First and foremost, one of the biggest selling points of crypto is that it is censorship resistant. This essentially allows transactional freedom as transactions can be made independently and don’t rely on any third party.
Secondly, it makes cross-border transactions and payments hassle-free. Because cryptocurrencies are decentralised in nature, users can send cryptocurrencies to another user in a different country effortlessly.
Thirdly, transactions in crypto are faster and fees are lower. Cryptocurrencies eliminate the need for third-party verification and the “middle-man” cost associated with it. This makes crypto transactions much faster and cheaper compared to using the traditional financial system. For instance, an overseas remittance often charges a remittance fee that can be up to 12.5% and often take a few days to process but most crypto payments settlements are completed within seconds or minutes and the transaction fees are significantly lower.
Lastly, the ease of access to crypto makes it a more inclusive financial system. In 2020, over 1.7 billion people globally do not have access to any form of banking infrastructure, which greatly impacts their quality of life. Imagine not being able to gain access to financial services such as getting a loan or not being able to even buy a home!
Due to the permissionless nature of crypto, anyone with a working smartphone is able to access the crypto financial system.
In developed countries like the United Kingdom, Bitcoin is being used for all sorts of things – learning courses, hammocks, jewelry, house plants, and even baguettes! Even in emerging countries like South Africa – in addition to the necessities such as food & firewood – you can also get your OKCupid account upgrades with Bitcoin too!
This educational course is created in collaboration with Luno Discover – your beginner-friendly cryptocurrency education portal. For more bite-sized learning and webinar invitations, join Luno’s Telegram Channel.