The number of crypto money users around the world is increasing day by day. This suggests that cryptocurrencies can be an integral part of our daily lives. In terms of the use of crypto money, growth is observed especially in developing countries. People are looking for alternatives to payment and investment. If it continues in this way, we can talk about the adoption of cryptocurrencies worldwide in the near future.
Overall, the Commonwealth of Independent States countries, including Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan, reached record levels in the number of new users in one month.
A similar economic situation is observed in China, Brazil and Mexico, where people who have lost confidence in local currencies are withdrawing money from banks and investing in cryptocurrencies. This may explain the high prevalence of digital assets in developing countries.
Cryptocurrencies can also solve the problem of participation in international trade without having a bank account. Cryptocurrencies like Bitcoin can help individuals and businesses facilitate small-scale international trade. Using cryptocurrency allows parties to sell products in exchange for cryptocurrency, allowing them to move from traditional e-commerce systems that require opening a trading account with a bank to cryptocurrency systems.
One of the benefits of cryptocurrencies to developing countries is that anyone with internet access can serve as a bank account as they can download a Bitcoin wallet. This wallet can then be used as a bank account where people can make savings and daily transactions.
The decline in transaction costs could also increase the likelihood of microcredit because at the moment money transactions face high costs. Eliminating these costs would create enormous possibilities for international financing. Using cryptocurrencies allows individuals in more developed countries to make money transfers to people in developing countries.
With these developments continuing around the world, cryptocurrencies, along with predominantly smart contracts, can contribute to strengthening social trust and fighting corruption through a more transparent contract system. Citizens can use the public registration data of cryptocurrencies on the blockchain to track how government funds are used. It will also allow governments to better track their spending and improve their budget allocations.
