With the ever changing and evolving technical space in the world
and rise of internet, it has given birth to various newer
technologies that has changed the way how society works. When we
talk about blockchains, crypto curency have becomes increasingly
popular since the introduction of Bitcoins in 2009, as they promise
a faster, more secure, lower cost payment solution for
international business.
Working of bitcoins depends on working of all participating
countries in a network where everyone will be transparent access to
all the transactions taking place in the system.
Implications
1. Bitcoin is an international currency that is made by the
community of people worldwide and not just issued by a government.
It does not takes into account any intermediory or bank.
2. Using bitcoins can streamline the business flow especially across multiple countries. Bitcoins are looked upon to especially in those developing countries where local currency might be unstable or depreciating. bitcoins can help in adverse and sudden changes in local currency while doing international business
3. Usage of bitcoins eliminates the need to maintain a multiple currency account in international trade. Taking into account the exchange rate and transaction and conversion fee, using bitcoins can be cost effective and efficient to use.
Recommendations Safely and relaibility of crypto currency is of
utmost importance whlie trading with it on international business.
There have been instances where bitcoin exchange has been hacked
and people have lost lots of money because of it. Since it is a
purely digital form of currency, safety while transacting with it
should be taken care of
When bitcoins are being used for international trade, the
payment speed, security increases while reducing the cos.
however, not everyone has accepted the usage of bitcoins in
international trade, which makes it difficuilt to use it entirely
in trade.
Nations have the apprehension that by using bitcoins, they will be
exposed to more of FX threats and risks. World wide acceptance is
much needed at this hour to make the best use of the
cryptocurrency
What are some of the implications and recommendations for conducting international business using BitCoin?
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