Remember the time when the forex market was huge? Like people used trade the coin pairs and used to make money off the same.
Then came crypto. And everything changed. Now people don't worry about the forex and the Remittance anymore.
They just use the bitcoin, ethereum and other similar coins these days. And that is going to be the norm from now onwards.
Ofcouse we are going to face some regulations and the scams in the meantime before evrything gets normalized.
Remittance eats your Money
Ever sent money from Singapore to US and back-forth? I am sure many of you tried similar type of the money transfer. And realized how much money is being lost in the due process as the money is kind of drained.
There are lot of middle men in the process. They want to have some percentage out in the transactions. And that is one of the ways they make money. And they have kind of set things up in the due process.
I think it was a good system before and it served it's purpose but now we have like the new system with the crypto. Which kind of reduces the middle people and also reduces the transaction fees in the due process.
Paypal is bigger Thief in Remittance Market
Have you ever sold some product in the marketplace and accepted the money through paypal? I am sure many of you did. And some of you even see the transaction fees, remittance and the other fees that paypal drops it on you.
This changed when Stripe entered the scenario. Stripe managed to reduce the amount of money that people are getting in terms of the transaction fees and the overall taxes there.
In order for the market to have any strong changes in this space, companies like the paypal needs to be controlled. I am sure paypal would add their own charges in the crypto account too.
Crypto will Reduce Middle-men
If we ignore the exchanges that are centralized, there are lot of things that could happen. like say centralized exchanges are kind of eating your money and adding the taxes on the top as well.
So in order to reduce your fees, the lesser the middle dwellers the better for you in context of the crypto market. And it would also save up your money in the due process.
We need more decentralized chains like Hive in order to handle such issues. By making more crypto decentralized we solve those problems in hand. And we manage to also keep the middle fishes out.
The world is changing and so does the remittance system is going to be replaced with the blockchain soon. And we are going to see how the nations around the world are going to change soon.
What do you think?