In a recent video published by Bitcoin.com, New Zealand’s most famous crypto personality, Lark Davis, popularly known as Crypto Lark and the Bitcoin Cash [BCH] proponent Roger Ver, discussed how crypto adoption can disrupt ecosystems.
Speaking about remittances, Lark cited the example of how a Filipino worker in Japan has to go through a traditional financial institution like the Western Union to send money back home, where the cross-border fees are charged in dollars. He stated:
“.. sending that with cryptocurrency drastically lowers the fees. That’s putting real money back into the pockets of the people who need it the most.”
Following this, Roger Ver called the financial service platform which has leveraged Ripple’s xRapid, Coins.ph, a fantastic example for such cross-border settlements. They also called for disruption in capital control and sanctions, terming both aspects as factors for retarding the world’s economic growth rate.
Furthermore, they envisaged how blockchain has been used in Iran, Venezuela and Russia, where the countries brought about their native digital tokens.
Ver stressed the need for a trading system involving no permissions from a third-party. He further spoke about ICOs that have enabled investors from different parts of the world to connect and invest in an entrepreneur. Acknowledging the fact that ICOs have been a part of huge scams, he explained that blockchain technology will help create more transparency in the space.
Lark highlighted the need for Land Registry to ride on the blockchain, elucidating that while a portion of the people in the world are not able to produce documents of their property, the other fraction have documents that can be easily manipulated and tampered with. Storing the land records on the blockchain technology can be effective and cannot be tampered with.
Talking about the tech’s use case in Prediction Markets, Ver stated:
“Use Prediction Market to guide your actions today to make the world a better place that you want for tomorrow. With cryptocurrencies and blockchains we have the ability to build unstoppable prediction markets.”
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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