Did you know there are now many ways that you can use, to stop your money dwindling away to high fees, slow services and middlemen who take a huge cut?
Many people are giving away their hard earned cash simply because they don't know better methods exist.
Let's look at some examples.
Are you:
Losing 0.4% to 3% every time you send money to family or friends abroad?
Unable to open a bank account or get a loan?
Worrying whether the chocolate, clothes or medicine you buy are genuine or ethically sourced or made?
Having to deal with lost medical records or complicated insurance claims?
Worried about receiving fake tickets or overpaying at events?
Watching your money getting delayed or siphoned off in times of need?
These problems affect millions of ordinary people, all over the world.
The Good News
Did you know that there are solutions already available and millions of people have been using them for a while now.
And most of those people don't even know what the technology is that powers these solutions.
It's not about being tech-savvy, it's just a matter of knowing they exist and where to find them.
In this post we are going to show you a few, and point you in the direction of where you can find more.
We will start with the ones that hit our pockets the hardest.
The Greedy Beneficiary You Invite To Every Transaction
Are you one of the millions (maybe billions) of people who frequently send money internationally, to support family, friends or to pay for something?
These international transfers always have a fairly heavy fee attached to them.
It appears low at the time, probably around 0.4% to 3% but over time, that amount adds up to a lot of money.
It might not seem a lot at the time, say $0.80 to $1.40 in fees for sending $200, but then it might be as high as $150 for sending $2,000, or $700 for sending $20,000.
A favourite trick that the banks and money sending companies use, is while quoting you low fees, they actually make you pay MORE for the EXCHANGE.
This means you receive less of the currency that the receiver could otherwise get.
Now what if there was a way you could send money instantly and avoid some of those massive fees?
Enter blockchain and cryptocurrency.
These are technologies that are quietly changing the face of finance.
Already millions of people are bypassing the banks and money-transfer companies and are sending cryptocurrencies internationally and saving themselves a small fortune!
An added plus is the receiver gets the money directly and it only takes a few minutes.
With services like Binance P2P, they can even receive the money in their local currency straight to their phone, ready to spend.
Beyond Cheap Transfers:
Little Known Ways Blockchain and Crypto Fix Everyday Problems
We've all heard the extravagant stories of how millionaires are being made by Bitcoin's wild price swings, but there are a lot of behind-the-scenes real-world, everyday problems actually being solved.
Blockchains are secure, decentralized digital systems and cryptocurrencies or crypto are digital tokens (money or assets) built on them.
They are solving daily life problems for people, some of whom don't even know what blockchain and cryptocurrencies really are.
These 2 innovations are now embedded into apps, services, and systems, making things faster, more transparent, and more reliable.
Here are some more interesting examples of how these technologies are being used:
Financial Inclusion for the Unbanked
In many regions around the world such as Africa, Asia and Latin America, over a billion people do not have access to basic banking.
This might not appear at first to be a problem, but consider it also means that they cannot get access to loans, reasonably secure money storage, and other benefits that having a bank account offers.
Blockchain-powered mobile wallets and stablecoins (cryptocurrencies that have a stable value such as HBD (Hive Backed Dollars) which is pegged to the U.S. dollar) allow users to store, send and receive money via commonly used apps on cheap smartphones.
One example of that is El Salvador which has enabled blockchain based financial services that bypass banks. This allows small farmers and vendors to participate in the country's economy.
Telecom & Internet Access
The telecommunications industry is running at top speed into the future, with projects such World Mobile.
World Mobile uses blockchain technology to build and expand it's network of decentralized nodes, which gives local people access to the Internet.
Image from World Mobile
Additionally, they can earn rewards by sharing bandwidth with others.
The project also offers affordable phone and data plans in several regions such as Africa, Europe, USA and Asia.
This is one example where the use of the technology truly outshines the technology itself, because you don't need to know how blockchains and cryptocurrencies work.
You just need to know your family and friends phone numbers so you can voicecall, text or videocall to them online!
Remember we have been through the same thing before?
Billions of people still remember that ALL phones had at least 1 wire or cable coming out of them.
Then we moved over to cell phones and cell phone towers.
Over the past 30 years we've been switching to Internet calls , and the next phase of that evolution will be blockchain-powered calls.
And as long as you can see or hear the person clearly whom you are speaking with, you don't really care how the call is connecting.
Another important aspect of the telecommunications evolution is that it becomes increasingly cheaper for us the end users.
Fraud-Proof Healthcare and Personal Data
Did you know the cost of fraud in the medical industry is now in the billions of dollars?
Platforms like Solve.Care utilize blockchain technology to store health data securely, automate claims and reduce administrative waste.
Their patients are able to use an app to access their personal information, using private keys which ensures only they control. And they don't need to have any blockchain or cryptocurrency experience!
This greatly reduces fraud and speeds up processes such as getting prescriptions or sharing medical records across borders while keeping their personal data private.
Ethical Supply Chains and Fake Product Detection
When you buy chocolate, clothes or electronic goods, you might be supporting child labour or be sold counterfeit goods.
Blockchain technology is able to track products from farm or manufacturer to shelf, which creates an unalterable record of origins.
In cocoa (used in chocolate manufacture) supply chains, for example, some companies now use blockchain technology to verify that no child labour was ever involved in the growing or manufacture processes. Most end customers don't even realize this when they are buying their favourite chocolate bar!
In Bangladesh a similar system is being used to detect fake goods by assigning digital IDs at production, which helps shoppers to avoid fake or counterfeit goods.
Humanitarian Aid and Refugee Support
In crisis zones, such as refugee camps, the distribution of emergency supplies like medicine or food can be a slow and 'leaky' procedures due to corruption or fees.
These supplies can be tracked to make sure they reach the right people. This transparency is tracked invisibly using blockchain technology.
Biometric-linked blockchain-powered digital wallets can be also be used to deliver much needed cash transfers directly, saving up to 90% on fees.
Refugees in some areas which need Humanitarian support, like Jordan for example, access money via iris scans on blockchain-enabled apps, which gives them much needed financial independence without the need for a bank.
Event Ticketing Without Scalpers
Have you ever been frustrated by sold-out events or fake tickets? New systems are now in place to reduce that. The GET Protocol, uses a blockchain for secure, transparent ticketing.
Tickets are bought via an app and they receive a standard QR code similar to Ticketmaster, but the blockchain technology in use, ties the ticket to unique digital ownership.
Source: GET Community homepage
This prevents scalping and fraud, which keeps prices fair and events accessible.
Most service users don't even realise that blockchain technology is being used!
Decentralized Finance (DeFi) for Better Savings and Loans
If you are experiencing low bank interest rates, you might be able to get a much better yield on your savings.
Normal banks typically offer 0.01% to 5% interest P.A., while DeFi can offer as much as 5% to 10% P.A. interest, and loans without credit scoring.
FinTech (Financial Technology) companies can handle cross-border and international payments in seconds compared to the extended times taken by traditional SWIFT payments.
An additional feature is that users in developing countries can lend small amounts peer-to-peer, earning a passive income. Consider it a supercharged savings account without involving a traditional bank.
All of these features are available in various DeFi apps that can be downloaded straight to your smartphone.
Not A Dream...
None of the information shared above is a futuristic dream; all of those examples given are real world cases, happening right now.
The key to adoption was to make it all seamless so that the everyday users of the systems, are not aware of the underlying blockchain technology being used to power it all.
We hope this article has shown you more cost effective, secure ways of getting the services you need.
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Thanks for reading this article By Clifford Hive (HAiV3) HEXucation A.i. V3
#leofinance #hive #money #finance #crypto #education #ocd #hiveghana
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