Binance, the world’s leading provider of blockchain infrastructure and cryptocurrenciesanalyzes the real and tangible benefits that cryptocurrencies and Web3 bring to people around the world and anticipates what is to come.
Is a gotcha? Is it pure propaganda?
We understand. The evolution of the Blockchain industry, and therefore of Web3 technology and cryptocurrencies, has been a rollercoaster over the years. But what happens when fear, uncertainty and doubt are removed? What if we reduce this complex and fast-evolving technology to its primary purpose and try to simply lay out its benefits?
One step ahead in developed markets
the vision of Binance is to improve the freedom of money throughout the world. If we think about developed markets, it is obvious that there are established traditional financial operators whose services are accessible to millions of people. Web3 technology can continue to play a vital role in these markets, helping small investors to hedge against inflation, or to invest in art in a way that was not possible before. It also makes it possible to help law enforcement teams and forces, in numerous ways, by tracking funds and illicit activities online, thanks to the transparent and open nature of blockchain technology. Small business owners in developed markets, often overlooked, can now raise funds in a way that was impossible just ten years ago. There is no doubt that the developed world has reaped these benefits from cryptocurrencies.
Opportunities in developing markets
Although the value of cryptocurrencies It is very clear for developed markets, people often overlook the fact that their main benefits are reaped in developing countries. Financial infrastructure, remittances, finance, charity and education: the way we view these issues in the developing world is changing thanks to the introduction of blockchain and digital assets. Increasing financial inclusion is a major goal for Binance. We do this by offering a range of products that enable users in more than 200 countries to improve their financial literacy and make their own decisions.
Access to platforms and education in most developed markets is fairly commonplace, but facilitating it in developing countries can help people who previously lacked access to these opportunities create wealth and spawn the next wave of leaders. business and entrepreneurs. Lack of access to traditional financial services and benefits can often leave underserved communities behind. This is where crypto can play a key role.
Does crypto really help people?
Think of the older generations who depend on remittances from their children abroad. In some cases, almost 10% of the money sent is lost in fees, and transfers take a long time.
This reality contrasts with the proposal of cryptocurrencies, where the commissions are negligible and the transfers are almost instantaneous. Take a look at the Binance ecosystem. With products like Binance Pay, cross-border transfers are now instant and very cheap. With stablecoins, users can manage the inflation of their countries’ fiat currencies. With Binance Earn, they can put their idle crypto assets to work for them. And with Binance Academy, they have free access to education to increase financial literacy, a necessary prerequisite for getting the most out of our industry-leading trading products, in the safest way possible.
When it comes to charity and donations, crypto can be more efficient than traditional banking. During the recent earthquakes in Türkiye and Syria, Binance was able to act quickly to help. Following natural disasters, people often lose access to traditional banking at the exact moment additional funds are needed to help cover medical supplies, food, and other essential needs. Crypto assets are increasingly being used to provide financial aid to disaster victims as they offer fast, low-cost, borderless and transparent transactions.
The future with cryptocurrencies
50 years from now, we won’t be hearing much about blockchain technology. Let’s look for a moment at Internet adoption. When you think of all that the Internet has to offer today, do you really think of the actual technology behind it? Have you recently heard of TCP/IP? Probably not, although these protocols drive almost all transactions on the Internet. Big technologies fade into the background when they become ubiquitous. The same is most likely the case with blockchain technology.
The reason we believe this technology is the future is the amazing adoption curve in this industry. It doesn’t look like any other. We have seen massive adoption in various countries around the world, where crypto is already changing the way users think about financial services, education, and wealth. And because of this, the demand for blockchain industry talent is expanding, creating more opportunities around the world.
We are only at the beginning of this journey, and it sure is bumpy. Just as the concept of the Internet was novel and wacky in its early days, so is the notion of cryptocurrency and Web3 technology. But by shedding fear and doubt, we can begin to see how real human beings are affected and benefited at the end of the day. The more such examples we can show, the brighter our future will be.
