Why Crypto Will Win

TL;DR: A simple, easy-to-understand example for why the benefits of crypto will become more and more evident, leading to the decline of the current system of financial infrastructure.

Over the past few weeks, there has been a nice amount of anti-crypto reporting. The WSJ highlighted a bunch of “get rich quick” ICOs and there is no dearth of stories of cyber-crime.

But let me tell you a story about why it is better and it is going to prevail.

I have referred a lot of business to a lot of agencies around the world because of the number of inbound leads I get.

A few months ago, one of the companies pinged me and said, “Jeremy, we have gotten some good business from you and we owe you 2500 Swiss Francs (about $2500). Please send us your bank account information.”

I suggested that we use crypto, but being Swiss and having accountants, they weren’t quite ready for it. Fine.

So, I sent them the international wire information that my bank provided me. However, because my bank doesn’t have an international correspondent bank, we had to go through Wells Fargo somehow.

The first (and second) transfer were rejected for reasons we’re not 100% clear about. The third time, the money somehow got “lost” in the system.

Finally, I wrote to them and said, “guys, this is ridiculous. Can we do crypto now?”

They finally agreed to pay via Ether.

10 seconds later, I had the money.

via GIPHY

No intermediaries.

No fees (well, sorry, maybe 3 cents in fees).

I have the money (not the bank) and thus immediate access to use it.

I do a lot of international business now and I am already at the point that, if you won’t pay me in crypto or accept crypto from me, I probably won’t engage with you. It’s too much hassle.

Oh…by the way, I have sent PayPal from USD to CHF and, on a $5000 transfer, I paid $50 (or more, possibly) in fees.

Tell me, how does one compete with the other?