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“The internet has made the world much smaller. WeChat, Twitter, Facebook and so on, allows you to make new friends at lightning speeds. But when dealing with money, the financial system is lagging behind,” he says. “Paying someone in India, Indonesia and many places in South America can take days and the cost is very high. Using blockchain technologies changes all this. Transactions can be settled and cleared within minutes, no matter where you are in the world.”
True isn’t it? It’s very easy to make new friends via the web today. But if you want to pay someone cross-borders, it is a pain in the neck. The real problem here is the technology that facilitates the transfers today was established way before the arrival of the internet.
I recently saw one tweet which intrigued me:
Some laugh at Bitcoin. 20 minutes later those same people walk down to an ATM and pay a $5 fee to withdraw their own money.
— Bored Elon Musk (@BoredElonMusk) December 7, 2014
It’s very true! We are so used to paying fees and forex rates that we just let the intermediaries take from us! Our customers today are still surprised that we do not take any forex rates at all, and we will keep it this way as long as we can.
I’ve embedded the slideshare deck on this post for you to browse. Have fun!
Special thanks to our team member John Scianna for preparing the presentation.