Of the world
population of 7.4 billion, 2.5 billion – roughly a third – do not have access
to the formal banking system.
It is not
because they do not have any money with them to store in a bank. It is because
there are no banks nearby. This happens because of the terrain and the low size
of the local population. To major banks, there just isn’t enough ‘business’ to
consider opening a branch in the area. After all, they need to make an
operating profit so that they can pay the rent, staff salaries, and utility
bills.
Cut off from the
world, people use mobile money. They have phones, and operators make this
possible. But mobile network operators also need to make a profit to keep the
service running. They levy fees or transaction charges. This results in a lot
of money going ‘down the drain’.
Consider Africa,
for instance. There are a lot of people working abroad that send money to their
families. Banks and forex traders like Western Union levy charges for the
transfer. It reaches the recipient, but not physically. Because banks are a
rarity in the villages (a lot of Africa is still rural), the money is
transferred into a mobile-money account. The mobile network operator deducts
its own charges, and only what is left makes its way to the recipient.
In such areas,
the overall fees that were deducted mean a lot.
All these
charges/fees can be prevented by using cryptocurrency. In fact, an experiment
is already underway to eliminate the need for forex charges. Bitcoin is the
digital currency that is used for the purpose, and it has already been
successful. A Kenyan working in Egpyt can send bitcoins to his family. There is
no need to convert Egyptian pounds to Kenyan shillings and lose money in the
process. The family receives the bitcoins and they use it for making purchases
in Kenya. Traders too use bitcoins to pay for supplies.
There is still
the operator-levied charge, but that can be eliminated by using third-party
applications independent of the network operator. This is all set to be
implemented in the next phase of the project.
The problem with Bitcoin
Bitcoin is the
world’s most popular form of virtual currency. That also makes it the most
hacked.
In fact, people
routinely use Ethereum as a hedge against the loss of their bitcoins.
The alternative to Bitcoin
YoCoin, a new cryptocurrency with a lesser
number of users worldwide, is the safer option. It runs on the same blockchain
technology that powers Bitcoin, so technically there is no difference.
This Bitcoin
alternative, by virtue of it being safer, has the power to change millions of
lives across the world. Early adoption rates are already encouraging. The price
of each YoCoin (against the U.S. dollar)
has risen by 31% ever since it came into being. How is this relevant? The
YoCoin price has increased because of demand. Supply remains the same. It is
tied to the gold standard, so there are only a finite number of YoCoins. This
is determined by the size of YoVentures’ gold reserves.
YoCoin, as a virtual currency, is
more stable and fundamentally sound than Bitcoin.
Want to know more what is YouCoin?
Visit Website: https://yocoin.org
Twitter – https://twitter.com/yocoin15
Facebook – https://www.facebook.com/yocoin15
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