The impact of Digital Trade has not yet come out in its full potential. It is very likely that due to lack of knowledge, inadequate resources, legal barriers, Governments inflexibility to be open about the digital trade are affecting the facilitation of hassle-free trade.
The limitations are many some of which are explained below:
Barriers set by Governments, especially, that of the third world countries are leading to the ruckus of easy and feasible trade. If we talk about China and North Korea alone, these countries are strict, where even the overseas signals from one router to another are under the surveillance. Their firewall frequently blocks the transmission, which causes infringement. This has to stop in order for the world to connect globally in an efficient way.
Inefficient and proper channels to facilitate digital trade is a big issue that is a global topic of discussion today. Financial planners, advocates and successful businessman today are raising the issue of how a person, a business or any enterprise can largely benefit with digital trade. The use of cryptocurrencies like Bitcoin and Ethereum can help save a lot of money as it negates the third parties from deducting surcharges and other commissions, as the case may be.
The world is changing!
Despite the above, the previous year alone witnessed a whopping hike of Bitcoin hitting the market with a bang and currently has a market share of 43%. Digital Trade statistics show that especially the Middle East, Latin America and ASEAN Countries are shaking hands in uniting globally through cryptocurrency. This is evident enough that investing in Bitcoin and to buy Bitcoin in Nigeria is going to benefit the rising entrepreneurs, firms, and merchants all over the world to carry out secure payment without worrying for phishing, forgery or misconduct whatsoever.
Digital Trade can impact the small countries greatly in both a negative and positive way!
Cryptocurrencies are irreversible, which means once you carry out any transaction, it stands the same, without the possibility of any infringement. It makes secure payments and where your personal information stays safe. This reduces the chances of hacking, which has become a common threat today. Many times it happens that due to the leak of sensitive information, the companies come in great danger. In such cases, the accounts stay at the vulnerability of hacking and huge sums of money one can lose in seconds. With the use of cryptocurrencies, you can avert such situations from arising.
But this is not all! The problem with small countries is that they are still not open to the system and are unlikely responding towards it. The countries like India, China, and Korea amongst others are still hesitant about the use of cryptocurrency. Only a small fraction of businessman and IT firms are versatile in comparison to what it can be if people start to invest.
The positive impact of Digital Trade!
No charge of any kind of fee that other services may include while making transactions. This gives the owner the right to handle the cost in accordance with one’s needs. It is secure and transparent; this means that it comes to an end to end encryption which cannot be manipulated. Also, one gets the freedom of payment at any time, anywhere without keeping track of bank holidays, hours or any such operations.
You will enjoy complete freedom!