Hi there everyone,
There's a really high chance that anyone registered on Hive is already well aware of the value of cryptocurrency.
Cryptocurrency has transformed all aspects of our lives most especially financial transactions.
When it comes to the matter of Cross-Border transactions, cryptocurrency seems to be the best solution for speed, ease and cost of transaction.
When you have to make a. Financial transactions with someone in a totally different country, using the banks for transfer can be a very big deal.
When it comes to speed of transaction, banks can take as long as days or sometimes even weeks to complete transfer.
No wonder why platforms like Google would take a while before paying their content creators on YouTube and Websites.
Another thing about banks is that it would almost always require middle men to complete transactions. All of this makes bank transfers take a long time. I believe that would not be convenient at all if the money was to handle an emergency.
Also with banks, there's high fees for Cross-Border transactions. This makes it extra difficult for people working with a budget or limited money to transfer money or funds across borders or countries.
Cryptocurrency becomes the true game changer in this concept. Cryptocurrency transfers can happen as instant as sending a message on social media.
Cryptocurrency requires very little to no fees for transacting.
These are what make crypto very powerful as a choice for Cross-Border transactions