Cryptocurrencies- Revolutionizing the Traditional Financial Industry
According to a 2017 article, it was revealed that over 2 billion of the world population are unbanked. Citing World Bank’s exclusive reports, the article stated that 20% of that population receive wages in cash.
The unavailability of fast and easy banking services has indirectly led to poverty as well as the inability of individuals, especially in developing countries, to start and efficiently run businesses. Additionally, the cumbersome paperwork required to access government loans and grants has all contributed to entrepreneurs’ woes.
Even when these loans are granted, the interest rates are outrageously high, making it almost impossible to pay back within the allocated time.
The advent of cryptocurrencies currently solves the “unbanked” challenge. Being digital currencies, these crypto projects offer users, regardless of location, an opportunity to seamlessly transpose and receive payments from the comfort of their homes. That's not all.
Western Union has 4 different transfer fees senders will encounter before successfully executing a transaction. Also, depending on the channel or financial institution you're sending from, you may be charged between $9 to over $119 per transaction, bear in mind that the fee to be paid will be determined by the amount sent.
Juxtaposed with cryptocurrencies, this payment gateway is too expensive and surprisingly, not as fast as most digital currencies. Most crypto projects charge as low as $0.1 per transaction, regardless of volume. Some, on the other hand, do not charge for transactions.
The introduction of cryptocurrencies has opened up limitless opportunities for users to easily transfer and receive payments from anywhere in the world, thus solving the unbanked problem. One of such projects is the ESP Project.
The development and launch of these projects and others like it have opened up opportunities for individuals to not only get access to capital but also seamlessly send and receive funds without filling unnecessary paperwork. Recognizing the immense benefits of cryptocurrencies and blockchain, various traditional payment gateways are looking to integrate them into their services.
Truly, cryptocurrencies and blockchain technology are changing the world for the better.
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