Cryptocurrencies: Their impact to marginalized humanity & real-life alternatives
4 min readMar 22, 2019

To date, most involved parties within the cryptocurrency sphere have been focusing on the potential of cryptocoins and their promising capability to establish a transparent, secure and of course more efficient environment of transacting. Little of attention, so far, has been drawn to the use of cryptocurrencies with respect to providing aid to the less-benefited. SocialPolis Coin, Ethereum-based and the only representative token addressing directly issues related with Social Economy and the Sustainability sector, could be a great example of how crypto can contribute towards the balancing of inequalities of the world.

SocialPolis Coin (SPL Coin) aims to disrupt Solidarity & Sustainable Development Economy Sectors — a disruption aligned with the United Nations Sustainable Development Goals (SDGs) that constitute a framework within which people, businesses, NGOs and governments can collaborate and implement solutions. SPL operating as a confidence-building mechanism can minimize inefficiencies that exist within Social economy and more importantly, provide high-end tech solution to sectors that attention is drawn to for the first time just now.

Conditions of economic marginalization can be traced in any geographic coordination of the globe, from impoverished urban communities in the United States to isolated villages in Asia, under which many people are financially precluded from the banking infrastructure or credit line. Nevertheless, Cryptocurrencies and Blockchain, as we are only now witnessing in Latin America and South Africa, can actually reduce excessive remittance fees, provide access to financial infrastructure and even combat inflation — not to mention corrupted mechanisms.

Reduction of remittance fees to developing nations

Being a slum dweller, migration is often a solution. Immigrants that leave their relatives behind, most of the times must canalize their savings to them in a regular basis. For years, they have been at the mercy of services such as Western Union, with charge exorbitant fees. During last years, many successful startups have been forming in various countries that give users the opportunity to send money much more economically. A startup namely Rebit allows its clients to pour money into Philippines. The exchange process is as follows: A US-based worker can transfer USD into Bitcoins, and their recipient will be able to withdraw the amount in pesos. You can imagine the importance of it thinking that the average overseas foreign money transfers were almost $30 billion in 2015.

Improvement of banking infrastructure’s access

According to the World Bank’s data, up to 2 billion adults lack access to financial services. This is a corollary of the traditional banking system’s operational mechanism, which easily leave out of scope the financially weakest. On the contrary, digital technologies give them an ideal way to have a global bank account that can be accessed through an open source wallet, operating via the internet. By 2020, it is expected that the 70% of the world’s population will have a smartphone and the internet access will have be extended enough to developing countries that signal these people will probably have access to banking services through Bitcoin.

Decline of Inflation

The biggest problem of many developing nations is their unstable national currencies. For instance, Zimbabwean dollar had peak monthly inflation rate of 79,6 billion percent, before it was abandoned. The enforcement of a cryptocurrency as national currency many times constitutes a solid solution towards economic stability and prosperity of the country’s residents. It is noteworthy that in Venezuela where people occupy energetically with the crypto mining, using the cost-effective energy pricing, can save up to $500 the month, perhaps a little fortune under Venezuela current economic circumstances.

Reduction of corruption

Many accuse cryptocurrencies of being illegal and anonymous, attributes that enhance the legalization of illegal activities’ earnings. However, that is not the case. Cryptos’ real feature is that they pseudonymous. The address of every sender and receiver is recorded permanently, giving the opportunity for any authority to tie anyone’s identity with the corresponding transactions. Corruption in developing world is a known and puzzling problem that affects people’s lives inevitably. As existing law protects and dissembles cases of illegal offshore bank accounts, cryptocurrency-based economy can be expected as a high-tech and decent alternative.

In a nutshell, one cannot suggest that cryptocoins and Blockchain technology is a panacea for all inefficiencies in the world, developed or not. However, people of the Digital Era seem to be a lot more welcoming to decentralized alternatives given the variety of applications and industries crypto could be employed for. Cryptocurrencies may not be able to alleviate totally the inequalities of the world but surely can bring the two worlds closer by providing for those in need and build the necessary information channels with the right planning and intentions.

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