Cryptocurrency is not just a financial innovation, but a form of social, cultural, and technological progress. Cryptocurrency has the potential to provide a huge boost to the economy due to its easily accessible nature.

Cryptocurrency is a digital asset that is managed using cryptographic algorithms. There are various types of cryptocurrencies. Bitcoin (BTC) is probably the most well-known cryptocurrency, but thousands more have emerged over time. Of course, this also includes stablecoins, i.e. cryptocurrencies whose value is linked to fiat currencies, bonds, or raw materials such as gold.

As crypto prices correct and the fear and greed index rises again, it is important to take a breath and understand that the broader impact of cryptocurrencies goes beyond daily price fluctuations. Use cases for cryptocurrencies and their underlying blockchain technology are evolving at an exponential rate. The enormous economic impact that cryptocurrencies are having on the global economy extends beyond industry boundaries and exceeds what was possible not long ago.

Like any tool or technology, cryptocurrencies have their pros and cons. The positive impact of cryptocurrencies is significant. One of the biggest advantages is probably accessibility. Cryptocurrency allows you to make or receive payments without the intervention of a third party such as a bank. The current state of the financial system is undoubtedly disappointing many people around the world. In fact, more than 1.7 billion people do not have a bank account.

Due to its accessibility, virtual currencies can advance financial inclusion around the world. For underserved and unbanked people (of whom 1 billion have mobile phones), the use of cryptocurrencies provides an opportunity for financial inclusion. Therefore, it can be argued that cryptocurrencies are fundamentally good for the economy.