My daughter just celebrated her 11th birthday and as part of tradition, we had to prepare something on the table despite the adverse effects of the current world situation to the finances of a family like mine.
Thus, I went to the market to purchase what I needed for my pancit (believed to make life longer). I need to buy some beans, cabbage, carrots, celery, sweat peas, pancit bihon and the other ingredients. I headed straight to the vegetable section and bought what I needed.
Rewind. Before all those veggies reached my market basket, it had to go through some process. A farmer labors to plant, nurture, harvest and transport them to the market. Some days if not most days, this farmer would tighten the belt of the family's expenditures to be able to buy the seeds, pay for a rented land to plant on and buy the necessities for the plants to survive and thrive. After months and months of laborious work, he is now ready to transport the harvest to the market. This is where, a middle man is waiting to scrutinize, bargain and eventually DICTATE the price of the commodities he/she is buying. As there are many farmers who came in today with the same products, the middle man thought that the demand is low. Therefore, the poor farmer is left with no choice but to give in to the few pesos price placed on his veggies. Now, he has to think of ways on how to procure the needed materials for him to start planting again. Poor farmer.
The middle man on the other hand is filled with so much delight. He can actually triple the price now as he transfers it his clients in neighboring provinces such that in the capital of the country. He could also give it to small vendors in the market to be distributed to buyers like me. From the 5 peso per kilo of beans paid to the farmer, I had to buy a kilo at 50-70 pesos. Wonderful, ain't it?
Now, in relation to cryptocurrencies. One if not the greatest benefit users can get from using cryptocurrencies such as Bitcoin Cash is the eradication of the middle man. Unlike traditional banking, cryptos do not require anyone to manage the users' transactions.
As a result, transactions via cryptos are SECURE, LIGHT SPEED AND CONVENIENT.
Secure. It is secure as personal data is protected because of the high anonymity level and no personal data is exposed during transaction. Financial history is also protected as it is digital and encrypted so it is harder to steal.
Light Speed. Transactions are so direct that no one would meddle in the middle avoiding all bureaucracy.
Convenient. Because there are no one in the middle, unnecessary fees for processing and all is eliminated. Users also get to become the managers of their own hard earned money. In traditional banking, users are bound to terms and conditions so that if the third party decides that the user violated the terms, they have all the right to freeze the account. Sad.
With this, I am really grateful I was introduced to this platform where I could learn more about cryptocurrencies.
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Shout out to my sponsors: @CryptoBabe and @FrieLincs
Gracias and mabuhay!
