Cryptocurrencies: A means of fair world trade

Instead of parroting the mainstream media by talking about Bitcoin as appealing to criminals, we can better look at what Bitcoin and other cryptocurrencies can mean for our society.

We don't want to abolish medicines, right? Or forbidding people to have a knife in their kitchen. Well, a knife can become a murder weapon and medicines can be abused. Of course we don't want to abolish them. We use them for our benefit. We should do the same with cryptocurrencies like Bitcoin.

In Africa, Asia and South America millions of people don't have access to a bank account. Having a bank account or holding small funds on an account is often not possible because it costs too much money and is therefore only in the hands of the elite. On the other hand, Worldwide we all have a mobile phone. Also in Africa. And Bitcoin is easy to trade from phone to phone.

Power Shift

For this reason, it is not strange that interest in cryptocurrencies grows in developing countries. Labor migrants regularly send money to their relatives. Every year Ugandan migrants around the world send $700 million USD back home to their families. Thanks to Bitcoin, these people are no longer dependent on companies like Moneygram and Western Union, who charge large commissions and have long waiting times. The cost of sending cash via Western Union and Moneygram averages 10-20% in fees. Cryptocurrencies like Bitcoin are independent, much cheaper and a faster alternative for transporting value.
There is a shift in power from the traditional financial world to the financial technology world. Blockchain technology, on which bitcoin is founded, is therefore a hot item.

Cryptocurrencies will never disappear. So instead of repeating the mainstream media by talking about Bitcoin as appealing to criminals, I invite everyone to explore what cryptocurrencies can mean for our society.

I recommend watching the movie "Bitcoin in Uganda - empowering people" on YouTube. It is a story about Ronald from Kampala, Uganda who receives bitcoin from his family in the US to support his education. Hopefully, this helps to understand why cryptocurrencies can make a huge difference.

I think if we have a currency that is not controlled by the government everyone will be equal. ~ Nsubugar Ronald's, student in Uganda, Africa

A cell phone in Uganda for a year is cheaper than the banking fees he got for a year!

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