Hello fellow hivens,
I would like to dive in the world of cryptocurrencies today and shed some light on the need to have a basic crypto currency as a form of payment in various countries across the globe. I think this would be quite beneficial for a number of reasons. Some reasons include unrestricted access, less fees, sole control over your funds and complete privacy.
Let's take them one after the other.
- People would have unrestricted access to their funds : Usually for most banks, customers are allowed a fixed number of transactions or withdrawal limit for a given day. This means that they cannot access more than a certain amount of their own funds even if they need it. This could pose as a challenge for someone who really needs their money to fix some issue.
Crypto on the other hand has no such limitations unless you are dealing with particular exchanges. Otherwise you have unlimited access to your funds.
Less charges on various transactions : Most banks charge various fees for transactions depending on the amount you are sending. However, with the inception of various blockchain networks such as the steem and tron blockchain networks, you can send a vast amount of money with just a small flat fee of $1 or less. This makes large transactions so much convenient than before.
Complete authority over your funds : With crypto currencies, no one is your boss and no one is in charge of your account other than you. This means that the management, appropriation and disbursement of your funds is completely in your hands. You choose to move your tokens as you see fit, change your keys, share your keys, trust other users, etc. Basically, you are free to do as you wish with your account.
Enjoy complete privacy : Here, no one knows your account balance or your spending habits. And I know that most people are uncomfortable with people trying to know everything they are doing on a regular basis. Crypto would certainly help to solve this as well.
There are some benefits that we would enjoy if we accept crypto as a form of payment. A country with a failing economy such as ours would surely benefit from it. Thank you.