🌍 Millions of people around the world rely on sending money back home to support their loved ones. But what many don't realize is how much of that money gets consumed in fees along the way.
💸 The reality is frustrating. Imagine sending $200 to your family in Tanzania, only to lose $115 of it in fees alone. That's more than half - it disappears before it arrives. And this isn't just about Tanzania, with $53 deducted in fees from Turkey, while $35 is deducted from Senegal. These are not glitches; they are features of an old system that benefits only a select few.
💼 Traditional banks and money transfer service providers dominate these payment systems, and due to a lack of competition, they impose high fees with no accountability. The result? A slow, costly, and broken system that harms those who are most in need of support.
Even "cheap" transfers are a bad deal. Sending $200 to Switzerland or Sweden might cost $16. This is unacceptable with better solutions available. If you've ever used a blockchain like Solana or Ethereum L2, you've seen it for yourself - transferring stablecoins worth thousands of dollars costs mere cents and is done in seconds.
🧠 Clearly, the old financial system is not designed for global inclusion. The future lies in blockchain-based payment solutions - faster, cheaper, and more transparent. Banks can either resist this inevitable shift and risk losing their relevance or adapt by embracing cryptocurrencies and the technology that supports them. 🔗
