From Readers’ Digest: Bitcoin has brought a new revolution to the world of online payment systems. However, Bangladesh’s agriculture industry is not unique. Here are eight ways how bitcoin has affected the agriculture sector of Bangladesh:
The payment gateway for farmers. Bitcoin can be used as a payment gateway for farmers in Bangladesh. It will help them to get the best price for their produce.
Reduction in transaction costs. The use of bitcoin will help reduce the transaction costs for the agricultural sector of Bangladesh.
Elimination of intermediaries. The use of bitcoin will help eliminate the intermediaries from the agricultural sector of Bangladesh. This is because the transactions can be done directly between the farmers and the consumers without any intermediary.
Facilitation of international trade. Bitcoin can use to facilitate international trade in the agricultural sector of Bangladesh.
The attraction of foreign investments. The use of bitcoin will help attract foreign investments in the agricultural sector of Bangladesh. It is because the investors will be able to get a better return on their investment by investing in the agricultural sector of Bangladesh.
Improvement in the standard of living. The adoption of bitcoin will assist Bangladeshi farmers in bettering their living levels. It is because they will be able to get a reasonable price for their produce, and they will also be able to reduce their transaction costs.
Establishment of agribusinesses. Bitcoin can use to establish agribusinesses in the agricultural sector of Bangladesh. It is because it will help attract foreign investments, and it will also help improve the standard of living for the farmers.
Development of the rural areas. The use of bitcoin will help to develop the rural areas of Bangladesh. It is because the farmers will be able to get a reasonable price for their produce, and they will also be able to reduce their transaction costs.
Conclusion: While bitcoin has several positives, its negatives have also harmed the agricultural sector of Bangladesh. However, there is potential for bitcoin to help the farm sector in the future if its negatives can address.
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