads into many other market sectors, its popularity and expansion as a currency medium will also flourish. 

Because of the many benefits that this currency provides over the fiat currencies and the idea of a new and better form of the market which can provide more efficiency and transparency among the market users, the idea of adopting cryptocurrency over fiat currencies as a currency medium has been eminent in the market. But the most probable effect of this is seen in the democratic regions and republics.  

This sudden surge of virtual currencies in democratic regions has many doubts. For example, the general public, including How, Does the use of cryptocurrencies affect the economy and functionality of a democratic region or republic? And why is this region thoughtful about implementing virtual currencies and blockchain technology in their economy? These questions are significant for virtual currencies and their future, so they need to be answered. 

Digital currencies are Democratic. 

The idea of democratic-friendly virtual currencies is odd as they are supposed to work in every form of market or economy, no matter the type of government or system. If you are interested to earn money from Bitcoin you need to know the Bitcoin advantages for businesses . But the idea is not about whether cryptocurrencies are democratic or not. Instead, it is about whether these currencies and their feature can benefit this democratic region. 

The most notable out of these features is decentralization, as it is a concept that involves the equality granted between communities and authorities of each level of the system. And fair and equal participation by everyone, contrary to a centralized system, where a single authority has power and accessibility to the whole system. This very moral is a system to democracy’s equality and liberty, making these entities coincidental.  

Also Read: Leading Non-fungible Tokens of 2022!

As cryptocurrencies provide more security and transparency in the market, they are ideal to use in democratic regions that are previously suffering by the amount of corruption and unfair means being prominent. These factors are discussed and nominated to be better in a democratic economy than the fiat alternative.  


The use of blockchain in the Democratic economy 

Cryptocurrencies are merely digital token, and without the help of blockchain technology, it is just bits of data that is not helpful in any way. The primary use of blockchain is to create an open and transparent platform that proves to be very secure in terms of market security and complete functionality. This market can be implemented to track the flow of virtual currencies and can potentially stop any form of corruption or unfair practice using these virtual currencies from ever happening.

Because the blockchain eradicates any intermediaries in the platform, governmental services can use this feature to implement and provide service directly to the consumers without complications. For example, one can use it between governmental authorities for record management or budget creations and submissions, which can be done easily and quickly using blockchain ledger technology.  

Other than the economic or market uses, one can also use it in the existing social media and services in the democratic regions, which previously was a tool of spreading propaganda and misinformation or lousy influence to fulfill their agenda. The use of blockchain will ensure that no such price of information or unfair use of blockchain-based social networks could ever be done by high-security measurement and verifications and tracking of every source and entity in the platform. 

The write-up mentioned above prescribes the similarities between cryptocurrencies and the democratic morals and features, along with how democratic regions can use them to cancel out their defect and harmful properties prevailing in the system for a long time. 

The similarities and benefits the democratic economy will get with cryptocurrency implementation will also establish these virtual currencies. And expand their credibility and their dominations in the market, which might be the start of a possible crypto revolution that can change the whole structure of the existing market, making it more efficient and staggering.


IITSWEB is the Chief Business Development Officer at IITSWEB, a Magento design and development company headquartered in Redwood City, California. He is a Member of the Magento Association and an Adobe Sales Accredited Magento Commerce professional. Jan is responsible for developing and leading the sales and digital marketing strategies of the company. He is passionate about ecommerce and Magento in particular — throughout the years his articles have been featured on Retail Dive, Hacker Noon, Chief Marketer, Mobile Marketer, TMCnet, and many others.

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