"Old World Problems"

[novsali]

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Even as i started my cryptocurrency company, we had to deal with these outdated platforms to conduct business. We’ve had to wait to send checks, we’ve had to wait for wire transfers to clear and arrive days later. We’ve seen the fees collected and even dealt with the problems associated with this outdated process.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 15–20% 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 you’ll 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 it’s 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)

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[ACHANCE]

HAND TO HAND TRANSACTION

[novsali]

HAND TO HAND TRANSACTION

I think cryptocurrency can replace hand to hand transactions now as well in most fully developed populated areas. You see Cash App and Venmo becoming more popular for buying websites and other sources. Why not use something more secure for these payments too? When I sold my motorcycle I listed that i accepted BTC ETH and LTC. The response was amazing just off of that line of the post - people were interested.

Plus in some communities with specific types of hand to hand transactions I'd love another form of security over my funds. That way people aren't showing up to craigslist meets gripping their pocket full of money so hard their hands turn red

[virendarnagpal]

I have seen the days when one cheque deposited for collection taking 20-30 days for clearing.  It was sent for clearing to the concerned Bank and branch for the cities situated at far locations.  But after computerization collection time as come down.  Same bank collections take minutes.
But crypto / bitcoin has given authority to anyone for p2p transactions.  Even middle men has been removed from the channel by the crypto.  So the life is getting more and more conveniences.
 

[Kakmakr]

OP, you once again highlighted some of the real reasons why this technology is so extraordinary. Global remittance has exploited people in developing countries for years and there were almost no competition for them. Now, Bitcoin came on the scene and it disrupted their monopoly and we are seeing a lot of changes as a result of this.

People should stop focussing on the profits that they want to make from their investment in Bitcoin and rather appreciate the disruption that this technology has initiated in industries where there were no alternatives and total dominance by some centralized entities.   

Please provide a link to your Blog, your entry was very constructive. 

[novsali]

OP, you once again highlighted some of the real reasons why this technology is so extraordinary. Global remittance has exploited people in developing countries for years and there were almost no competition for them. Now, Bitcoin came on the scene and it disrupted their monopoly and we are seeing a lot of changes as a result of this.

People should stop focussing on the profits that they want to make from their investment in Bitcoin and rather appreciate the disruption that this technology has initiated in industries where there were no alternatives and total dominance by some centralized entities.   

Please provide a link to your Blog, your entry was very constructive. 

Exactly, Making profit sparks interest in Bitcoin when it comes to the end of the day but the thing that I love so much about it is how many problems it can actually solve. There is an automotive performance shop in town that apparently has cars shipped in from wealthy folks on a different continent to have work done. Do these people pay with wire or check? No, They pay with bitcoin. Let's just hope the wealthy do not construe this tech any more than they have with price manipulation and make it hard for developing countries to implement to save their failing economy...I will be watching Zimbabwe very closely with their current crypto talks!

And I'm actually one of the Co-Founder's and Chief Creative Officer for VegaWallet -
All of my blog posts go on their official blog and I didn't want to insert a company plug where it wasn't needed! Sometime it's nice to be a regular BitcoinTalk user

[Kakmakr]

OP, you once again highlighted some of the real reasons why this technology is so extraordinary. Global remittance has exploited people in developing countries for years and there were almost no competition for them. Now, Bitcoin came on the scene and it disrupted their monopoly and we are seeing a lot of changes as a result of this.

People should stop focussing on the profits that they want to make from their investment in Bitcoin and rather appreciate the disruption that this technology has initiated in industries where there were no alternatives and total dominance by some centralized entities.   

Please provide a link to your Blog, your entry was very constructive. 

Exactly, Making profit sparks interest in Bitcoin when it comes to the end of the day but the thing that I love so much about it is how many problems it can actually solve. There is an automotive performance shop in town that apparently has cars shipped in from wealthy folks on a different continent to have work done. Do these people pay with wire or check? No, They pay with bitcoin. Let's just hope the wealthy do not construe this tech any more than they have with price manipulation and make it hard for developing countries to implement to save their failing economy...I will be watching Zimbabwe very closely with their current crypto talks!

And I'm actually one of the Co-Founder's and Chief Creative Officer for VegaWallet -
All of my blog posts go on their official blog and I didn't want to insert a company plug where it wasn't needed! Sometime it's nice to be a regular BitcoinTalk user

Zimbabwe will be a bad choice, because their political decision making is killing their economy and Crypto currency investment is still very low, compared to M-Pesa. If you want to watch Crypto currency grow in Africa, you need to look at South Africa and also Nigeria to take the lead. <I travel for work in Africa and I have been to both of these countries and I can tell you that both these countries are already the pioneers and leaders in the Crypto currency scene in Africa>

Reason, why I asked for the source was to prevent this thread from being flagged as plagiarism.  Just give credit to the source, even if it was your article. 

[Bitcotalk]

OP, you once again highlighted some of the real reasons why this technology is so extraordinary. Global remittance has exploited people in developing countries for years and there were almost no competition for them. Now, Bitcoin came on the scene and it disrupted their monopoly and we are seeing a lot of changes as a result of this.

People should stop focussing on the profits that they want to make from their investment in Bitcoin and rather appreciate the disruption that this technology has initiated in industries where there were no alternatives and total dominance by some centralized entities.   

Please provide a link to your Blog, your entry was very constructive. 

Yeah! I must say exploitation of the highest order. So far so good, like you said, things are changing rapidly, there is already a challenge or threat to those who feel the whole fiat space should always be centered on them and monopolizing everything at the detriment of economic development and the masses.

It is a good thing that decentralization is gradually opening the eyes of everyone to what they have been missing for a very long time, and it is really about time.

[jostorres]

OP, you once again highlighted some of the real reasons why this technology is so extraordinary. Global remittance has exploited people in developing countries for years and there were almost no competition for them. Now, Bitcoin came on the scene and it disrupted their monopoly and we are seeing a lot of changes as a result of this.

People should stop focussing on the profits that they want to make from their investment in Bitcoin and rather appreciate the disruption that this technology has initiated in industries where there were no alternatives and total dominance by some centralized entities.   

Please provide a link to your Blog, your entry was very constructive. 

Exactly, Making profit sparks interest in Bitcoin when it comes to the end of the day but the thing that I love so much about it is how many problems it can actually solve. There is an automotive performance shop in town that apparently has cars shipped in from wealthy folks on a different continent to have work done. Do these people pay with wire or check? No, They pay with bitcoin. Let's just hope the wealthy do not construe this tech any more than they have with price manipulation and make it hard for developing countries to implement to save their failing economy...I will be watching Zimbabwe very closely with their current crypto talks!

And I'm actually one of the Co-Founder's and Chief Creative Officer for VegaWallet -
All of my blog posts go on their official blog and I didn't want to insert a company plug where it wasn't needed! Sometime it's nice to be a regular BitcoinTalk user

Talking about Zimbabwe, I wonder how a country that the government has so much bastardized the economy with their corruption and stupid monetary policies will even be try to hold back into adopting cryptocurrencies or at least the blockchain technology as a whole.

That shows the level of selfishness of the government which is paramount with African leaders and then they want things to keep revolving around them even when things are not going right.

I said that because, recently I realized that they tried to stop some exchange accounts from functioning such as golix, even when the citizens have been able to find a way to transact without having to rely on fiat that is down the drain, but still, they just could not hold their bullshit.

[Gozie51]

I have seen the days when one cheque deposited for collection taking 20-30 days for clearing. 

Cheque confirmation and clearing use to be a herculean transaction in the banks but not anymore. The financial system has really evolved and indeed all areas of life.

Blockchain is being made possible because the world is already ready for it even with the cashless banking system.

[omfg.xekcep]

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.

I agree that a cryptocurrency is an excellent invention and the underlying crypto technologies are excellent but it does not mean that now we can solve all the old economical and financial troubles but to be honest now we can solve some part of them.
You are right that when using cryptocurrencies transaction fees are ridiculous small comparing with the traditional financial systems but on the other hand cryptocurrencies are incredibly volatile so holding own capital in cryptocurrencies are not a good idea (I do not mean speculative intentions). For me cryptocurrencies are an excellent asset for venture investments and various speculative strategies.

Cryptocurrency and its ability to change the world

Even as i started my cryptocurrency company, we had to deal with these outdated platforms to conduct business. We’ve had to wait to send checks, we’ve had to wait for wire transfers to clear and arrive days later. We’ve 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.

I consider that currently it is impossible because most of cryptocurrencies are not stable and reliable. For example, I bought Ethereum a month ago when it was about 500$ and right now my margin is -50%. I am a retail investor but let us imagine that I am a businessman and I would be a bankrupt if I were lost a half of my capital hence it is impossible to make business using cryptocurrencies instead of traditional currencies.

[jseverson]

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.

This is actually a barrier even in developed countries. Both China and Sweden have encountered problems going cashless:

https://foreignpolicy.com/2018/09/11/china-cant-afford-a-cashless-society/

https://www.bloomberg.com/news/articles/2018-02-18/-no-cash-signs-everywhere-has-sweden-worried-it-s-gone-too-far

It should be better in a few years as technology gets more and more accessible.

That doesn't mean that crypto doesn't help with financial inclusion, of course. I just wanted to share that to let people know that the issue isn't exactly black and white.

Either way, I agree with the general message of your post. Crypto offers real solutions to real problems, which is one of the reasons I believe it's going to stay.

[naidray]

My thoughts exactly. I used to work for people and it was impossible to get money from other people when its low amounts, sometimes I got scammed, sometimes the payment option I was using made me wait until it was over some limit to get my money which means neither I got the money nor my customer kept his money, it was stuff like paypal that kept it.

With bitcoin now I can work for a dollar if I want to and the payment would be easy and instantly compared to other places. Remote work has been improving significantly and insanely quickly thanks to bitcoin and we can accept payments from all over the world with ease.