The Role of Cryptocurrency in the Unbanking of the World
Introduction: The Financial Revolution of Cryptocurrency
The world is undergoing a transformative financial revolution, driven by the rapid rise of cryptocurrency. More and more people are beginning to question the traditional banking system’s ability to meet their financial needs, and they are turning to cryptocurrency as an alternative. With its decentralized and transparent nature, cryptocurrency has the potential to unbank the world and provide a more inclusive and autonomous financial system.
Autonomy and Control: Cryptocurrency’s Appeal over Traditional Banking
One of the primary reasons individuals are flocking towards cryptocurrency is the level of autonomy and control it offers. Unlike traditional banking, where transactions are intermediated by banks, cryptocurrency transactions are peer-to-peer, eliminating the need for intermediaries. This means that individuals have complete control over their funds without having to rely on a centralized institution. This is particularly valuable for those residing in countries with unstable or corrupt governments, where traditional banking systems may be unreliable or untrustworthy. Cryptocurrency empowers individuals by giving them full ownership and control over their finances.
Transparency and Financial Inclusion: Cryptocurrency’s Impact on Corruption and Accessibility
Transparency is another significant advantage of cryptocurrency. All transactions made on the blockchain are recorded and publicly visible, ensuring a high level of transparency. In contrast, traditional banking systems often operate behind closed doors, making it difficult for individuals to track and verify their transactions. The increased transparency facilitated by cryptocurrency has the potential to reduce corruption and increase financial inclusion by creating a level playing field where transactions can be easily audited and verified.
Financial inclusion is a critical aspect of the cryptocurrency revolution. According to the World Bank, over 1.7 billion adults globally lack access to formal financial services. Cryptocurrency offers a viable solution for these unbanked and underbanked individuals. It doesn’t require a traditional bank account or credit history, enabling even those excluded from the traditional banking system to participate in financial activities such as savings and investments. By leveraging cryptocurrency, individuals who were previously financially excluded can now access the benefits of a global financial system.
Cost Efficiency and Accessibility: Cryptocurrency’s Advantages for Underbanked Individuals
Moreover, cryptocurrency has the potential to provide financial services in a more cost-effective and efficient manner compared to traditional banking. Transactions conducted through cryptocurrency networks are typically faster and have lower transaction costs compared to traditional banking channels. This is especially crucial for individuals living in remote or underdeveloped areas with limited access to banking services. Cryptocurrency can bridge the gap by providing a means for these individuals to participate in the global economy without incurring exorbitant fees or enduring lengthy transaction times.
A More Inclusive Society: Cryptocurrency’s Role in Shaping Financial Autonomy
As cryptocurrency continues to gain momentum, it plays a pivotal role in unbanking the world and creating a more inclusive society. Its decentralized nature and borderless accessibility enable individuals to exercise greater financial autonomy and control. By circumventing the limitations of traditional banking systems, cryptocurrency empowers individuals to take charge of their financial futures.The unbanking movement facilitated by cryptocurrency not only empowers individuals but also has the potential to reshape the global financial landscape. As more people adopt cryptocurrency, the traditional banking system faces a significant disruption. The shift towards cryptocurrency challenges the established norms, providing an alternative financial system that is more inclusive, transparent, and accessible to all.
To conclude, the financial revolution brought about by cryptocurrency is unbanking the world and redefining the way we perceive and engage with money. With its decentralised nature, transparent transactions, and borderless accessibility, cryptocurrency offers autonomy and control to individuals, especially those in regions with unreliable traditional banking systems. Additionally, it promotes financial inclusion by providing services to the unbanked and underbanked populations while offering cost efficiency and global connectivity. The future holds immense potential for cryptocurrency to create a more inclusive society, fostering financial autonomy and enabling individuals to participate in the global economy on their own terms.
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Nigeria’s eNaira Struggles for Adoption Amidst Cash Shortages and Limited Infrastructure
The adoption of national digital currencies has the potential to transform the financial landscape and create a more equitable financial system. Yet, as demonstrated with the eNaira in Nigeria, adoption can be slow due to a lack of infrastructure and knowledge.
Lack of infrastructure to support the ecosystem
The insufficient infrastructure to support the eNaira is one of the key reasons for its sluggish acceptance in Nigeria. Users must have a smartphone and internet connectivity to use the digital money, which can be difficult in a country where only 25 to 40 million people own a smartphone. This is worsened by the absence of reliable internet connectivity, particularly in rural regions. To achieve widespread use of digital currencies, there must be a concerted push to expand internet connectivity and smartphone usage, particularly in disadvantaged areas.
Barriers to Adoption
In addition to technical issues, there is a major dearth of education in Nigeria on the benefits of digital currencies. Many individuals are still wary of digital currencies’ security and trustworthiness, and there is a widespread lack of understanding about how they work. Governments and institutions must invest in education initiatives to raise knowledge about the benefits of digital currencies and how to successfully use them.
Another barrier to adoption is the absence of transaction options and retailers ready to take digital currency. Despite efforts by the Central Bank of Nigeria to encourage banks to promote the use of eNaira, merchant acceptance remains low. This limits digital currencies’ utility, particularly for ordinary retail transactions. Governments and organizations must collaborate to encourage merchant adoption by providing incentives like as cheaper transaction fees or tax advantages.
Furthermore, Nigeria is currently experiencing acute cash shortages, which has resulted in riots and protests across the country. While the eNaira has the potential to be a solution to the issue, its low adoption and infrastructure challenges have limited its utility. Governments and organizations must move quickly to address these concerns and make digital currencies widely available as a cash substitute.
Digitalization
As the world grows more digital, the advantages of national digital currencies cannot be overlooked. Digital currencies provide several benefits, such as speedier transactions, improved security, and lower expenses. They can also help people gain financial inclusion, especially those who are underserved by traditional banking institutions.
But, in order for digital currencies to become a viable alternative to cash, governments and institutions must take meaningful actions to overcome adoption barriers. This involves infrastructure investments, education efforts, and incentives for merchant adoption. Furthermore, there must be a concerted effort to resolve public concerns about security and reliability, as well as to create public trust in digital currencies
The Central Bank of Nigeria’s attempts to promote the eNaira have been well-intentioned, but more has to be done to remove the barriers to acceptance. This includes collaborating with mobile network providers to promote internet access and smartphone penetration, collaborating with retailers to incentivize eNaira use, and investing in public awareness education programs.
Another possibility is to use blockchain technology to develop a decentralized digital currency. Because blockchain technology is known for its security features, this could help alleviate concerns about security and reliability. Furthermore, because it does not require a centralized body to oversee its use, a decentralized digital currency may be more accessible and inclusive than a centralized one.
Final thoughts
To conclude, while the adoption of national digital currencies such as the eNaira has been delayed in Nigeria, the potential benefits cannot be overlooked. Adoption problems must be solved immediately to ensure that digital currencies can deliver on their promise of building a more egalitarian financial system. To promote the use of digital currencies, governments and organizations must collaborate to invest in infrastructure, education, and incentives. This will necessitate considerable effort and collaboration on the part of several parties, including regulators, financial institutions, mobile network carriers, and merchants.
As the world moves toward a more digital economy, we must embrace the promise of digital currencies to establish a more inclusive financial system. The difficulties encountered in Nigeria’s adoption of the eNaira show the necessity for a concerted effort to overcome the infrastructure and education issues that can stymie adoption. Governments and institutions can collaborate to create an environment that supports the widespread adoption of digital currencies, resulting in a more inclusive and accessible financial system for all.
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HolyTransaction supports five new crypto assets
HolyTransaction has added five new crypto assets to the platform: USDC, MANA, ENG, ANT, and LINK.
USD Coin (USDC) is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE,
Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain. In this virtual world, users purchase plots of land that they can later navigate, build upon, and monetize. Decentraland uses two tokens: MANA and LAND.
Enigma (ENG) is a crypto platform that’s trying to solve the problem of privacy on the blockchain by giving access to data storage and privacy while remaining scalable. Enigma aims to extend Ethereum Smart Contracts by introducing secret contracts.
Aragon (ANT) is a decentralized platform built on the Ethereum network that offers a modularized way to create and manage dApps, cryptoprotocols, and decentralized autonomous organizations (DAO). The ANT ERC-20 token will enable its holders to govern the Aragon Network.
Chainlink (LINK) connects decentralized peer-to-peer networks and smart contracts to real-world data, events, and payments. Since blockchains cannot access data outside their network, oracles (a defi instrument) are needed to function as data feeds in smart contracts.
To create your web wallet you don’t need to have a bank account, so you can set it up in just one minute.
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9 Reasons Cryptocurrencies Are So Important
Image courtesy of GammaLaw
Digital currencies have created a buzz since the sudden rise of the Bitcoin price. They have, over time, become a new trend in the global money market due to their incredible benefits. Here are some of the aspects that tend to make cryptocurrencies so important.
Safety
Bitcoin and Litecoin are arguably the most trusted and safest digital currencies in the world. In a world where looters and cons are everywhere, virtually everyone wants to trade safely. Cryptocurrencies give online traders that assurance, and that’s why people consider them as a reliable means of exchange.
Policies
The recent increase in the demand for Litecoin and Bitcoin can be attributed to policies that govern cryptocurrency networks. Cryptocurrencies are a digital currency, which means traders rarely need a third-party to complete a transaction. That often gives online traders a sense of security and reassurance. Cryptocurrencies tend to allow online retailers to transact anytime and anywhere.
Cost
Bitcoin and Litecoin are considered a low-cost means of transaction. The cost of transacting with cryptocurrencies can be far less than other currencies. The fact that the cryptocurrency network is responsible for compensating miners tends to eliminate transaction fees. Low-cost transactions could mean that cryptocurrency users won’t shell out money in exchange for Bitcoin and Litecoin. All a cryptocurrency user may need to transact is knowledge of cryptocurrencies and a smart phone.
Storage
Cryptocurrencies can be stored in a safe e-wallet or USB drive. Storing your bitcoin or Litecoin in either an e-wallet or USB drive may not attract any fee.
Privacy
Privacy has been a concern for most people transacting over the internet. Cryptocurrency users can expect their financial transactions to be highly confidential. You can transact using bitcoin and still be anonymous. With digital currencies, the seller and buyer don’t transfer money directly. Instead, the cryptocurrency network often serves as an intermediary, which means that users may not share their credentials with anyone. Cryptocurrencies can be used as a new measure to curb identity theft, which has become a menace in the global money market. If something seems doubtful, you are at liberty to share any information you may want with your merchant. By accepting payment in digital currencies, online traders tend to accept and welcome clients who would wish to remain anonymous. Accepting payments in bitcoin can make a brand an industry leader and increase its awareness.
Investment
Cryptocurrencies can be bought in a fraction. That means you can invest any amount of money in cryptocurrencies. For example, if you can’t afford a full unit of bitcoin, you can split it and invest in a quarter or half of it. That can help reduce the cost of investing in cryptocurrencies and avoid overspending. With a crypto converter, an investor can find out the price of any digital currency in their country.
Autonomous
Using digital currencies can make you autonomous. Cryptocurrencies tend to eliminate third-parties, so you can be sure that no fees or commissions are involved. These currencies can also allow online traders to manage their accounts.
Decentralization
Decentralization is a feature that often makes cryptocurrencies lucrative for merchants and customers alike. It means that digital currencies can’t be subservient to any authority or agency. No one owns digital currencies, which means no individual can have control over it. Digital currencies can provide online retailers with the freedom to transact without worrying about geographical barriers.
Digital currencies are considered a game-changer in the global money market. Their incredible benefits are arguably the reason behind their recent popularity. Cryptocurrencies are considered the safest and most trusted currencies around the world. You can store Bitcoin and Litecoin in the cloud or USB drive and move with them anywhere around the world. By using bitcoin, online traders can expect their transactions to be confidential. Digital currencies are also a reliable medium of exchange that can give sellers and buyers control over their accounts. The fact that Bitcoin and Litecoin can be bought in a fraction can make digital currencies an affordable investment.
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Stablecoins: How they Strike a Balance between Crypto and Fiat
There appears to be no end to the growing popularity of cryptocurrency and its related technology. The real world uses and applications of crypto are increasing and blockchain technology has found use outside, instead of just being a basis for the recording of crypto exchange. More ICOs are in development and a wider range of working cryptocurrencies is becoming available to the growing crypto community. The advent of crypto technology is not just a trend that people are getting hyped up about, it is an actual breakthrough in technology.
Bitcoin, the first functioning cryptocurrency, was developed in 2009 by an anonymous party known as Satoshi Nakamoto. The main goal of this new “currency”? To function as an international currency, created with the hope of minimizing costs and increasing efficiency of exchange through the development and use of a decentralized public ledger that distributes the verified records. This makes it a permanent and immutable documentation of what has happened to each and every bitcoin that has been mined and exchanged.
The new concept of decentralization is one of the breakthrough innovations of bitcoin which has been put to use in many other ways. However, too much emphasis has been placed on the investment and earning potentials of bitcoins and other cryptocurrencies. Owed to how it was able to gain popularity as being the digital currency that bore millionaires from investments that were once worth a few pennies, there is a large majority in the worldwide community that know about Bitcoin but fail to comprehend what it is and why it was created in the first place. Alarmingly, there are quite a number of people who are so quick to join the bandwagon of investors, hoping to get in early, as profits are rising for those already investing in Bitcoin, but have not equipped themselves with the necessary know-how for managing their bitcoin. Aside from being a recipe for failure for these individuals investors, it also negatively impacts the real purpose of Bitcoin as a cryptocurrency as it is unable to function as an actual currency.
The value of Bitcoin is dependent on the interrelation of two things – supply and demand. Getting into where the supply of Bitcoin comes from would take too much discussion. The important thing to note, however, is that there is a finite supply of bitcoins and, because of the rise in its value late in 2017, there has been a rise in its demand. The seesaw between supply and demand markedly changes the value of Bitcoin, making it a volatile currency. This means that it’s value changes, not just every day but consistently throughout a day. As an investment or commodity, this makes it one of the favorites for many investors or traders since it provides a great opportunity for trading. With the rises and falls in the market, it provides great trading opportunities.
It’s not just Bitcoin that follows this trend, other crypto currencies are also very volatile. However, this has now defined the crypto world as being more of a world of trading than as one made of alternative currencies. Luckily, there are now a few cryptocurrencies with values are so closely linked with a fiat currency that they do not behave like the others. For a trader, these are the cryptos to avoid, as there is little to no growth in your investments, but, for the person looking for a way to store, instead of invest, their assets, these stablecoins provide the advantages of both fiat and crypto – stability and efficiency.
Stability
From their names alone, stablecoins are stable or not as volatile as other cryptocurrencies. They are “stable” in a sense that although there are still rises and falls to their market values, these are not as frequent or as big a change. As introduced earlier, these coins are linked to an existing fiat, which helps to steady and maintain their values.
Crypto “currency” also defines its purpose by name. It aims to function as a currency, a medium which can be used to exchange goods, services and the like. However, due to the volatility of a majority of crypto, using it as a mode of payment is difficult. There is a need to constantly update the prices on items, based on the value of a certain crypto. Purchases that are made over a span of a few days may seem cheap and affordable on the first day, but upon finalization of payment may turn out to be too costly. With a currency that has a value that changes at an hourly rate, would one really prefer to pay items through bitcoins?
Efficiency
The underlying technology that supports Bitcoin or any other cryptocurrencies – the blockchain – provides many advantages that still make it a good mode of payment. Not only is it a secure method, due to its decentralized system of verifying any transactions, but it is also a fast method of exchange, which can be done at a low cost. Saying that it is efficient is an understatement as it removes the need for costly transactions that have to be checked, confirmed and processed by a centralized body. Add to the fact that there is always room for error in these centralized systems and there has been not just one incident where issues on the management of finances have come up. Putting too much trust on a single company to handle your money may be what we have become used to, but having a public ledger which is immutable and secure surely changes things.
What are stablecoins again?
They are cryptocurrencies with fiat properties. They are both stable and efficient alternatives that provide wallet owners with the best of both worlds. Are you a trader looking to find a storage for your assets without having to transfer it into your bank or are you just someone who dislikes the centralized banking system but would prefer not to hoard cash at home? Storing your assets online as a stablecoin may be a great option.
Author Bio: Kim Hermoso is a content writer. Her articles are mostly guides and feature pieces on all things related to cryptocurrency, such as blockchain technology and smart contracts.
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Six Cryptocurrencies to Watch in 2019
Following last year’s very well publicised crisis moment for Bitcoin, it’s very tempting to believe that the moment for cryptocurrency has passed. Confidence in these new technologies has waned significantly, and there’s a general understanding of how volatile the market is. But though it is still true that cryptocurrency is not as stable as more established currencies, the technology isn’t going anywhere any time soon.
So while you may have missed the first major boom in digital currency, there is a likelihood that we are going to see some interesting developments in 2019. Here are some cryptocurrencies to watch this year.
Ethereum (ETH)
Ethereum works not just as a digital currency but as a platform for users to build their own cryptocurrency. Users take the building blocks provided by Ethereum’s blockchain and create their own application so that it can be used to manage things like supply chain.
At the end of 2018, Ethereum had started to show growth again after the 2017 peak. At it’s highest peak, it had grown around 3000%, the second largest after Bitcoin. “During the course of this year,” says Jay Stokes, author at researchpapersuk.com, “ Ethereum is expected to continue to rise in value, as plans roll out to improve its technology.”
Decred (DCR)
Launched in 2016, Decred has become a well regarded currency that aims to democratize its model. There’s a focus on the actual work of data mining, with partial rewards going back to those who can offer proof of work. These individuals can have a direct say in the management and direction of the project.
To facilitate this decentralized governance, the developers have created an efficient and simple voting system to achieve consensus. Utilizing smart contracts the model is resistant to any potential outside parties that would seek to influence votes being cast.
Cardano (ADA)
Founded by Ethereum’s Charles Hoskinson, Cardano works through a smart contract platform. The developers take remarkable care to maintain the platform, and seek to standardise and promote Cardano’s protocol technology.
Charles Hoskinson claims that Cardano is the next stage in evolution for blockchain technology. It is built on meticulous academic and scientific research in order to combat issues surrounding blockchain technology, including scalability, interoperability and sustainability.
Dash (DASH)
Created in 2014, Dash is a decentralized autonomous organization as well as a cryptocurrency. As an open source asset, it works on a principle of self-governance. In its early days, it was known as Xcoin, a ‘fork’ of the Bitcoin protocol, but as an altcoin, it earned a bad reputation as the cryptocurrency used on the dark web.
However, following a rebrand as Dash (Digital Cash), it ceased operating on the dark in 2016. Payments via Dash are almost instantaneous, and through user engagement protocols, the community which uses it are all geared towards improving its development.
ZCash (ZEC)
Developed in late 2016, ZEC is geared around security and transparency. The two main protocols of Zcash involve either shielded or transparent pools.
Private transactions can be disclosed to aid transparency, allowing users to prove payments in order to comply with governmental regulation and tax services. In this way, Zcash has been at the forefront of creating a sustainable future for cryptocurrency.
“The developers of ZCash have been very public in meeting with law enforcement agencies” says Carina Rodriguez, contributor to draftbeyond.com, “This, finally, is a bid to show a united front against illegal cryptocurrency activity.”
Monero (XMR)
Monero has had a somewhat controversial year. Some studies during the year showed that around 4.3% of the total supply of XMR had been mined illegally. For many, this is a worrying part of cryptocurrency. However, as the industry as a whole move towards a more legitimate, less shady mode of practice, it is interesting to note that during the time these studies were published, XMR’s value seemed to have fluctuated very little. It is based on the CryptoNight ‘Proof of work’ algorithm, pushing miners to seek legitimate sources of data.
Unlike, for instance, ZCash, Monero is developed around utter financial privacy, allowing payments and balances to remain hidden. Though it remains a controversial choice of Bitcoin, it continues to be a versatile crypto asset used across the world.
Benjamin Schmitt is an experienced lifestyle writer and app developer. He writes on app development and a range of other topics for Gum Essays and Lucky Assignments.
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Cryptocurrencies 2016: Bitcoin Alternative charts
Today we want to talk about Cryptocurrencies 2016, as the just ended year has been very exciting for several digital currencies and not only for Bitcoin.
A lot of major open-source currencies, in fact, showed a good growth during 2016 and we hope to see significant expansion in 2017.
Below you’ll read charts of the excited cryptocurrencies 2016, during a period between December 27, 2015 to December 26, 2016.
Source: Coindesk.com
Bitcoin
Market Capitalization (Beginning of Year): $6,161,215,794
Market Capitalization (End of Year): $14,590,356,108
Price (Beginning of Year): $411.99
Price (End of Year): $908.17
Price (Annual High): $909.94
For sure Bitcoin is the king of cryptocurrencies 2016, if we talk about value.
It is the oldest blockchain-based asset as today (January 3rd) it celebrates its 8th anniversary: the genesis block was generated on January 3rd 2009.
While I’m writing of this article, Bitcoin price is still growing, surpassing the value of $1,000 for 1 BTC.
Bitcoin price and trading volume were supported by several global circumstances, including the Chinese yuan devaluation, the UK’s Brexit, and the election of a Donald Trump.
Ethereum
Market Capitalization (Beginning of Year): $80,339,474
Market Capitalization (End of Year): $638,041,577
Price (Beginning of Year): $2.83
Price (End of Year): $7.31
Price (Annual High): $19.59
2016 saw Ether, or the digital currencies that powers the Ethereum blockchain – become the best-performing currencies, with a more than 2,000% increase over the first six months of 2016.
The major reason for its instability was the DAO hack, the subsequent failure of the decentralized project, and the creation of ethereum classic. These factors led to a fall of nearly 50% of this altcoin value.
Anyway, Ethereum is the favorite network for possible FinTech permissioned distributed ledgers, enterprise software and Internet of Things applications, so 2017 could will probably show a capitalization increase for ether.
Litecoin
Market Capitalization (Beginning of Year): $149,142,004
Market Capitalization (End of Year): $212,469,870
Price (Beginning of Year): $3.41
Price (End of Year): $4.34
Price (Annual High): $5.55
One of the oldest bitcoin alternative, litecoin showed a stable valuation during 2016, closing $2 above its starting price for the year.
Dash
Market Capitalization (Beginning of Year): $16,081.586
Market Capitalization (End of Year): $70,675,107
Price (Beginning of Year): $2.64
Price (End of Year): $9.67
Price (Annual High): $14.42
In 2015, darkcoin decided to end its association with shadow businesses and the DarkNet by changing its name to Dash.
This re-branding seemed to work and Dash ended 2016 with pricing nearly three times, and a market capitalization close to four times.
Cryptocurrencies 2016 and their future
As we enter 2017, the future for cryptocurrencies seems bright, as the digital currency market will continue to progress and prove its worth as one of the top-performing commodities available today.
We at HolyTransaction are very happy to work with this top-rated cryptocurrencies, as our wallet can store Litecoin, Dash, Ethereum and Bitcoin within a unique login.
Needless to say, we are proud to have chosen the best and the most profitable cryptocurrencies for our multicurrency wallet you can open here for free.
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HolyTransaction add-on for cryptocurrencies exchange rates
Recently we at HolyTransaction created a new add-on for the Firefox browser only to see the exchange rates for cryptocurrency pairs.
How to dowload the add-on
- Click on the Firefox Menu at the top right of the toolbar;
- Click on “Add-on”;
- Write “HolyTransaction” in the search at the top right of the page;
- Click on “Add-on” on the left menu;
- Click the “Download” button next to the HolyTransaction add-on.
- You will find the exchage rates window at the top right of your toolbar.
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