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What parts of the world? In non developed countries bank fees are actually higher than in the West. In Bosnia a most basic bank account costs about $3 per mont
by medo-bear 3y ago
What parts of the world? In non developed countries bank fees are actually higher than in the West.
In Bosnia a most basic bank account costs about $3 per month, or 60 Ethereum transactions (most people usually have 10 - 20 transaction per month). For paying bills banks usually charge a commission fee of 1%. And if you want to send money to someone 50 kms away but across the border the fee is $20 with few days wait for money to be received.
- danpalmer 3y agoIn many parts of the world people are basically cash-only and don't pay fees for handling money most of the time. The "unbanked". This is the market Ethereum wants to serve. Also I'd challenge 10-20 transactions per month. I think in many near cash-less societies it might be closer to 5 per day.
- SideburnsOfDoom 3y ago> The "unbanked". This is the market Ethereum wants to serve M-Pesa got there first, and without the taint of cryptocurrency. It's a real, deployed, working system at scale, and has been for years. The idea that a "hope to serve" after a bit more crypto tech innovation will open an untapped market ... well, I wouldn't take it seriously. It's wishful thinking at both ends of the supply and demand equation.
- thisgoesnowhere 3y agoYou can't invest in M-Pesa tho so it's obviously very bad /s
- medo-bear 3y agoBosnia and eastern and most of europe in general is certainly not cash-less nor do most people desire that
- justwool 3y ago5 per day? My budget is $20 dollars a day. Lmao people are so out of touch with reality. 5 transactions a day? For what? Honestly can I get off this train.
- searchableguy 3y agoMost major developing countries in Asia have p2p instant payments and bank accounts for free or with minimum balance requirement. UPI (Indian market) launched cross border support with a couple countries starting this year. 118 billion transactions happen via UPI annually. I do think there is some niche market where ethereum payments will shine but hard to beat free and instant systems already in place at far bigger scale.
- arandomusername 3y agoWhich is great when sending to someone in the same country, but we live in a globalized world. Sending between countries (except within EU) is best done using crypto.