In the business and financial world, deflation often occurs due to certain economic factors. Deflation is the decrease in prices of goods and this eventually leads to the decline of economic conditions in a given system. One of the consequences of economic deflation is unemployment and reduction in the wages or salaries of people, the profits of businesses can also be significantly reduced. Majority of the reasons for economic inflation is supply-demand related: some of the factors that causes deflation are changes in capital markets, high productivity, decrease in the supply of fiat currencies, and government policies.
Effects of Deflation on the Economy
Θ Decrease in business profits
Θ Reduction of wages and layoffs
Θ Less investments
Θ No credit facilities
The existence of deflationary economics is also seen within the cryptocurrency world in terms of how fiat currencies relates to cryptocurrencies. Some of these cryptocurrencies such as Boom are often used as a deflationary token. There is also market analysis of Boom token can be integrated into cryptocurrency singularity. This simply means that Boom token can be seen as a better store of value compared to fiat currencies. This brings about the emergence of a deflationary economy whereby the value of cryptocurrencies (like Boom) tends to increase while that of fiat currencies decreases. This is as a result of people converting their money and fiat currencies to cryptocurrencies, which degrades slowly as compared to US dollars and other government currencies. Most people for this reason stack up their wealth on cryptocurrencies and try to dispose off all their fiat currencies, which results to inflate the fiat currencies and causes a deflationary economy of cryptocurrencies.
Boom is a new token that was built on Ethereum smart contract and it is the first cryptocurrency which possesses a self-burning mechanism with use case. Notwithstanding that Boom is a new token in the cryptocurrency world, it has been already supported and compatible in different ERC-20 wallet such as MyEtherWallet, Imtoken, MetaMask and Trust Wallet. Boom token is also currently listed on different exchange platforms such as DDEX and Forkdelta, it is projected that other exchange platforms which includes Binds, Redar-relay, Narcotic, Hotbit-follows, and Indodax, will also soon list it.
Why should you choose Boom Token?
Θ The Internet of money: As pointed out above, the great features of Boom like the core-algorithm designation has increased the demand globally, coupled with the limited supply of about one billion. This improves the value of the token and pushes it to be at the top of other deflationary tokens.
Θ Future of Decentralized Internet: Most countries are currently presently venturing into cryptocurrency and crypto-related transactions. Aside countries, prominent companies and organizations are beginning to investing in Boom token because of its Decentralized system. It is expected that with the amazing features of Boom token, it will be among the top cryptocurrencies that will lead a Decentralized internet that is forecasted for the future.