Cryptocurrency Can Be Adopted As A New Financial Tool in Agricultural Setting

Cryptocurrency is a digital asset that helps farmers manage their agribusiness successfully without facing financial difficulties in the near future. Not only in agriculture, but many sectors have adopted Bitcoin and other cryptocurrencies for the smooth running of their businesses as well as economic growth in rural areas.

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The Following Are The Reason Why Cryptocurrency Can Be Adopted By The Farmers:

➡️Financial Impact: Many farmers in Africa do not have access to banks due to the long distance to bank locations or the stress they may face when opening a new account, such as bank requirements. Cryptocurrency is an opportunity they can use because it serves as an alternative means to acquire, invest in, receive, or send cryptocurrency to those they are likely to do business with.

It does not consume time, unlike conventional banking services that can waste most of our precious time. Receiving money through cryptocurrency is very fast because it eliminates intermediaries when farmers sell their farm products to consumers.

➡️ Transparent: Blockchain-based cryptocurrency has a lot of advantages for farmers because farmers in rural areas face trust issues when performing transactions. The adoption of cryptocurrency can help keep track of farm products as well as reduce fraudulent activities that normally happen on the farm.

This is an effective way for farmers to promote their agricultural products because it is built on trust.

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➡️Faster Means of Payment: It offers the fastest means of transaction, which will help farmers receive instant payments that support their agribusiness and help it move forward. Low transaction costs are important because farmers in rural areas face challenges of high transaction costs and other difficulties when exchanging money in international markets, which makes it difficult to do business internationally. There are no delays in payment, which is why it is different from others.

➡️Alleviate Price Volatility: Farmers can also make use of stablecoins to protect against price fluctuations that may likely occur in peer-to-peer transactions between buyers and sellers. Stablecoins like usdt can help manage the risk so that farmers can have stable income in their wallet.

Conclusion

Not all the farmers know about the blockchain based cryptocurrency, so awareness must be created to inform general public especially the farmers to support their agribusiness. Cryptocurrency must adopted to ensure sustainable growth in the farm setting.

I invite

@rossnenye
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