Ideas To How can cryptocurrencies help international trade?
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Cryptocurrencies can speed up the amount of time that it takes to send money between parties by eliminating the overhead of using a bank as a middleman. Among the top 10 largest banks in the world, the average time to clear a cross-border payment is close to 5 days. That's five days where you are unable to access your own money, and where the receiver of the money is unable to access it as well. This can be very problematic in situations where you need to pay for an emergency expense, or when you're paying for a service or product which expires or deteriorates over time. Using cryptocurrency, however, a payment can be cleared in seconds, rather than days. As cryptocurrencies become more popular and widespread, it's expected that they will become a more widely-accepted method of payment for goods and service to see here .