Block-Busted

Now that China has banned whatever was left to ban over there, let's talk about "the unbanned". The industry that's taking by storm financial companies and banks all over the word. Blockchain technology was designed and created to facilitate borderless transactions at high speeds, cheap costs and without any intermediary.

The idea of having no middle man that would be involved in any transaction is liberating. Despite all the crap thrown at crypto for being used by criminals, this marvelous piece of technology is changing lives for the better and it's redefining the financial world as we know it.

Sending funds abroad is quite a pain in the ass when using remittances services or banks. It takes a lot of time to have your transaction sent, the fees are quite high even for small amounts and often times for larger transactions you need to go through quite some paperwork.

I remember that when I was in Norway, I used to pay as high as the equivalent of 60 euros for sending the equivalent of 3000 euros to Romania in one transaction. That's a lot of cash for a transaction. I am no longer in the position of needing to send funds abroad, but I would definitely use crypto if I had do.

El Salvador now has 2.1 million users of the Chivo wallet, the country's native crypto wallet. That's 2.1 million people that are actually using the wallet, not just simply have it downloaded and left idle in a smartphone. Prior to the country's decision to make Bitcoin legal tender over there, El Salvadorians were paying fees for $400 million sent every year from abroad.

That's a lot of cash, and Western Union was "the helping hand" making all that possible. Having a government that allows you to be using crypto as legal tender and being able to exchange it for cash and vice versa at literally any corner means that Western Union will probably has to pack its bags and move from El Salvador. There's no need for its use case anymore.

Anyone living abroad can send money to the Central American country who's just made Bitcoin legal tender, at cheaper costs and probably even faster. Definitely more secure as well. Western Union is probably the first largest company in the world that's block-busted as blockchain technology has simply put it out of use. You literally don't need this company in El Salvador anymore.

It will take some time before most of the citizens will learn how to use this technology, but sooner than later that will happen and Bitcoin's blockchain will have a real life use case in El Salvador.

There's also the new Bitcoin tipping integration of twitter, made possible through the Strike app using the lightning network for Bitcoin, that's going to disrupt such remittances services such as Western Union. The only downside of twitter is that its centralized and when choosing to use it as a funds transfer app you have to be aware that your account can literally be banned at any time for whatsoever reason. That's a risk we should all be aware of, something that's not gonna happen on Hive.

I bet twitter doesn't randomly de-platform users, but it's an aspect worth mentioning. Blockchain is gradually finding its way in day to day tasks and that's the mass adoption I'm expecting from it. I'd rather know we're gonna have a Bitcoin that's never gonna be valued above $100,000, but the crypto use in real life is massive than a highly valuable asset that has no real life use case.

As I wrote in a previous post, technology is too impactful to be shorting it at this point. It's math, code, decentralized systems and a society that's fed up with totalitarian control that one would bet against. Happily we can see this long awaited mass adoption becoming a reality and that's the most important thing right now. The market will recover, it's already showing signs of doing that, but most important is that the development wheels are spinning.

Hope you're having a fantastic weekend and see you to the next one.

Thanks for attention,
Adrian

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