You may be wondering why so many remittance services are making the switch to BitShares. BitShares is an ideal platform for the remittance industry. The company Bitspark cited four specific areas where BitShares is ideally suited for remittances:
Pegged Cryptocurrency Creation — Payment providers are forced to go through “gatekeepers” in order to access the 180+ world currencies. BitShares enables anyone to create a pegged asset which has its value pegged to assets like the USD or CNY, and trade it on their decentralized exchange. “The BitShares Blockchain can solve the problem of access as there is no need to hedge USD and rely on a single gatekeeper.”
Speed & Cost — “The BitShares Blockchain itself is built to scale to 100,000 transactions per second with fees as low as fractions of cents and confirmation times sub 3 seconds.” BitShares is truly an industrial grade blockchain scalable to meet the needs of businesses.
Liquidity — Liquidity is required to be a market maker, with BitShares, “anyone can issue the fiat pegged cryptocurrency so long as they have appropriate BTS to lock up in a smart contract as collateral. This is important as it means anyone around the world can participate as a market maker”
Decentralized Exchange (DEX) — Carrying out business on a decentralized exchange significantly reduces risk by removing the reliance on a centralized third party. When a centralized exchange is compromised, millions of dollars and thousands of users are impacted all at once. In a decentralized system, any attack or failure impacts only a single user and their funds.
Bringing financial services to “the unbanked” is one of the greatest economic challenges we face today. Fortunately, it will also provide one of the greatest economic opportunities in history.
The technology known as the blockchain, more specifically cryptocurrency, will unleash the financial power of previously untapped regions of the world. Reaching “the unbanked” is not just about making money, it is about giving people opportunity and a foundation from which they can grow and prosper.
2017 has proven to be a great year for the entire cryptocurrency market. While Bitcoin may be capturing the headlines, platforms like BitShares are actually building the infrastructure for the new digital economy.
Bitspark, MicroMoney and Bankcoin combined will offer remittances to nearly every major region of the world. It is estimated that over $6 trillion will be sent in remittances by 2030. Many of these remittances will be sent using the BitShares platform.
Keep an eye on these projects and expect to see more big announcements from BitShares as other companies begin to understand the full potential of the platform.
