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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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.