We often talk about how the explosiveness of cryptocurrency is going to happen based upon the growth of Internet users. Along the same lines, those users coming online are most of the smartphone generation. Hence, we have a belief that sending cryptocurrency and the masses being involved requires this technology.
This presents a problem for many third world nations where Internet adoption is still rather slow. At the same time, where it is available. the expense is outrageous as a percentage of incomes earned. Africa is a nation where people are still charged for the data sent as opposed to all inclusive plans in the developed nations.
We could be seeing a shift in not only the mindset surrounding this idea but the practical use cases.
Erik Finman became a Bitcoin millionaire before he graduated high school. He bought over 400 Bitcoin in 2011 which created his fortune. Last year he got involved in @metalpay which is a crypto payment system of various tokens including STEEM.
Finman decided to break the myth of an Internet connection needed and open up a host of possibilities for the continent of Africa, as an example.
A high school dropout just transferred cryptocurrency via satellite to a school in Ghana. No internet or smartphones involved. No fancy, expensive infrastructure.
Finman sent $1,000 of MTL, the native digital asset of the crypto platform Metal Pay, to St. Mary’s School in Korle Gonno in the Greater Accra Region of Ghana. MTL is made for everyday use, allowing people to transact it, store it, exchange it for other cryptocurrencies, make payments or cash it out to a fiat currency.
Says Finman,
“Cryptocurrency + satellites = anyone in the world can participate in the economy.”
The antenna looks rather rudimentary which is the entire point. This breakthrough can open up a host of possibilities for getting cryptocurrency to the unbanked. A simple construction such as this can receive a satellite signal to make to transfer possible.
This could have a large impact on impoverished areas that lack the infrastructure other areas have.
Ultimately, it is the continual developments of breakthroughs that are going to change the world. We are seeing hundreds of different options arising which attack some of the deficiencies in our system. Over time, breakthroughs like these will mount and provide more people with solutions to their present economic problems.
Perhaps, down the road, we will see this first transaction of this nature as a major milestone. It has the potential to bring a lot of people access to cryptocurrency who otherwise would be without.
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Nice to see, I live in Africa and MTL looks promising.
BTW can you tell me what HIVE followed by numbers means?
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