Cryptocurrency and its ability to change the world
Cryptocurrencies in general have recently been viewed largely as investment vehicles. However cryptocurrencies are something very special and unique. They provide a means of peer to peer payments not seen by this world until Bitcoin entered the seen almost a decade ago.
Cryptocurrencies (ex. Bitcoin, Litecoin, etc..) provide an opportunity to fight traditional financial problems and inequality across the globe.There are several delays and exorbitant fees associated with traditional money transfers or payments across international borders. Did you know cryptocurrency allows people to transfer funds anywhere, anytime, almost fee free? When we compare this technology to traditional banking its amazing what a difference blockchain technology has made in the Fintech and banking worlds.
Even as i started my cryptocurrency company, we had to deal with these outdated platforms to conduct business. Weve had to wait to send checks, weve had to wait for wire transfers to clear and arrive days later. Weve seen the fees collected and even dealt with the problems associated with this outdated process. If more companies and people were to accept blockchain backed cryptocurrencies for business and personal reasons the global consumer economy could save millions if not billions of dollars per year. We could also avoid wait times and conduct business almost instantly as payments clear the public ledgers.
These problems even trickle down to the regular person across the world, especially in economies where most people remain unbanked or banking services remain scarce. Did you know if a person was to send money home to his family after working hard as can be, the wire transfer or money service he would most likely use charges him up to 1520% on the dollar. If this same payment home was sent in cryptocurrency not only would it get there instantly but most of the time any fees seen would be under 1% of the total payment (depending on cryptocurrency and platform used).
Cryptocurrency wallets are available to anyone with access to a smartphone, computer, or the internet in general. Unlike banks this technology is a lot easier to access even in developing countries. Any person will be able to download a secure wallet and be their own bank account by controlling their digital assets (i.e. cryptocurrency). The technology provides them ways to send and receive almost instantly with fees so minimal youll barely see a difference in the delivered amount.Good wallets also provide up to date fiat related pricing and options to withdraw or deposit funds in several local currencies in order to pay bills or buy necessities at locations that do not yet accept this technology. Digital asset wallets provide a form of greater funds security over traditional cash. With 2FA or other security technology your funds remain safe no matter what and its not as easily lost or taken by theft when compared to fiat money. If you were to lose your phone or computer as long as you can provide credentials to log-in you can access your account and funds. If something were to happen, most of the time those same funds stored in cash would forever be lost.
Modern cryptocurrency financial services allow developing countries to improve quality of life. An crypto-based platform functioning as the backbone for this economy could help even developed countries see a large influx of businesses and money transfers to help fight economic downturn. Cryptocurrencies in general have the means to completely change financial systems in place and allow for greater fund distribution through out the world. This technology is not only limited to the unbanked population but can also make huge improvements over modern banking systems in fully developed countries.
Like I mentioned.... Why use a wire transfer when you can send cryptocurrency in 1% of the time for less than 1% of the cost. It's time for mass adoption, it's up to our community to show the world what bitcoin was actually created for!
(For Copyright purposes this information is also written on my blog. I can provide proof for any authenticity checks. I just like sharing my ideas with this community as well)