Digital Currency Brings Economic Freedom and Empowerment

How Can We Level the Global Playing Field?
By 
Coin Cloud Team
, published on 
June 5, 2020
Digital Currency Brings Economic Freedom and Empowerment

We’re living in tough times, with lots of questions and uncertainties facing us. One thing that makes people feel more secure is having economic freedom, but it’s sadly not available to everyone — yet.

Economic freedom measures people’s ability to be part of the economy.  This includes property rights, labor regulation, ease of starting a business, currency stability and free trade with other nations. Not every country has these rights or abilities, and not every person in every country has economic freedom.

Interestingly, while in 2016 the USA was measured as being #11 in the world on the scale of economic freedom, it now logs in at only #17, according to the Heritage Foundation. We’re behind, in order, Singapore, Hong Kong, New Zealand, Australia, Switzerland, Ireland, United Kingdom, Denmark, Canada, Estonia, Taiwan, Georgia, Iceland, Netherlands, Chile and Lithuania.

!Economic Freedom

Economic freedom means higher income in all categories, longer life expectancy, better education, more literacy, less violence and corruption, fewer wars, and higher levels of happiness. It leads to a lot of positive results, and at Coin Cloud we believe it goes hand-in-hand with equality, personal empowerment and justice for all.

We can’t always fix every problem in the world. But making digital currency available to everyone, and empowering borderless peer-to-peer money exchange, is high on our list of values. And we think that putting economics in the hands of the people is one way to empower them.

Coin Cloud Values:

1. Equality among all people 2. Justice for all 3. Economic and personal empowerment 4. Economic and personal control 5. Economic and personal freedom

At last reporting, 1.7 billion adults globally were unbanked — without access to a bank account. Said another way, only 69% of adults worldwide have a bank account. And yet … 79% of adults in developing economies own a mobile phone, and 93% in high-income economies, according to Gallup World Poll data.

If you’re thinking this doesn’t apply to your own backyard, only 75% of US households are fully banked; the other 25% is unbanked or underbanked, and more than half of those people say they don’t even have enough money to put in a bank.

But with more people having access to mobile phones than money, doesn’t it look like digital currency is the clear answer to keeping, accessing and spending money?

Alternative to Banks

If you walk up to a Coin Cloud Bitcoin ATM, you can deposit cash and buy digital currency for spending online or at various stores. You can also send it to friends and family, anywhere, anytime. Some digital currencies go up and down in value, so you might not want to put all your savings in Bitcoin (or you might … after all, millions of dollars have been made by owning BTC. But we would never advise you to invest in it, since there are no guarantees).

Overall, cryptocurrencies are becoming less volatile as time goes on. And you can also purchase five different fiat-backed stablecoins at Coin Cloud BTMs, which are pegged 1:1 to the USD. So, you’ll never wake up to discover your digital currency is worthless, because it’s always worth the same as the equivalent in dollars (or, at least, within a few cents).

Choose your favorite between USD Coin (USDC), TrueUSD (TUSD), Binance USD (BUSD), Paxos Standard (PAX) and Tether USD (USDT). We also offer crypto-backed stablecoins, and 22 other altcoins, which we investigated more thoroughly in the previous four blog posts.

Reducing Global Poverty

If more people in more nations adopted digital currency, maybe poverty could be eradicated. Maybe, at the very least, it could be reduced substantially. It’s quite possible that wider spread usage of cryptocurrency could improve millions, or even billions of lives.

If that seems like a simplistic pipedream, consider that digital currency can help boost economic freedom by making it easier to launch and grow a business, to make and receive payments, to connect with customers and vendors around the world, to safely store funds, to limit theft … to operate as if you’re banked, but without the need for an actual bank.

Your digital wallet travels with you, so you can conceivably live in any country you want. Ethereum, Tron and Loom (all available for trade on Coin Cloud digital currency kiosks) can run smart contracts, which in theory could do away with expensive legal processes. Cryptocurrency is now being used to invest in art, promote social programs, and fund nonprofits.

If digital currency has come this far in a little over a decade, just imagine where we’ll be in another 10 years … or 25, or 50 years.

We’re not saying digital currency is the answer to everything. But it certainly is the answer to a lot of things.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.

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