Although there’s no arguing that traditional finance services will stay for a long time, digital currency is the industry’s future. Centralized finance tends to be restrictive, preventing people from enjoying financial independence. Dan Schatt and Domenic Carosa, of DeFi startup Earnity want people to have independence from these banks.
Cryptocurrency has the potential to promote financial inclusion and independence in several ways. First, cryptocurrency can help individuals gain access to banking services and products that they might not otherwise have. This is particularly important for people in developing countries who may not access traditional banking services. Second, cryptocurrency can also help people to store and manage their money more effectively, promoting financial independence. Third, cryptocurrency can help to encourage economic inclusion by giving people in developing countries access to digital payments systems. This can help boost the local economy by enabling people to participate in digital transactions.
Merchants, consumers, and buyers benefit from crypto as it promises reduced transaction fees. Traditional financial services require intermediaries, and they’re especially felt by those conducting international bank transactions. In addition to reducing transaction fees, crypto suggests it can decrease processing times.
While cryptocurrency cannot directly promote financial independence and inclusion, it addresses underlying problems hindering such development. Economic freedom factors include market openness and regulatory efficiency. Market openness supports trade, purchase, and financial freedom. When regulations are straightforward and smooth, businesses are offered labor and monetary independence. Concerning the rule of law, crypto has clear property rights.
All facts considered, crypto is still a young industry. There is still a great deal to learn and discover about it. Developers and proponents ought to create products that are easy to use and informative. Dan Schatt and Domenic Carosa of Earnity want individuals to seek and experience financial independence to educate themselves on crypto, its uses, and its long-term benefits.