In this current generation, Information Technology has totally replaced the traditional methods of handling finances. Brick and mortar establishments have been replaced with innovative mobile applications. Another form of online technology has conquered the market by storm, known as the blockchain technology. It aims to increase security and initiate seamless transactions. It didn’t take long to develop an alternative to money, which is the cryptocurrency.
Cryptocurrency started in Vietnam last 2009. The locals are presented with different coins like Bitcoins, Ethereum, Ripple, and Litecoin. These coins were treated as a viable alternative to hard cash. Most of the users back then were the people who needed a way to transfer and receive money from overseas accounts.
Currently, there are over millions of cryptocurrency users in Vietnam. They are able to create thousands of US Dollars from the transactions executed every day. Imagine if all those millions of users are transacting every day!
If there are stumbling blocks in cryptocurrency in Vietnam, one of it would be the cryptocurrency regulations. During the first year of crypto in Vietnam, the State of Bank of Vietnam has banned the use of cryptocurrencies as an alternative form of payment. Looking at the brighter side, it has led to the drafting of a legal framework for cryptocurrency and other digital assets
Why Vietnam Locals Should Support Cryptocurrency?
Although there are few stumbling blocks regarding crypto, the incredible benefits of using it are still undeniable.
Let’s look at how cryptocurrency can help Vietnam Locals.
It is a common knowledge that purchasing real property usually involves third-party entities. You need to get a lawyer that will surely cost you some money due to the fees that will be incurred for their service. What makes cryptocurrency different in this situation? Note that the blockchain technology is comparable to a large property rights database that can carry out the transaction without the involvement of third party entities. This makes your purchase faster and more economical.
Incredibly lower Fees!
Cryptocurrency exchanges don’t usually charge fees since the miners are compensated by a specific network. Compared with the traditional method of transactions, using crypto only incurs a small percentage of fee similar to the concept of Paypal. These third-party services are the ones charging fees, but only a fraction of your expense.
Lower Rist of Identity Theft
When a merchant takes hold of your credit card information, you are actually giving them full access to your credit line. Remember that credit cards act on a ‘pull basis’ where the merchants initiate the payment. On the other hand, cryptocurrency uses a push mechanism that allows you to send exactly what you want to the merchant.
Indeed, cryptocurrency has a long way to go to Vietnam. Cryptocurrency platforms like Bluebelt are starting to make a new wave of performing online transactions. Businesses need to start accepting it to achieve full control of your own money. When used properly, it can make a huge impact not only in Vietnam economy but within the global scale as well.