The digital ecosystem of entrepreneurship and exchange has bloomed with Bitcoin’s digital infrastructure. BTC is already spread worldwide and it is growing rapidly. It is true that the adoption of Bitcoin has some flaws in infrastructure, but it is driven by the correct road. So, the flaws and criminals will be overtime when people will get used to this kind of financial system. In locations where banking services are well-developed, active support of Bitcoin is higher than in other places. The Bitcoin adoption is also partly driven by cryptocurrencies’ usefulness in engaging in illicit trade.
Cryptocurrencies are increasing and growing all the time. A decade past since they are invested and the value of all cryptocurrencies reached $0.25 Trillion. To make it easier to understand, globally, there are $1.7 trillion USD and $1.4 trillion Euros in circulation. In 2019, bitcoin was the world’s sixth-largest currency of circulation.
Every day, trading with cryptocurrencies has reached 1% of trading in foreign exchange markets. Bitcoin transactions and accounts have grown at nearly 60% per annum over the past 5 years.
In short, trading with cryptocurrencies is adopted rapidly and worldwide. The emergence of is has often viewed as a radical innovation in financial solutions as created through the spread which is interned-based. In order to understand the historical growth, one must think through future prospects of fintech innovations. Innovations have their own needs to survive. The development of technology is tied up with the development of cryptocurrencies.
Let’s focus on Bitcoin since it’s the most popular and widespread cryptocurrency. Most of the cryptocurrencies are recorded as clones or as variations of bitcoin technology. It also has the highest trading volume and consists of more than half of the cryptocurrencies market. Bitcoin provides much-needed liquidity to other cryptocurrencies.
Failing of the traditional financial systems
Some believe that bitcoin adoption is driven by the failings of traditional financial systems. There is bigger adoption in the countries, where the financial systems are greater and more experienced. There is less adoption where bank rents and share of the unbanked are highest. Only the countries which are strong enough to take some risks are willing to take Bitcoins in their financial systems.
By increasing the understanding of socio-economic factors, there will be more developers and authorities who will use virtual currencies which will take them into the new era of the financial market.
Example of modern partnerships
In the time where everyone is trying to make themselves stand out in the safest way possible, there are countries that are standing together on the road of development. The UK and Dutch financial regulators agreed to work more closely together to protect and embrace and stabilize both country’s financial systems. They are trying to thing together as it is more likely to work things out when you are not alone. They have also signed a joint agreement to make this partnership even more formal.
Since the UK and Dutch financial partnerships, many financial agencies are trying to work together, especially during a pandemic. This is the proper example of developing global markets by making sure that everything is falling into places after the crisis.
Agreement between these two countries will lead to a great bonding which will be a huge step in providing the fintech and data-based activities in both of these country’s industries.
Merel van Vroonhoven, Chair of the AFM said that the partnership between Netherlands and Uk will make more trustworthy trading platforms for not only these two countries but for neighbors and anyone who is included in the trading field. The Netherlands will surely have some impact on the UK’s market and trading infrastructure and it will be the new example of modernized relationships between countries. The FCA and AFM will also share the best training and the quality experiences for people and investors from both countries. The closer these countries will be with each other, the more investors and capital markets will be secured while sharing information and financial issues with each other.
MasterCard gives the opportunity to an easier program
Crypto spaces are becoming a new reality of our everyday life, so it needs to be modernized and easier to work with. MasterCard has already started a program that will make it easier for consumers to receive and give cryptocurrencies without any hard-to-remember steps. They have made simpler and faster payment cards for the marker, so people could be more secure and stress-free with their money. The move comes as more and more people worldwide need the ability to direct payment exchanges. Anyone who is involved in cryptocurrencies can join Mastercard’s Accelerate program for brands and fintech. People soon will receive access to everything they need to grow fast and make their fortune even bigger.
The cryptocurrency market continues to mature, and new ways to approach it is needed. Mastercard is driving forward creating a safe and anxiety-free experience for consumers and businesses in today’s economy which is mostly digitalized and internet-based.
Cryptocurrency regulations around the world
As cryptocurrency is getting popular every day the countries are paying way more attention to them than they were before. The field is constantly evolving and keeping up to date the new rules and regulations within them is not a very easy thing to deal with.
Major governments are trying to think differently when it comes to crypto money and in order to do that they need different approaches to make things work in this field. The landscape is evolving. Sadly, almost all governments and countries are too slow to keep up with the cryptocurrencies news and people are hoping to see more things done in the future of this industry.
Some countries like Russia, the USA, China, the UK, European Union, have already made innovative steps for currencies. Some of the countries are actively banning and stifling it. These countries are really hating the idea of having cryptocurrencies in their financial systems but don’t change the fact that crypto money is growing across the world. Many questions are asked by newcomers when it comes to cryptocurrency Because there are still people who are using this kind of money on laundering and terrorist financing. While buying and trading crypto may be a risky thing to do, crypto is not used by criminals as much as traditional fiat currencies are.
As time goes by, regulations are developing and countries are following them more and more.