The degree of economic freedom of nations is one of the great problems of our time. History proves that the more free is the economy of a country, more developed and prosperous it will be. Increase the level of freedom of the global financial sector can serve as a huge economic stimulus package to accelerate innovation and improve people's lives. Digital currencies like bitcoin, may be the most effective way to achieve this goal. Economic freedom is a measure of how easy it is for members of a society to participate in the economy. Several factors make up the degree of freedom in each country, such as the ease of starting a business, the question of property rights (if you can keep what you have in your possession), free trade among nations, labor regulation and market, monetary stability, among others.
To confirm this reasoning, below is a list published by the Heritage Foundation and the Wall Street Journal, showing the ranking of the best and worst countries according to the level of economic freedom.
A series of positive consequences derive from the increased economic freedom of nations, the most obvious being: the increase in per capita income, life expectancy and literacy. In addition, there is an even greater increase in the income share of the poorest 10%, increased environmental protection, fewer incidents of civil violence and wars, reduced government corruption and, in general, an increase in the happiness index and satisfaction of the people. With the proliferation of smartphones and the expansion of Internet infrastructure around the world, mankind has created the necessary conditions for that digital currencies could penetrate almost every corner of the planet. Thus, any connected person may have a bank in their pocket, such is the disruption that this technology promoted in the financial sector.
With bitcoin or any other cryptocurrency, it becomes much easier, for example, open a business. Anyone with an idea in mind may receive payments from anywhere in the world within minutes. With this technology, you can provide access to financial services to billions of people who do not have access to banks. It allows you to keep your assets under custody. Your funds will be well away from the usurpers tentacles of governments.
More benefits
With regard to the optimization of business transactions, the bitcoin stands out as one of the most effective options to conduct international remittances. It facilitates two people in different countries do business. Imagine you want to build a website. You can hire this service in any country in the world and pay your provider using a digital currency of global acceptance. The digital coins operate in a decentralized manner and thus eliminate the need for intermediaries. Apart from reduction of transaction costs, also decreases up the possibilities of government fees, for the commercial relationship is to be between only two parties.
With the creation of executable intelligent contracts automatically bureaucracy for two parties reach an agreement will also be reduced, regardless of where they live or whether they can afford a lawyer. It is a revolution underway in the way business is conducted. Currently, digital currencies are very volatile, with its price ranging every minute, 24 hours a day. But this volatility has been falling over the years and with clear stabilization trends in the price. In the coming years, the bitcoin is more stable than most of the more than 180 national currencies that exist in the world.
There are numerous applications being developed using digital currencies and blockchain technology. By 2020, at least one developing country will surrender to the largesse of a decentralized currency. From that moment, we will see the technology spread around the world so quickly as digital photography in relation to analogue photography. Over the past 20 years, the average global economic freedom remained practically stable. With the invention of digital currencyit will be possible increase this level of freedom in a relevant manner with profound positive impact on the lives of everyone.