How is the crypto wallet going to transform the world?
You would have probably laughed back then if you were told that PayPal would bring in a major change to the financial ecosystem. The same goes with Net banking, credit cards, and what have you. But now, can you imagine a world without either of the payment instruments? We believe crypto wallet is like that underrated star, who just needs that one blockbuster to become an overnight sensation!
This is how we see crypto wallets becoming the change the world needs:
1. Remove global barriers
Say you are from a country whose currency is constantly depreciating against the US dollars (It’s not your fault for being born in a country that’s not rich in oil, right?) But you love purchasing goods from the US, maybe an iPhone. You would always be at a loss because firstly, you’ll be paying more since the dollar value is more. Then there is the conversion rate. But with a crypto wallet, you can buy and store any cryptocurrency and pay the seller with the cryptocurrency of their choice. If the seller wants you to pay in a crypto you’ve never heard of, no problem! The crypto wallets have got your back!
Your bank’s payment system lets you make a purchase with another currency but charge a conversion fee as big as Will Smith’s ego, but crypto wallets are humble. Since transacting with crypto wallets like Metamask wallet gets easier and cheaper, global barriers are lowered, benefiting a lot of economies.
2. Disrupt the baking system
With the number of bank frauds, most of us can’t even rely on the so-called safety nets — the banks! Who is to say what the banks are doing with the money we deposit? One teaspoon of corrupt management and 3 cups of bad loans is all it takes to bake a perfect apology cake for losing all your money. And if you’re extremely upset, the central bank might instruct your bank to sweeten that cake by asking them to compensate you a tiny amount, but that’s about it! However, with money in the crypto wallet, you get to decide what to do with your money. You don’t even need that bare minimum interest rates that the banks pay as the appreciation in your crypto holding should overcompensate for the bank’s interest rate.
3. Make the world a safer place for transactions
As the world gets more innovative, the scammers get smarter! We wouldn’t print a false narrative saying you will never face fraud issues with crypto wallets. Cause, whether it is net banking or crypto wallet payments, if ransomware attacks your computer, you’re bound to some really bad misfortune.
But unlike credit card fraud where your card information is stolen and a huge chunk of money is withdrawn, digital crypto wallets are very safe for transacting. Also, did you know there are paper crypto wallets? They come in physical, non-digital forms, hence, they are completely free from online fraud. We can say with certainty that crypto wallets will make transactions safer than ever.
Crypto wallets will change the world but will you change your mode of payment? Setting up a crypto wallet is as easy as snapping your finger, so why don’t you give it a try? We are sure you’d find it so convenient that you’d never want to go back to the old ways of payment!
Disclaimer: The information provided in this article is not intended to provide investment or financial advice. Investment decisions should be based on the individual’s financial needs, objectives, and risk profile. We encourage readers to understand the assets and risks before making any investment entirely.