With income inequality showing no signs of slowing down, innovative solutions are required. Could crypto be the answer that the 99% is looking for?
) can ensure that the recipients receive more of the transferred funds without intermediaries taking a cut in the form of transfer fees.
While saving an extra $20–$44 on transaction fees might not seem like much to many people, this makes a big difference for people in developing countries or with lower incomes. For example, the average monthlyThese savings make it possible for people to make a better living from family members working overseas. In addition, family members will also be able to send money back home more frequently due to the very low fees and fast transaction times.
Caselin also noted the importance of the low costs when it comes to money remittance using cryptocurrency, saying, “users in both developed and emerging markets can benefit from bitcoin and digital assets when engaged in cross-border payments. This is not only because these are processed more efficiently on the blockchain but also at a much lower cost than through correspondent banks and money transfer operators such as Western Union.
Dunstan Teo, co-founder of Philcoin — a blockchain-based philanthropy project — told Cointelegraph, “Cryptocurrencies typically need only a wallet and Internet connection for someone to sign up and transact. They offer an opportunity for those in developing nations to store their assets somewhere else other than under a mattress or in a cupboard.” He continued:
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