Cardano's mission - banking the unbanked in the 3rd world

Published: 2018-12-05

 

A lot of these crypto projects out there are aiming to replace the current monetary system which is fine but it's cryptocurrencies that are actually I think targeting small medium and large enterprises or financial institutions businesses. In general that have the greatest chance to succeed long term Charles was mentioning bit pay and that whole dream of being able to purchase anything with crypto and while that may be true in the future it's not it's not sustainable. It's not the moon vision that I have for cryptocurrency because at the end of the day there are certain payment rails that exist as of today that are more convenient than cryptocurrency and pretty much work better.

If I go to Walmart or if I go to the grocery store and purchase groceries or purchase you know household items I can use cash I can use credit card. I can use Samsung pay. I can use Apple pay there are lots of different options out there that are far more convenient the transaction speed the the time that it takes to settle the recourse of being able to get your money back and just the speed and the the less volatility as well you know who wants to go to the grocery store and Bitcoin tank 20% and then all of a sudden you can buy 20% less of groceries. I don't think that volatility for Bitcoin is ever going to completely eradicate I mean there's always gonna be traders and hodlers and that system is going to take place but Charles was when he when he was mentioning Cardanos desire to go after countries that are developing in Africa and various other places in the world it's very reassuring because Cardano is looking to help the small medium and large enterprises in these developing nations include themselves within the financial system of the current world.

If you live in a western country or you live in an affluent country your payment rails I mean although your currency is probably devaluing it's not devaluing at the same rate as other countries so at the end of the day in order these countries are looking for a payment solution or they're looking for a certain solution to bring companies that are traditionally unheard of or they can't exist because they can't exist in the current monetary system because either they don't have credit or they don't have access to a bank or it's impossible to verify identity or trust these are the companies these are the people these are the institutions that Cardano is going after bringing the unbanked from this area of the world and including them in modern commerce.

I think that this is a very powerful solution and in the long term it's the crypto currencies that are aiming to revolutionize businesses and institutions financial institutions that are going to be around long term. I mean I'm not saying that Bitcoin is that going to be a lot but Bitcoin has a completely different use case it's more of a speculative Hodler you know dream it's going to a million or it's going to a billion I don't know what it is now but that's the use case for a Bitcoin but other crypto projects they're going have to in order to survive. They're going to have to present their use case and the use case for using crypto to buy groceries. I don't know if it's ever going to be imagined in the way that people think I think a small subset of society will live on these these areas but at the end of the day it's going to be about what is it going to do on the back end.

How is it going to help businesses? How is it going to help people transform their lives transform their businesses and include them in within the new financial stack of the new world.

 

Filed Under: Cardano