> Wise is not available for account setup in the vast majority of developing countries, so if that's your solution it's already a failure.
I was ranking options from worst to best. Best would be something like Wise. Second-best would be a stable coin from an issuer that isn't an outright fraud. And last would be any floating-rate coin.
Last year Bitcoin literally hit transaction fees of 20% of the GDP per capita of the worst-off countries and then fell 75% in value. I wouldn't wish a system like that on my worst enemies let alone of people I claim to be trying to help. It was massively outperformed by the Lira. I can't even find one that wasn't outperformed by the Lira. It may have been designed to meet this need but it utterly failed by any measure.
USDC is a strictly better option. And better than that would be a USDC like system that preserves privacy issued by a central bank.
> I'm not sure this argument still holds with all the defi options today.
Literally 10% of the entire TVL of DeFi was lost last year to hacks and shows somehow no sign of slowing down.
The real privilege is believing that poor folks are as risk tolerant as you are in a first-world country and that this is somehow a better solution than a nice home-grown payment network like M-PESA.
It’s like a cocaine-powered ruined fresco of the financial system.
I was ranking options from worst to best. Best would be something like Wise. Second-best would be a stable coin from an issuer that isn't an outright fraud. And last would be any floating-rate coin.
Last year Bitcoin literally hit transaction fees of 20% of the GDP per capita of the worst-off countries and then fell 75% in value. I wouldn't wish a system like that on my worst enemies let alone of people I claim to be trying to help. It was massively outperformed by the Lira. I can't even find one that wasn't outperformed by the Lira. It may have been designed to meet this need but it utterly failed by any measure.
USDC is a strictly better option. And better than that would be a USDC like system that preserves privacy issued by a central bank.
> I'm not sure this argument still holds with all the defi options today.
Literally 10% of the entire TVL of DeFi was lost last year to hacks and shows somehow no sign of slowing down.
The real privilege is believing that poor folks are as risk tolerant as you are in a first-world country and that this is somehow a better solution than a nice home-grown payment network like M-PESA.
It’s like a cocaine-powered ruined fresco of the financial system.