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If 10% to 20% is decentralized, then we should leave the remaining 80% to the country!
Cryptocurrency will definitely become the new development trend with the influence of the Internet
“Cross-border” payment (under 100 USD) should be within the realm of cryptocurrency and the corresponding services (wallet, exchanges, mortgage, and futures) are all applicable. Everyone has that 10 to 20% that is decentralized, we’ll leave the remaining 80% for our country.
On September 2nd, Cryptoglobe reports that six countries in Europe - Ukraine, the Netherlands, the Czech Republic, Bulgaria, Poland, and Georgia have started using cryptocurrency payments.
The cryptocurrency payment processor, Paytomat, currently supports Bitcoin and 13 other cryptocurrencies. Users can scan a QR code to transfer funds to an address, where Paytomat will conduct the business of exchanging that into fiat money. Lastly, users will receive a notification when payment is successful.
From as early as August of 2013, Germany has already acknowledged the legality of Bitcoin. In early March of this year, Germany publicly announced that Bitcoin as a payment method would be transaction fee free. Cryptocurrency is already usable for trading in Korea, Japan, and many other countries. A real estate agent even once listed a property with Bitcoin in Japan.
Paper currency has been largely replaced with the emergence of digital currency and fast payments. Yet, with the arrival of cryptocurrency many people have slowly discovered that cryptocurrency is even faster and cheaper than digital currency transactions.
Take cross-border payment for example, traditional payments have problems of long account periods, high expenses, and transparent transactions. Cryptocurrency, on the other hand, can properly avoid these problems.
Traditional cross-border payment transaction fees are at around 7%. With cryptocurrency, transaction fees are around 1% or close to 0. Low transaction fees is a factor of why many people choose to use cryptocurrency as payment when abroad.
Apart from extremely low transaction fees, cryptocurrency also has the feature of fast transaction speeds. The decentralized transaction method has greatly increased the efficiency of cross-border transactions and erased country borders. What used to take 3 to 5 days is now shortened to within a day.
Due to the anonymity of cryptocurrencies, it is difficult to trace the identity of traders. Some people will use this characteristic for illegal methods such as money laundering or illegal transactions. Countries also have a hard time to monitor the usage of cryptocurrencies as a result of the encryption of cryptocurrencies.
Although cryptocurrencies have great potential and advantages, but due to it still being in the early stages of development, there isn’t a complete system in place yet. In some aspects cryptocurrencies is behind in terms of convenience compared to Alipay. Digital currency assets are only numbers stored on an app. Worst case scenario, what if one day the app is taken offline? Then all the assets on the app would be gone with the wind. In this regard, cryptocurrencies has an absolute advantage. Ownership of cryptocurrency assets are all personal and don’t rely on any third-party platforms.
Although the cryptocurrency market has yet to fully mature, but everything must go through the sane process of maturity. The Internet has also been through the same process. The fast transaction speeds, low transaction fees, and tight security of cryptocurrencies has created a vast blue ocean that is worthy of us to mine the potential.
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