What if crypto currency could do something that the old system failed to do? What if it could build up a developing nation? Maybe instead of trying to compete with the traditional financial system, crypto currency advocates can focus on all the unique advantages that crypto currencies offer over fiat:
- Instead of mixing up politics and governments into development. Instead of indirectly supporting certain leaders in order to get to the people, people can help people directly. Crypto can be used to fund whatever projects people feel strongly about. The managers of these projects are held accountable to the funders directly instead of an organization. Kickstarter for development.
The Public Ledger
- Corruption is a huge problem in many less developed countries. Billions of dollars which are supposed to go into helping people end up going to some corrupt asshole. The public ledger, which is so vital to any crypto system, eliminates this problem completely. Every single transaction can be tracked and viewed by anyone with an internet connection. This guarantees a level of accountability that was impossible before.
- Some corrupt asshole might try to stop any funding that doesn’t go through him. This was easy before: just freeze the bank accounts. Crypto is peer to peer. No bank accounts so there is nothing to freeze. The only thing that can prevent access to crypto is to block the internet, which is very hard to do and fairly easy to get around. Also most of these old regimes that rule developing nations are slow to change and not tech savvy enough to even understand crypto let alone stop it.
Low Friction Transfers
- Sending crypto from one account to another is quick, easy, and cheap. There are virtually no costs to send money across borders. There are no exchange rates or fees to deal with.