Does Crypto Actually Help People? Developed Vs Developing Markets

By Soko Directory Team / Published March 24, 2023 | 1:43 pm



Cypto Gold Bitcoin and Ethereum cryptocurrency coins with candle stick graph chart, laptop keyboard, and digital background.

When you think about developed markets, there are established traditional finance operators whose services are accessible to millions. However, Web3 technology can still play a critical role in these markets by helping smaller investors hedge against inflation or invest in art in a way that was never possible before.

It also enables law enforcement in numerous ways by helping to track down illicit funds and activities online because of the transparent and open nature of blockchain technology. Smaller entrepreneurs in developed markets who are often overlooked can now raise funds in ways that were impossible just ten years ago. The developed world has certainly reaped the benefits of crypto.

Unleashing Opportunities in Developing Markets

While the value of crypto is very clear for developed markets, people often overlook the fact that its main benefits are reaped in developing countries. Financial infrastructure, remittances, funding, charity, and education – the way in which we view these topics in the developing world is shifting thanks to the introduction of blockchain and digital assets.

Access to platforms and education in most developed markets is quite common. But enabling this in developing countries like Kenya can help people previously devoid of access to such opportunities build wealth and create the next wave of business leaders and entrepreneurs. The lack of access to traditional financial services and features can often leave behind underserved communities. This is where crypto technology can play a key role. Think about the older generation who rely on remittances from their children abroad. In some cases, almost 10% of the money sent is lost to fees, and transfers take a long time.

Contrast that to crypto, where the fees are minute and transfers are nearly instantaneous. Take a look at the Binance ecosystem. With products like Binance Pay, cross-border transfers are now instant and very cheap. With stablecoins, users can manage the often inordinate inflation in their nations’ fiat currencies. With Binance Earn, users can make their idle crypto assets work for them. And with Binance Academy, there’s access to education to increase financial literacy, which is a necessary prerequisite for making the most from our industry-leading trading products in the safest way possible.

When it comes to charity and donations, crypto can be more efficient than traditional banking. During the recent earthquakes in Turkey and Syria, Binance was able to act swiftly to help out. In the aftermath of natural disasters, people often lose access to traditional banking at the exact moment when extra funds are needed to help cover medical supplies, food, and other essential needs. Crypto assets are now increasingly being used to deliver financial aid to disaster victims as they provide fast, low-cost, borderless, and transparent transactions.

The Future With Crypto

The surprising adoption curve in this industry is unlike any other. There has been mass adoption in several countries and crypto is already changing how users think of financial services, education, and wealth. Due to this, the blockchain industry’s demand for talent is expanding, creating more opportunities across the globe.

Just like the concept of the internet was novel and outlandish at its inception, so is the notion of crypto and Web3 technology. But by stripping away the fear and doubts, we can start to see how real humans are impacted and benefit at the end of the day. The more of these examples we can show, the brighter our future will be.

Related Content: Cryptocurrency Needs Both Regulation And Transparency




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2024
  • January 2024 (238)
  • February 2024 (187)
  • 2023
  • January 2023 (182)
  • February 2023 (203)
  • March 2023 (322)
  • April 2023 (298)
  • May 2023 (268)
  • June 2023 (214)
  • July 2023 (212)
  • August 2023 (257)
  • September 2023 (237)
  • October 2023 (266)
  • November 2023 (284)
  • December 2023 (176)
  • 2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (358)
  • April 2022 (292)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (253)
  • September 2022 (246)
  • October 2022 (196)
  • November 2022 (232)
  • December 2022 (167)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (272)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950