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With the emergence of cryptocurrencies like Bitcoin, our perception of the finance world has drastically changed. Just a while back, virtual money was a concept that only the madmen would stand behind and general population saw Bitcoin as a bubble ready to burst any second. Several years later cryptocurrencies are going strong and, in a meantime, are completely disrupting global markets. There are several significant effects that derive from Bitcoin’s parent, blockchain technology.
Redundancy and the abolition of the 3rd Party Thanks to Blockchain Tech.
Thanks to BTC and blockchain technology, transactions are incredibly simplified. They happen through the concept of peer to peer connection, which eliminates the middlemen companies. Banks and other financial institutions are redundant and tons of funds are saved, thanks to the exclusion of the processing fees. With traditional banking, every transaction has a price, with Bitcoin, transactions are almost completely free and increasingly faster than banks could ever offer. Considering the significant benefits of peer to peer operations, many companies and people are switching completely to the cryptocurrencies. Also, transactions and storage of money is becoming much more secure and fraud-free thanks to the advanced technologies within the blockchain systems.
Simplified Opportunities for Crowdfunding
Thanks to cryptocurrencies and blockchain technologies, crowdfunding has become incredibly easy and secure. From now on it’s much easier for entrepreneurs to find potential investors, compared to the old ways, where one needed to work with venture capitalists to fund the projects. Using cryptocurrencies, all innovators need to do these days is to conduct initial coin offering operations and if the idea is bright and has a promise, investors will put money into the business directly.
The Disruption of Gambling Industry and the Effects of Bitcoin
Another huge industry that has been clearly affected by the emergence of the cryptocurrencies is the world of Gambling.