Cryptocurrency is often times compared with the internet, when taking into account the impact it has on people all around the world and how's shaping the future of applied technology and redesigning the world's financial system. It's an idea whos time has come, that's for sure.
China however has managed to take almost all the legal steps it could to forbid its citizens from having access to crypto, from a giant mining pool, the communist country has turned into a spooker that has sent tons of mining equipment over seas. China felt like its totalitarian control was threatened and acted accordingly.
Can't blame the country, the only ones to be blamed are the citizens who don't do shit about fighting for their freedom and fundamental rights. There are several other countries such as Algeria, Ecuador, Egypt, Nepal, and Pakistan that prohibit interacting with, owning, or using the cryptocurrency in any shape or form. Those are considered flawed democracies or worse.
Same as with the internet, it seems that cryptocurrency doesn't benefit from the same type of adoption everywhere in the world. El Salvador, a tiny Central American country, is on the right pole of adoption, making Bitcoin legal tender and already registering over 500,000 downloads of its native wallet. The thirst of El Salvador's adoption for Bitcoin goes beyond paying for coffee at a Starbucks with satoshis.
There are expats who were sending millions over to El Salvador from the United States, that translating to $400 million in yearly remittances, Western Union benefiting from a lot of fees cash for this matter. There are high chances these people will opt for Chivo, the El Salvador native Bitcoin wallet and Bitcoin to send funds to their families over seas now. Often times adversity is the best coach in thriving for better.
Seems that "El Salvador’s Chivo wallet can be topped up with any credit, debit or gift card, anywhere in the world with zero commission" and there are 50 ATMs installed in the US that can be used commission free. El Salvador has a young and smart president for sure... I hope nobody kills me, same as they did with JFK.
Cryptocurrency makes you your own bank, although using crypto might not be that easy, safe and reliable as using a bank account. We're still early, that's for sure. You can still send funds to a wrong address, pay insane fees for some transactions, "do some DeFi banking" on a platform that can be hacked and so on.
True ownership is palpable though. Although living the early times of crypto we already see signs of crypto companies such as Coinbase trying to eat the lunch of regular banks, with their Lend product that is planning on bringing traditional banking services in crypto to cryptocurrency users. The SEC is Coinbase life hard with this one though, but I'd say they'll fail.
Cryptocurrency has the attribute of circumventing and it can do that in so many ways the legislators can't keep up with. As @taskmaster4450 once said: *they can't regulate at the same pace we can develop".
What Lend actually is?
We lend your USD Coin to verified borrowers, allowing you to earn 4% APY1 - over 8x the national average for high-yield savings accounts. Lend pays you interest for lending out your funds to “verified borrowers.” But there’s no direct connection between the loans to these borrowers and the interest rate you receive.
You won’t even know who these borrowers are. So this isn’t peer-to-peer lending. More likely, your funds will be placed into a pool of deposits, from which Coinbase will lend to its chosen borrowers. Coinbase will pay all depositors the same fixed interest rate. It will pocket any difference between the interest it earns on lending and the interest it pays to depositors.
Funny seeing fossils such as the SEC trying to fight technology and hoping for a win. One thing is clear though, the adoption of cryptocurrency is not the same everywhere in the world, in some cases being close to null, but the ones that are on the right side of adoption will have a brighter sight of the blue skies waiting for us ahead.
Cryptocurrency goes way beyond what it was three or four years ago, that's why I'm so inclined in subscribing to a super cycle that we're currently in. The most important impact that it has over people lives imo is that it teaches the average Joe like myself how to do finance and how to think and act the best from a personal finance perspective. Just read that Colombia is investing over $30,000 to develop a gamified app that simulates crypto and stock trading for young learners and though what a great idea.
Sooner than later these kids will turn their attention towards the real deal.
Kids should be learned about crypto and finance in school instead of all the crap the teachers are pouring into their brains. Luckily this #playtoearn trend is gaining traction, where @splinterlands is major player, and will change that aspect in the current youth's education. There's no excuse anymore to not be in crypto and be your own bank, the internet has granted that.
Thanks for attention,