Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

How Cryptocurrencies are Revolutionizing the Traditional Financial Industry

CryptocurrencyJul 17, 2021 07:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
How Cryptocurrencies are Revolutionizing the Traditional Financial Industry

Since the launch of cryptocurrencies over a decade ago, there have been long debates on how these new technologies will impact the world. Thanks to their underlying technology, blockchain, these digital currencies seek to pioneer a necessary shift in how users get access to capital.

Identified as disruptive technologies, cryptocurrencies and blockchain are on the verge of reshaping the traditional financial system in several ways.

How Blockchain and Cryptocurrencies are Revolutionizing the Financial Industry
According to a 2017 Business Insider article, it was revealed that over 2 billion of the world population are unbanked. Citing World Bank’s exclusive reports, the article stated that 20% of that population receive wages in cash.

The unavailability of fast and easy banking services has indirectly led to poverty as well as the inability of individuals, especially in developing countries, to start and efficiently run businesses. Additionally, the cumbersome paperwork required to access government loans and grants has all contributed to entrepreneurs’ woes.

Even when these loans are granted, the interest rates are outrageously high, making it almost impossible to pay back within the allocated time.

The advent of cryptocurrencies currently solves the “unbanked” challenge. Being digital currencies, these crypto projects offer users, regardless of location, an opportunity to seamlessly transpose and receive payments from the comfort of their homes. That's not all.

These projects also guarantee faster and cheaper transactions.

Western Union (NYSE:WU), one of the biggest payment gateways, has 4 different transfer fees senders will encounter before successfully executing a transaction. Also, depending on the channel or financial institution you're sending from, you may be charged between $9 to over $119 per transaction, bear in mind that the fee to be paid will be determined by the amount sent.

Juxtaposed with cryptocurrencies, this payment gateway is too expensive and surprisingly, not as fast as most digital currencies. Most crypto projects charge as low as $0.1 per transaction, regardless of volume. Some, on the other hand, do not charge for transactions.

The introduction of cryptocurrencies has opened up limitless opportunities for users to easily transfer and receive payments from anywhere in the world, thus solving the unbanked problem. One of such projects is the ESP Project.

The ESP Project
With an emphasis on innovation and education, this blockchain-based project like a few others attempts to pioneer a shift in payments. The launch of its native token, E$P enables users on this platform to make payments to anyone.

Leaning towards education, the ESP Project also referred to as Education Solar Project introduces a platform where teachers, students, and parents will connect. As stated by the team, this platform will put an end to the unbanked problem facing developing countries by offering them a fine opportunity to make payments for school supplies, meals, and tuition with the E$P token, an ERC-20 compliant asset.

Additionally, this nascent crypto project being a supply chain payment solution will enable users to make payments anywhere in the world, albeit at a fast and very low rate. As a decentralized finance [DeFi] project, ESP, according to the team, will offer users access to lenders worldwide, helping them borrow and lend funds in a decentralized and secure manner.

The development and launch of these projects and others like it have opened up opportunities for individuals to not only get access to capital but also seamlessly send and receive funds without filling unnecessary paperwork. Recognizing the immense benefits of cryptocurrencies and blockchain, various traditional payment gateways are looking to integrate them into their services.

Truly, cryptocurrencies and blockchain technology are changing the world for the better.

Continue reading on BTC Peers

How Cryptocurrencies are Revolutionizing the Traditional Financial Industry

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email