Saturday, September 25th, 2021
Due to the unexpected events that have played out over the past year, it appears that the age of cryptocurrencies is officially here. Cryptocurrencies were first launched over a decade ago. Since then, there have been debates from all sides concerning how they would impact the world. They are now set to solve one of the biggest challenges across all continents: how users get access to capital.
Cryptocurrencies and blockchain are identified as “disruptive technologies”. Why? Because they have been on the verge, for some time, of reshaping the traditional financial system.
The Revolutionizing of the Financial Industry
According to a 2017 Business Insider article, 2 billion of the world population are unbanked. In the U.S. alone, businesses struggle more than ever before due to the pandemic when it comes to finding access to working capital. Traditional lenders are overwhelmed with the number of small business owners in particular in need of funds to keep their doors open.
The unavailability of fast, simple banking services has also led to, or at least complicated, others’ ability to start and run their businesses efficiently, especially in developing countries. The collateral requirements, long wait times and complicated contracts and documentation also add to an entrepreneurs’ headache of securing capital.
In the event that a business owner or startup founder does gain access to a loan, the interest rates are shockingly high. Making the task of paying it back within the allocated time a huge stress and a heavy burden. This is where cryptocurrencies have really stepped in to fill the gap and meet the “unbanked” challenge.
Cryptocurrencies: Limitless Opportunities
Ultimately, the introduction of cryptocurrencies has opened up limitless opportunities. Users can easily transfer and receive payments – anywhere in the world. The unbanked problem is solved. An example of this is the Education Solar Project, or ESP Project. This platform connects teachers, students and parents. Essentially, it provides the opportunity for payments to be made for school supplies, meals and tuition in developing countries.
The opportunities projects like these open up really are limitless, both for giving individuals access to capital and for receiving funds without having to jump through endless hoops. If your business would like to learn more about these opportunities and learn more about the best cryptocurrency payments, browse the many reviews and information available via bestpaymentproviders.com.
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