Beyond NFTs and Trading: Where Real People Actually Use Crypto Today
The post Beyond NFTs and Trading: Where Real People Actually Use Crypto Today appeared on BitcoinEthereumNews.com. Usually, when we hear about trends relating to crypto, media organizations tie it to topics like trading and NFTs. These topics are certainly relevant in the crypto industry. Yet, they neglect to look at how people use crypto for everyday transactions. If you’re wondering where regular people are actually using crypto, you’ll find the answer in this article. Moreover, it will start with a surprising and significant use: remittances and borderless transactions. Remittances and Borderless Transactions Remittances are vital to individuals, households, and entire economies in low-income countries. Usually, people working abroad send remittances to their families in their home country. They can take days to process, especially if people send them over a weekend, and they are often subject to high transfer fees, usually ranging from 5-10% per transfer. Using crypto for these cross-border transfers can significantly speed up and reduce the costs of transferring money while providing other benefits. The use of crypto as a remittance increases the speed and reduces the costs of transferring funds by leveraging blockchain technology, which has low fees and instant processing times. With a crypto remittance, the recipient can hold onto the crypto and only exchange the amounts needed for daily transactions. Often, a stablecoin, like USDC, is used to reduce the volatility and retain the value of the remittance. This helps individuals in financially unstable regions preserve the value of their assets since stablecoins are typically tied to a stable currency, like the US dollar. A significant benefit of using crypto for remittances is that it’s more accessible than traditional banking systems. All that’s needed to accept and use crypto is a stable internet connection and device—there’s no need for a bank account or physical banking infrastructure. This makes money more accessible to people in areas underserved by banks by reducing…
The post Beyond NFTs and Trading: Where Real People Actually Use Crypto Today appeared on BitcoinEthereumNews.com.
Usually, when we hear about trends relating to crypto, media organizations tie it to topics like trading and NFTs. These topics are certainly relevant in the crypto industry. Yet, they neglect to look at how people use crypto for everyday transactions. If you’re wondering where regular people are actually using crypto, you’ll find the answer in this article. Moreover, it will start with a surprising and significant use: remittances and borderless transactions. Remittances and Borderless Transactions Remittances are vital to individuals, households, and entire economies in low-income countries. Usually, people working abroad send remittances to their families in their home country. They can take days to process, especially if people send them over a weekend, and they are often subject to high transfer fees, usually ranging from 5-10% per transfer. Using crypto for these cross-border transfers can significantly speed up and reduce the costs of transferring money while providing other benefits. The use of crypto as a remittance increases the speed and reduces the costs of transferring funds by leveraging blockchain technology, which has low fees and instant processing times. With a crypto remittance, the recipient can hold onto the crypto and only exchange the amounts needed for daily transactions. Often, a stablecoin, like USDC, is used to reduce the volatility and retain the value of the remittance. This helps individuals in financially unstable regions preserve the value of their assets since stablecoins are typically tied to a stable currency, like the US dollar. A significant benefit of using crypto for remittances is that it’s more accessible than traditional banking systems. All that’s needed to accept and use crypto is a stable internet connection and device—there’s no need for a bank account or physical banking infrastructure. This makes money more accessible to people in areas underserved by banks by reducing…
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