An international swift transaction takes days or sometimes weeks to clear. In developing countries, bank will take its sweet time to clear it which may take even more than two weeks.
It costs tens of dollars in fees and significant percentage in currency conversion cost if you live in a country where you cannot hold foreign currency received directly (Many unbanked countries have these kind of absurd laws).
So you will lose hundreds of dollars on currency conversion on a transaction of a few thousand easily.
This is taking into account the best bank account you can get with high income. At best, you might end up paying tens of dollars on a few thousand transaction in conversion.
Solved problem? Not at all.
I can provide so many examples where banking is broken. People buy registered companies for a company bank account in middle East because you cannot easily open a bank account if you are a foreigner or foreign company. You need to have hundreds of thousands in seed capital to start a current account.
In developed countries, I have seen friends struggle with getting a home loan because they are self employed or founder.
Maybe you don't believe crypto is the solution and I can accept that but banking system is nowhere solved.
Because the problem isn't banking. There are lots of people who don't have access to clean water either. Doesn't mean we need new solutions to provide clean water, but rather we need to figure out why existing solutions don't always work.
> Doesn't mean we need new solutions to provide clean water, but rather we need to figure out why existing solutions don't always work.
Solution doesn't work, we need a new solution. It doesn't need to be 'new', it needs to be 'different'! Play on words, at the end of the day, people still don't have bank accounts or clean water. Something isn't working. I'd rather be part of the solution and not part of the problem, even if the solution isn't perfect.
It is also an apple/orange comparison. Water != Bank Account.
It costs tens of dollars in fees and significant percentage in currency conversion cost if you live in a country where you cannot hold foreign currency received directly (Many unbanked countries have these kind of absurd laws).
So you will lose hundreds of dollars on currency conversion on a transaction of a few thousand easily.
This is taking into account the best bank account you can get with high income. At best, you might end up paying tens of dollars on a few thousand transaction in conversion.
Solved problem? Not at all.
I can provide so many examples where banking is broken. People buy registered companies for a company bank account in middle East because you cannot easily open a bank account if you are a foreigner or foreign company. You need to have hundreds of thousands in seed capital to start a current account.
In developed countries, I have seen friends struggle with getting a home loan because they are self employed or founder.
Maybe you don't believe crypto is the solution and I can accept that but banking system is nowhere solved.