Despite the global instability in the economy, Latino markets continue to rise within the crypto world. Last week, Localbitcoins trading reported an increase between Bitcoin (BTC) and the Mexican peso by 71%. As such, the week of April 25 approximately $ 430,000 were traded in BTC form in Mexico, which was the fourth-strongest weekly trading activity to date.
Why are people adopting cryptocurrencies more and more?
The basic advantages of Blockchain technology are decentralization, immutability, security, and transparency. But more precisely, blockchain technology allows verification without having to rely on third parties.
The data structure in a blockchain is only for adding. Therefore, the data cannot be altered or deleted. All transactions and data are attached to the block after the verification process, which is done with the utmost confidence. There is a consensus of all the participants of the public ledger on what will be recorded in the block.
Transactions are recorded in chronological order. Therefore, all the blocks in the blockchain have a time stamp. The ledger is distributed among all the nodes of the blockchain, which are the participants of the network. The transactions stored in the blocks are saved in millions of computers participating in the chain. In other words, it is decentralized. There is no chance that the data cannot be recovered if it is lost. The transactions are transparent, and only people who are given the authority can see it. This is because multiple consensus protocols are required to validate the entry, therefore eliminating the risk of duplicate entry or fraud.
This results in almost immediate payments and transactions, with less fraud. These are also possible to make from anywhere in the world without the need to use the same entity to complete the process.
Entrepreneurs find new ways to make transactions.
For the same reason, many entrepreneurs are beginning to accept payments in cryptocurrencies. This expands the market to a more global one because they can offer products and services without having to share personal information. They can also accept immediate payments from anywhere in the world. A very popular platform among entrepreneurs is bitfoliex because it is easy to use for people who don’t know much about this technology. Furthermore, they do not charge any registration fees and offer a safe option to manage cryptocurrencies.
At the end of the day, blockchain is a new technology and an infrastructure that is still being developed. As it gains more stability, new ways of doing business will emerge for smart small, and medium-sized businesses to incorporate the technology into their own propositions. For this to happen, the biggest obstacle is getting companies to adopt blockchain and drive customers towards these solutions. It is a participatory technology more than anything else, and it cannot provide any of its benefits to those who do not choose to use it. Blockchain represents a rising tide, but only the first ships that make it to the surf will be the first to succeed.