During bear season, it’s easy for no-coiners to become a naysayer. But for those who understand crypto and for certain groups of people whose lives are made easier because of it doesn’t care about the critics as regardless of price swings, they found a practical use for cryptos such as $ENE or other cryptos for their everyday life. Here are 3 most practical use-case for crypto that many people have utilized :
- Oversea Remittance
In countries like Philippines, Indonesia, Mexico, and many other developing countries, becoming migrant workers for developed countries are common ways to make a living. Some migrant workers are highly skilled laborers that work in tech, finance, etc, these bracket doesn’t really mind paying a high exorbitant fee of oversea bank transfer that cost ranges anywhere from 3–10% of the fund that was transferred. But for migrant workers that work as domestic helpers, construction workers, farm hands and other, these 3–10% fees taken out from the money that they sent home means a lot.
Now as more millennial migrant workers are familiar with crypto and more agency are building brick-and-mortar overseas transfer services via crypto, those bank transfer fees will soon become a thing of the past. Migrant workers can now simply buy any kind of crypto, even $ENE from their country and transfer it to wallets or exchange on their home country and their family at home can easily convert them to their native currency with just 1–2% fees that’s usually charged for withdrawal fee or exchange cash out fee.
Overtime the migrant workers can save thousands of dollars just from this transfer fee efficiency alone.
2. Hedge Against Hyperinflation
In countries like Venezuela where hyperinflation can double the price of goods overnight, citizens that understand crypto can find solace by holding solid cryptocurrencies such as Bitcoin or even stablecoin such as USDT. Of course some of these regimes sometimes put restrictions on their citizen so that they won’t hold foreign currency and exacerbate the inflation, but this won’t easily stop tech-savvy citizens from acquiring them via P2P exchange directly from people or service providers. Not only that his method harder to detect, but everyone can keep their identity hidden without KYC for these types of transactions.
3. Hedge Against Tyranny or Emergency
It’s far too often we hear stories of political asylum or people fleeing from war, unable to sustain themself during their journey or even in the countries that they seek asylum to because their bank accounts and assets are frozen, they are unable to bring anything when they rush to seek shelter or their assets are seized or destroyed. With crypto, any kind of crypto including $ENE, political asylum or anyone preparing for the worst during wartime can simply keep buy and keep crypto on Web3 wallet that they can access everywhere abroad or simply store those cryptos on offline wallets such as Ledger and take it everywhere when they have to go. Crypto especially those that are already stored with those means are very difficult to seize or destroyed, and easily transportable anywhere.
Once abroad, these asylum seekers can use P2P services such as Paxful to convert their crypto to their destination country’s native currency and use it to sustain themself without even KYC because often these asylum seekers didn’t carry ID or deliberately try to hide to avoid persecution
Those are top 3 most practical use for crypto that fiat definitely cannot do. Ofcourse there are many other usages for crypto that are not on this list, let us know your thoughts on ENEDEX community channel below.
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