How much longer will this injustice continue? The unemployment rate in Pakistan increasing day by day and mostly workless people can be dangerous to a country's security but the Government only cares about themselves. Digital currency can help in reducing the unemployment rate in Pakistan, eliminating expensive brokers, lawyers, and other typical third party who raise the costs of already expensive transactions and cryptocurrency also help Pakistani's to keep their private details.
We should use cryptocurrency to reduce the unemployment rate in Pakistan. According to the International Monetary Fund - World Economic Outlook " Pakistan's Unemployment Rate is forecasted to be 6.140 % in Dec 2019. It records an increase from the last reported number of 6.079 % in Dec 2018. Looking ahead, Pakistan's Unemployment Rate is projected to stand at 6.457 % in Dec 2024". In Pakistan, the unemployment rate is very high and the major reason is the fewer opportunities for the public. Nowadays, the economy of Pakistan testifying the young age group. many chances the unemployment rate in Pakistan rapidly increases in upcoming years. The unemployment rate in rural areas is higher than that in urban areas because there are fewer opportunities for employment in rural areas. Pakistani's of rural areas can earn a handsome amount of money with digital technologies.
Digital currency would help in eliminating the third-party transaction fee. According to Patrick Young "The governments of the world have spent hundreds and hundreds of trillions of dollars bailing out a decaying, Dickensian, outmoded system called banking when the solution to the future of finance is peer-to-peer. It’s going to be alternative currencies like Bitcoin and it’s not actually going to be a banking system as we had before 2008". Monthly, we paid millions of dollars by transferring our funds from one bank to another bank, sending our funds to other countries and withdrawing our money to the bank accounts. transactions in the banks almost takes one day to transfer our funds from one place to another place. digital currency can eliminate the third-party transaction fee like brokers, lawyers, bank transactions and other middlemen fees. The cryptocurrency payment system is peer-to-peer transactions. peer-to-peer transactions are electronic money transfers made from one person to another through an intermediary, there is no third person involved in cryptocurrency transactions. you can send thousands of dollars in 5 minutes through cryptocurrency payment system and transaction fee always under 0.50 USD.
we should have powers to control our private data. According to Satoshi Nakamoto, Founder of Bitcoin “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.” we totally depended on the banks and shared our private data with them. In history, we saw that many banks robbed and hackers hacked customer's private data and used it for criminal activities. now we have the option of cryptocurrency. its peer-to-peer transactions via computer nodes and no third party involved in it. Cryptocurrencies are decentralized which means there are no government authorities that decide the rules. This makes it easier for investors to secure their investment even if there are any changes in the business policies implemented by the government.
Will the role of the traditional financial system decline due to the development of cryptocurrency? cryptocurrency can reduce the unemployment rate in Pakistan with many opportunities. we can do freelancing, trading at the international market and crypto blogging which helps to reduce the poverty of our country.