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How is the Agriculture Sector of Turkey Affected by Bitcoin?
The new cryptocurrency revolution is here. Bitcoin, the first of its kind digital currency, has taken the world by storm and seems only to be getting bigger. That’s a good thing for Turkey since one of their biggest industries is agriculture.
This success can be attributed to many factors, including better management skills, rising demand for organic products, and advancements in technology that allow more efficient farming. You can get started with your crypto trading account to earn a good profit.
7 Positives of bitcoin that benefits the agriculture sector of Turkey
Here are seven reasons how bitcoin benefits the agriculture sector of Turkey:
1. Export increase co-related with a decrease in imports.
Turkey’s agricultural exports have seen a steady increase over the past two years totaling $5 billion for this year, according to Erdogan Bayraktar, Turkish Minister of Forestry and Water Affairs.
As a result, the country has decreased its food imports since the exports have increased. This has led the government to increase their production of products that they would typically import from other countries.
2. More money stays in the country
Since bitcoin is decentralized, no prominent banks are involved, which makes it harder for corruption by banking officials to take place.
More income is kept in the country and benefits Turkish citizens instead of foreign banks or officials.
3. Greater investment opportunity
Bitcoin does not belong to any particular person or a bank with a decentralized currency, making it difficult to control and manipulate. This could lead to high demand and create exponential growth since it’s not owned by anyone in particular, unlike the currency of most countries.
4. Easier cross-border transactions
Bitcoin can be traded globally with little to no resources, making it easier for Turkish citizens living abroad or for Turkish citizens to conduct international trade with other countries.
5. Bitcoin mining is more efficient
The way bitcoin works are that it’s decentralized, which means that anyone can mine bitcoins, unlike centralized currencies where only a few people can hold the cash by banks or governments.
As a result, mining for bitcoin is less expensive and requires less space than most modern agricultural techniques.
6. Bitcoin mining creates an incentive for innovation
Bitcoin mining requires complicated and expensive equipment, which has led to a demand to create more efficient and affordable technology to make the mining process easier and faster.
This could lead to agricultural advancements and other technologies that benefit Turkish citizens.
7. Exponential growth potential
Bitcoin is a currency that has already seen exponential growth in the past couple of years. If it continues to grow, the demand for bitcoin will increase, which means more people will be mining for them, and there’ll be less left available on the market, which could lead to an increased price.
4 Negatives of Bitcoin that Affected the Agriculture Sector of Turkey
The benefits of bitcoin may outweigh the negative consequences, but it’s worth mentioning what some of these consequences can be.
1. Lower employment rates
Although there is a possible increase in employment due to the demand for new technology and devices created to mine for bitcoins, this could harm jobs since fewer people will need to be employed in other sectors, such as the agriculture sector.
2. Decreased need for employees
Employees may leave their current jobs to seek employment elsewhere. Since bitcoin is decentralized and there will only ever be 21 million of them created, jobs related to trading and mining bitcoin could become more prevalent, which would decrease positions for specific sectors, such as agriculture.
3. Increased prices of food
Since the demand for bitcoin could drive up the price for bitcoins, this could harm the cost of food since it would no longer be affordable to purchase for consumers who are not employed in mining or trading jobs.
4. Tax issues related to cryptocurrencies
Due to the decentralized nature of bitcoin and other cryptocurrencies, countries such as Turkey might have difficulty finding a way to regulate them, leading to tax issues when it comes time for citizens to pay their taxes.
In conclusion, bitcoin is an exciting decentralized currency that could be good for the Turkish agriculture sector. However, it’s worth mentioning some of the negative issues that come with it, such as lower employment rates and decreased need for employees.