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When we transferred money overseas, we had to top up extra cash. Exorbitant remittance fees, foreign exchange rates and commissions all meant that we had to transfer more than what our recipient needed, just so we could ensure that the recipient actually received the full amount. The extra cash? To the pockets of banks and services.
It is a small wonder why cryptocurrency blew up: we can now transfer money at jet speeds and our recipient actually gets an amount substantially closer to the amount they wanted.
“Cryptocurrencies, however, haven’t broken through for reasons beyond onboarding complexity.”
Let’s paint a scenario: my friend in Seattle wants me to wire him $1K. No problem. I’ll send it in cryptocurrency, which he can then exchange to fiat. This way, he’ll receive his funds in less than an hour, and I don’t have to actually wire him more money to cover exorbitant fees.
“Wait, how do I convert to fiat?”
“What’s a wallet?”
After an hour of explanations, I transferred $1K worth, paying a fraction of a dollar for what could have cost me $25 in usual fees.
“Mate, they’re worth $890!”
“Oh, don’t worry about it. It was worth $1K an hour ago. Blame the market.”
Riding Crypto’s High Highs, Low Lows
Cryptocurrency itself was envisaged to be something that can truly shake up the financial ecosystem.