The superiority of cryptocurrency - particular example
At cold crypto winter, we have no doubts about the absolute superiority of cryptocurrencies. We, the crypto-enthusiasts who remained interested in the crypto industry and who study it move forward. In this short text, I want to show you a particular example, of how cryptocurrency would do much better than the existing system.
So I have a client who can't pay me with crypto. So he pays me in dollars via Upwork. And from part of those payments I need to pay contractors in UAH (Hryvnya, the currency of Ukraine). So let me present you with a whole chain of loss (yes, as on each step I lose some % of the amount).
I receive payment on Upwork and Upwork site takes a cut (5-20%) - yes they will take the commission as big as 20% if that's a new client, then if the total amount of payment is more than $500 - their commission is 10%
Then to move funds from Upwork there is a few $ fee, now it seems it is 1$ and in past, it was $2.
Then Payoneer where I upload funds takes $2.50 for the payment processing
Then I need to move funds from Payoneer to my Monobank Dollar card (Ukrainian bank) - I also pay some commission
From a Monobank card, I could exchange funds to a Hryvnya card in a fast way, but then the rate will be "official" which is 36-37 UAH per 1 Dollar. And the market rate is around 40. So I have to visit the local bank personally - and withdraw the funds from card to cash - this also takes some percentage in commission, but this way I lose less than if I would exchange with the official rate.
Then I have to exchange physical dollars which I have to UAH. I can exchange at the same branch of the bank or I can search for the better rate
Then with my UAH cash, I can upload them to my UAH card, or I can use a terminal to send cash to another card.
That's it. The whole process is not so complicated, but it takes costs and time. If I would receive crypto - I could easily exchange it peer-to-peer (I have enough demand from my friends for small amounts) or I can use Binance P2P trade, where I would exchange crypto to UAH very fast and without commission.
By the way, if you don’t have a Binance account yet - with this special partner link, you can get -20% trading fees. And, of course, an additional -25% if you use BNB.
Understanding this chain of loss and eliminating it - is one of the cryptocurrency missions.
Exactly. There is nothing better and easier than crypto, especially Bitcoin Cash, because it can be easily exchanged for fiat. The only problem is the volatility.