When you look at things like, for instance, remittance, remittance, meaning sending money overseas, and you look at the countries we talked about at the beginning, Nigeria, Vietnam, Philippines, one common aspect of all those countries. My wife actually being Filipina and having family back there as a business factor, money is constantly being sent from the us back to the Philippines.
And when we use the traditional bank wire systems with system or Western union or places like that, To send that money. It’s massively inefficient. It’s very slow. It’s very expensive. For instance, sending $200 from here to the Philippines with a service like Western union is likely to end up with the equivalent of $150 in purchasing power.
Landing at the end point, terribly inefficient. But if we use cryptocurrency, we can see like 98, 99% of that value move and we can do it instantly instead of over three days or five. And that’s the trouble, right? Like these large companies like PayPal or the credit card companies, they’re all getting their share.
And the buying power, the transaction between buyer and seller is being wasted. Exactly. And they’re able to do that because in large part, it’s an oligopoly. It’s a very small group of companies who coordinate and control pricing in those markets. In any market. Your viewers are obviously more financially astute than the average risk and reward are generally tied to each other.
If, as an example, I’m going to send $200 to the Philippines and I show up at a bank or a Western union office, and I hand $200 in cash. To them to start that transaction there essentially is no risk in that process for any of the people providing the service throughout. And I’m not denying there is some service being performed, but the risk of taking a 25% cut doesn’t make any sense.
And that’s what happens when you have monopolies and you have oligopolies and the banking system is probably no better example of that in the world than the banking system.