#CryptoFees101
🌍 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 even arrives. And it's not just Tanzania, where $53 is deducted in fees from Turkey, while $35 is deducted from Senegal. These are not glitches; they are features of an outdated system that only benefits a select few.
💼 Traditional banks and money transfer service providers dominate these payment systems, and due to the lack of competition, they impose high fees without any accountability. The result? A slow, costly, and broken system that harms those who are most in need of support.
Even 'cheap' transfers are considered a bad deal. Sending $200 to Switzerland or Sweden may cost $16. This is unacceptable when better solutions exist. 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 takes seconds.
🧠 It's clear that the old financial system is not designed for inclusion, cryptocurrency, and the technology that supports it.
