Even though there are some nostalgic people that still favors regular mails over emails, it is a fact that emails are the future! No, no actually they are the today! I can not think of sending someone a physical letter except for some bureaucratic procedures that mandate doing so. In this century everything should be as easy as sending an email, digital reigns! So why do we still bother with regular financial methods? Especially for sending and receiving money? Can it not be as easy as sending or receiving emails? Yes, it can! And it will be sooner or later.
Apparently, Etha wants it to be sooner! They want to bridge digital assets and fiat. Etha is a blockchain remittance platform and their goal is to disrupt the payment and remittance industry by making an open financial ecosystem possible.
PROBLEMS
So, what is wrong with remittance and payment industry? What needs to be solved about it? Just like regular mails, it does not meet the needs of this century where everything should run smooth, easy and cheap. Transaction delays and expensive fees are things we all hate for sure. Let's list some problems:
Let's say I have some cryptocurrency and want to send it to a friend, but he needs it in fiat. Can he get it as SWIFT, mobile top up or local cash payout? No? Because crypto and fiat are still distant relatives, actually they should come much closer!
Financial institutions and traditional remittance service providers charge high fees. And they don't provide a way to track the funds for the sender and the receiver. This hurts the transparency of the procedure.
It may sound surprising but nearly 40 percent of the global adult population cannot reach regular financial services and they do not have a bank account. That is bad for them and also bad for the governments as this hurts their tax collection.
Cybersecurity is a big concern about the exchanges and we hear about hacks often. Stolen funds are every crypto enthusiast's worst nightmare. It is obvious that we need more secure platforms.
Transactions are not fast and problem free.
Decentralized exchanges lack market liquidity.
New users on exchanges do not find it user-friendly enough since exchanges lack proper customer service and verification processes for deposits and withdrawals are not quick.
SOLUTIONS
For remittance, Etha will offer many payout options; such as local pick-up, mobile top up or direct to bank. So when you are sending money to someone, you can choose your desired payout option. Their aim is to make it possible to send money to over 190 countries. So that is what I call easy money transfer.
You will be able to utilize cryptocurrency as collateral for fiat transfers so that makes the need to liquidate cryptocurrencies obsolete.
Decentralized lending will be another solution that Etha provides.
Let's not forget that Etha will come with a mobile app that supports both android and ios. It will feature a multi-signature secured wallet. You will be able to use it for exchange of cryptocurrency, cross border payments and secure P2P transfers.
As I said earlier, crypto and fiat are distant relatives at the moment. And they should come closer. For that to happen we need projects like Etha.
Etha ICO Whitepaper = https://docs.google.com/gview?url=http://www.etharemit.org/V.1.1%20WP.pdf&embedded=true
Etha ICO Website = https://etharemit.org
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*Disclaimer: None of this information is intended to be financial advice. This article shows my personal opinion and I advise everyone to do their own research.
