The significance of a frictionless global currency on the blockchain.

Have you ever seen the scientific experiments where a heavy object can float in the air when electricity passes through the superconductor of zero resistance?

Magical, huh? Indeed. By the same token, in a world of frictionless financial transactions and remittances, what will be the magical phenomenon?

I have attempted to build an e-business for the global market. When it comes to collecting payments from a worldwide audience, the costs of sending and receiving money is frustratingly deterring. Just look at the mainstream credit card online payments. Usually it involves a payment gateway to provide the technology solution plus an acquiring bank to handle your payments and banking. Both of them charge fees per transaction. Then, for payments from overseas markets, the bank will charge extra fee. Then, if you are running an e-business that deems to be “high-risk” in the bank’s sole judgment, there is another extra fee. It all adds up. If the business model involves sending back funds to users, such as withdrawing funds from a user account, the whole cost is multiplied by 2. This is not even including the unfair exchange rate losses and potential charge-back fees. Furthermore, the bank could demand cash deposit in the merchant account before you even start collecting the first revenue. It is not hard to imagine how many startup ideas are suffocated by such an environment.

Comes blockchain and crypto. The dream of a frictionless global currency has finally come true. Free remittance to any country is an obvious advantage. Another great benefit is that value can now be denominated in the global currency without worrying about exchange rates and losses through trivial transactions. Impossible business models can now become possible. VIVA Blockchain!