$8 For All: Elon Musk Says No Going Back On Twitter Charges
Many twitter users are furious on the “$8 for all” blue tick charges Elon Musk is imposing for keeping or acquiring the blue tick on Twitter because it has always been free and symbolizes authority and authenticity.
Elon musk announced that there would be no more free version of the blue tick on the Twitter app, everyone would have to pay $8 dollars per month to get or keep the blue tick.
- Elon Musk Creates Commotion With $8 Charges
Elon Musk Creates Commotion With $8 Charges
Although the company’s stock price went up, this decision was not welcomed by many users and they have been quite vocal about their dissatisfaction on social media and news outlets around the world.
Ever since Twitter has been around, there have always been people who abuse the system. The blue tick has been an indication that the user is verified and can be trusted. But with the recent update The billionaire CEO is trying to implement the blue tick is now going to be made available to any one who can pay $8 a month for it
What is a blue tick on Twitter ?
A blue tick is a Twitter verification badge that lets people know that an account is authentic. The blue checkmark has been around since 2009, and the company under the new administration of Elon Musk wants to start charging $8 per month to use it.
Acquiring the blue checkmark is quite a cumbersome process as it is only made for some celebrities and selected public figures. Though there was confirmed news that some Twitter employees have been selling to blue tick for as much as $15,000.
Someone commented under a tweet from Elon Musk that Twitter employees, do make the process for acquiring the blue tick stressful and would then go behind close doors to the person and offer to help them bypass the hassle for $15,000.
How much does the blue tick cost?
Gaining the blue checkmark from Twitter used to be free but with much stress of actually verifying that you a real person and can be held accountable for your words. With the recent development, it will costs $7.99 USD to get the blue tick on Twitter. Elon Musk, the founder of Tesla, recently tweeted that he would charge people who want to have the blue ticks on their account a monthly fee of $8 dollars.
“Twitter has always been free and will always be”, Musk tweeted Friday morning. But have to pay the $8 charge if you want to keep the blue, he has been making some jokes about it lately and I think we can all agree that we will “let that sink in.”
Who can get a blue tick?
Getting a blue tick on Twitter, you would have met certain requirements, going by the old rules. You can’t buy one and it’s not something that is given automatically. Before now, for you to qualify, you need to be verified as an individual or company, your account must be active for at least six months and you need to tweet at least five tweets per week.
The blue ticks on Twitter are a way to show that you’re verified and can be used as a status symbol. Elon Musk, the CEO of Tesla and SpaceX, has been criticized for his decision to charge users $8 per month to get their blue tick.
The ramifications of this is that now anyone can get the blue tick including the bots so long the owners can pay an $8 monthly fee for it. This raises concerns as people have been using the blue tick to distinguish real celebrities from scammers who parade on themselves as the actual celebrity. Now with everyone been able to get the blue tick, everybody is just going to get confused.
The blue ticks on Twitter are a way to distinguish yourself from the normal user, but it will no more be as big of a deal as it used to be. $8 is just a small price to pay for what you get in return.
The blue tick also comes with some additional benefits over the normal Twitter account which includes, posting longer form of media (audio and video) and fewer ads.
Matt Wallace the new CEO of twitter said earlier this morning in a tweet that, Elon Musk is going to turn Twitter into the most profitable Social Media company in the world. We just hope that Elon Musk has chosen the right path. It is still bizarre for someone who is great at making financial decisions for the past decades to take steps that defy strategies of management.
Twitter Information War
Elon Musk stated today (7-11-2022) in a tweet that: Twitter needs to become by far the most accurate source of information about the world. That’s our mission.
When asked who will justify the accuracy of the information by a Twitter user, he replied “As judged by the people of Twitter via Community Notes (formerly Birdwatch)”
Kurt Eichenwald tweeted:
Accurate? Do you have any idea how many QAnon influencers have come on this site since you took over? You know, the people who have been identified by the FBI as a terrorist threat? But they’re welcome here. Kathy griffin, with 2 million followers, is not. We get your standards.
Mark Cuban a verified Twitter user also shared his opinion in which asked Elon Musk to offer a free verification and blue tick for those who are most accurate note contributors.
Below is his tweet:
You might consider proactively offering your $8 verification program for free to those you deem the most accurate Notes contributors. Won’t be easy to confirm accuracy. But if AI can try to model out bias, maybe it can model in accuracy ?
Elon Musk who seemed to have much time to follow the trend replied, “$8 for all.”
Effect Of Musk’s New Twitter Rules
Elon musk earlier last week decried that activist are pressuring advertisers with fake news to pause advertisement on the platform.
“Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.”
“Extremely messed up! They’re trying to destroy free speech in America.”
Advertisement for long have been generating 90% of Twitter revenue, but Elon Musk been allegedly pressured by the debts he incurred while purchasing Twitter for an overpriced amount is trying to diversify the sources of revenue. He assert that Twitter should be able to generate $1.3 billion in annual revenue by 2028.
Following the new planned structures of twitter, several advertisers have paused their contract to see how things go with the new decisions of Elon Musk.
Twitter Will Ban Impersonating Accounts
Elon Musk issued a warning yesterday that Twitter will be banning accounts of people who are found to be Impersonating. Before now that Elon Musk took over Twitter, Twitter use to issue a warning to people found guilty of impersonation.
Due to the new policy’s Elon Musk is planning to roll out with the $8 for blue tick, he said that Twitter will no longer warn account found guilty of impersonation.
This is to ensure that popular celebrities are not been impersonated and then used to scam gullible individuals on the platform.
Elon Musk Opines On Who Independents Should Vote For
In a Monday morning tweet, Twitter’s billionaire owner, Elon Musk, commented on the upcoming midterm elections. In order to prevent the Democrats from retaking the White House, he urged voters to cast their ballots for the Republican Party. At present, the Democrats hold a razor-thin majority in the House but a deadlock in the Senate.
The tweet from Mr. Musk read: “Shared power limits the worst excesses of both parties, which is good news for independent-minded voters. Since the Democrats currently occupy the White House, I believe a Republican Congress would be preferable.” Another tweet of his read: “Hardcore Democrats or Republicans never vote for the other side, therefore it’s truly independent voters who decide who’s in charge!”
Mr. Musk has been hard at work revamping Twitter ever since he purchased the company for $44 billion. Many of the company’s top executives were dismissed by him, and he was responsible for the layoffs of many workers. He also mentioned a few tweaks and fresh additions.
Mr. Musk stated in June that he cast his ballot for Mayra Flores, a Democrat who was elected to represent Texas in Congress in a special election. Voting for a Republican candidate was a first for him. In a tweet at the time, Mr. Musk predicted a “major red wave in 2022.”
Musk has described himself as centrist, and in June he indicated that he was considering voting for Florida’s Republican governor, Ron DeSantis. Republican former President Donald Trump is also considering a run for the presidency.
As reported by the Journal, Mr. Musk has stated that he does not consider himself to be a member of either major political party. However, Mr. Musk announced in May that he would be voting Republican in November due to the excessive scrutiny that some Democrats were giving him and his companies Tesla and SpaceX.
Free speech and the new CEO
In conclusion, Elon Musk has not totally deviated from his initial idea of free speech which he claimed made him buy Twitter in the first place.
He claims to be trying to give power back to the people, and ensure a level playing ground for everyone. But using the idea of free speech to push his political views on Twitter individual users, well we can call that free speech for him, but everyone has to still pay “$8 for all” other people’s free speech. In other words, the bird is free, but you have to pay to feed it to fly. Speech is free, but only after you pay the “$8 for all” fee.
Crypto tax evasion: how to and why you must avoid doing it
Crypto tax evasion has recent in years gained traction, due to the increase in the buying, selling, and trading of cryptocurrencies, which is indicative of the attractiveness of these transactions as an option for investment. But, as the use of cryptocurrencies increases, so does the necessity to regulate and tax them.
- What is crypto tax evasion
- How are crypto-currencies taxed
- Crypto tax evasion
- How people evade taxation on cryptocurrencies
- How Government track cryptocurrency taxes
- Why crypto tax evasion is dangerous
What is crypto tax evasion
Crypto taxation has emerged as one of the most important topics of conversation among investors, regulators, and tax officials as nations around the world attempt to determine how to handle this new kind of wealth.
Crypto taxation is not standardized across countries or jurisdictions because of their decentralized nature. The vast majority of governments, on the other hand, consider cryptocurrencies to be property for the purposes of taxation; as a result, transactions involving cryptocurrencies are taxed in the same manner as transactions involving property.
How are crypto-currencies taxed
The Internal Revenue Service (IRS) in the United States, for example, considers cryptocurrencies to be property and taxes its gains in accordance with the system used to tax capital gains on other types of property. This indicates that a capital gains tax will be levied on the difference between the cost basis, which is the price at which a cryptocurrency was initially purchased, and the price at which it is sold.
The capital gain also covers other events such as selling, staking and even losses. Yes losses too can be calculated in cryptocurrency taxes, since cryptocurrencies are taxed like regular property, the same law that binds the trading of property binds them.
According the IRS, you can write off crypto losses by deducting them from capital gain and if the capital gain can not offset the losses, you can trim up to $3000 from regular income.
Your loss is determined by deducting your selling price from your basis (the amount you paid for the asset originally). This amount is then reported on your tax return, both on Schedule D and Form 8949. If your bitcoin losses are more than your other investment profits and your monthly income of $3,000, you can carry the rest over to the next year. According to Greene-Lewis from the IRS.
Gains on cryptocurrencies that have been held for more than a year are subject to a lower rate of taxation, whereas gains on cryptocurrencies that have been held for less than a year are subject to the individual’s ordinary income tax rate.
A person’s tax return will benefit from careful record-keeping of their purchases and sales of bitcoin, which are alternately referred to as the “cost basis” and the “selling price.” This can be challenging to achieve for a number of reasons, including the unpredictability of the value of cryptocurrencies and the difficulty in determining an appropriate cost base. Yet, there are apps and services available that enable individuals to monitor their bitcoin transactions and calculate the amount of tax that they are required to pay.
Individual crypto taxation returns
Keep in mind that cryptocurrency is still in it’s infancy stage and so different nations are still trying to figure out how to handle cryptocurrencies as a form of wealth, which means that the rules and regulations around the taxation of cryptocurrencies may change in the future. Individuals need to consult with a tax expert or accountant so that they may accurately record their earnings from cryptocurrency and ensure that they are in compliance with the tax requirements that apply in their local jurisdiction.
Crypto tax evasion
Crypto tax evasion occurs when an individual or company either fails to record cryptocurrency income or gains on their tax returns or purposefully underreports the amount of income or earnings in order to decrease their tax liability. In general, tax evasion occurs when an individual or company fails to record income or gains on their tax returns.
How people evade taxation on cryptocurrencies
Crypto tax evasion is a broad subject, and and the subject has been evolving, people are devising more ways to bypass taxing, some of these methods are enumerated below;
Crypto mining/staking taxes
Some people may decide not to report earnings from cryptocurrency mining, staking, or other activities on their tax returns in order to avoid having to pay taxes on those earnings.
Crypto sales tax evasion
On tax returns, gains made from the sale of cryptocurrency may be underreported. This may be the case either because the transactions themselves were not reported at all or because the gains reported were significantly lower than the gains that were actually made.
Anonymous wallet/ Offshore savings
People may try to conceal their cryptocurrencies by storing them in wallets that are anonymous or that are located offshore. This makes it more difficult for tax authorities to identify and track these crypto holdings.
With the anonymity crypto transactions provide, people can easily avoid paying taxes or hide from authorities. Cryptocurrencies are also being utilized for nefarious activities like money laundering and the distribution of illegal drugs.
How Government track cryptocurrency taxes
Companies involved with cryptocurrencies, such as exchanges and payment processors, have the opportunity to evade paying taxes by either not reporting any income at all or reporting a substantially lower amount of income than they actually made.
Tax evasion is a serious crime that carries severe repercussions and can result in incarceration, in addition to substantial fines and other punishments. Investors and businesses who deal in cryptocurrencies must be certain that they are in accordance with the tax legislation of their respective jurisdictions in order not to fail prey of the other side of the law.
The government has access to a number of resources, which it can use to track down individuals who cheat on their crypto tax obligations.
Monitoring of Transactions
The government has the ability to monitor transactions on the blockchain and identify those who are concealing the income they have earned from such transactions.
The government compels cryptocurrency exchanges to report all trades to the authorities, including the identity of the purchasers and sellers in each transaction. The government is able to perform a cross-reference between the income reported on tax returns and the transactions recorded by the exchanges as a result of this.
By exchanging information with one another regarding the transactions conducted using cryptocurrencies, governments are able to identify individuals who may be evading taxes in one jurisdiction.
Audits are able to be carried out by the relevant tax authorities in order to confirm the income and transactions that have been reported by individuals and companies.
Anyone who is aware of any illegal tax practices can “blow the whistle” and inform the government thereby receiving a reward from the government in exchange for giving such information.
Why crypto tax evasion is dangerous
The importance of people and organizations disclosing their cryptocurrency transactions and profits in order to steer clear of the legal and financial repercussions that are associated with tax evasion can not be overemphasized.
Avoiding paying taxes with cryptocurrencies has a variety of significant drawbacks, none of which should be disregarded.
Tax evasion is a criminal offense that is punishable by the law. Those who are found guilty of tax evasion face the possibility of being subjected to severe consequences, such as monetary fines and possibly even jail term.
Some of the most feasible of these dangers are;
Damage to ones reputation
A conviction for tax evasion can have catastrophic implications on an individual’s reputation, which may, in turn, hinder their access to better work opportunities and other benefits in the future.
Problem with accessing monetary aide
Challenges in obtaining financial aid and credit cards If a person is found guilty of evading taxes, they may have problems in the future obtaining financial services such as loans and credit cards.
Individuals who are suspected of evading taxes may be subjected to a higher level of scrutiny from tax inspectors, which may be both time-consuming and distressing for the suspects.
A person who has been found guilty of tax evasion may be required to pay back taxes as well as penalties, there is a possibility that they will lose their property as a result of their conviction.
Tax evasion has the potential to cause irreparable damage to the reputation of the whole crypto economy, which will make it significantly more difficult for honest traders to turn a profit.
As a result, avoiding taxes in the cryptocurrency industry is not only against the law but also loaded with substantial risks that can have far-reaching implications not only for individuals but also for the industry as a whole.
Taxing Crypto: A Guide to Cryptocurrency Tax Laws
Is a tax imposed on cryptocurrency purchases only? Do I need to pay tax if all I do in Europe is buy and hold cryptocurrency ? If you happen to have any of these questions, then join me as we dive into the exciting world of crypto taxing.
How Did Crypto Taxing Come About
The use of cryptocurrencies is increasingly moving beyond the confines of their previously exclusive niche market and into the mainstream financial systems of nations all over the world. Because of this surge in popularity and utilization, there has been a concomitant increase in the number of laws and taxes. The legislation and tax laws that surround cryptocurrencies are likely to continue to develop alongside the industry as a whole.
As a means of injecting money back into the economy, a number of nations are exploring the possibility of taxing cryptocurrency users on their gains. But to what extent do some of these tax regulations go too far ? While some are more user-friendly; nevertheless, it is difficult to tell which is which.
Let’s investigate a few of Europe’s most notorious tax havens and hells together. A tax haven is a region where an individual stands to be shielded away, partially or totally from taxation. Some of the know tax haven are cited below;
When it comes to cryptocurrency, Germany is not a tax haven; nonetheless, the country’s cryptocurrency taxes are simple to sidestep. Because cryptocurrency is regarded as private money rather than a capital asset, holders who keep their coins for more than a year do not need to pay taxes on them. If you do decide to cash out after the first year has passed, you won’t have to pay taxes on your earnings unless they are more than €600.
For staking earnings to be exempt from taxation, the asset in question must be held for a period of more than ten years. If your employer pays you in cryptocurrency or if you mine cryptocurrency for a living, you could be subject to crypto income tax. Aside that, Germany is quite supportive of cryptocurrencies, and the country has few tax restrictions that cut into revenues.
France is one of the countries that taxes cryptocurrencies, but the country has recently taken efforts to figure out how to do it in a way that is beneficial to both cryptocurrency users and France itself. The tax rate on income made from the sale of cryptocurrencies was modified by the French State Council, resulting in a reduction from up to 45% to 19%. The purchase and sale of cryptocurrency have been recategorized as sales of movable property rather than capital profits.
As of 2018, Portugal was a tax-free sanctuary for digital currency investors. Taxes can apply to you if you run a company that deals in cryptocurrencies or if you are a trader who does it professionally. There is no taxable income associated with the sale or purchase of cryptocurrencies. At this time, neither investment nor income tax is taken into consideration for it.
No value-added tax, income tax, or tax on capital gains will be imposed in Portugal on individuals who are not engaged in commercial or professional trading. The government of Portugal considers cryptocurrencies to be a currency in its own right, rather than merely an asset. If you want to live somewhere with plenty of sunshine and no income tax, Portugal might be the place for you.
The Federal Tax Administration of Switzerland has published a working paper for the year 2019 that reaffirms the tax-free status of the selling of cryptocurrency by private parties. This means that you can invest in cryptocurrencies without having to worry about paying capital gains tax on the earnings that are achieved. Those that invest professionally will be subject to taxation.
If you are looking for a place that offers favorable tax conditions, consider moving to Slovenia. Individuals in Slovenia will not be subject to taxation on income made from the sale of cryptocurrencies, according to a recent announcement made by the Slovenian Financial Administration. If you engage in commercial or professional activity, you could be subject to taxation.
In Norway, the selling of cryptocurrencies is considered a type of capital gain and will be subject to a tax rate of 25%. Mining cryptocurrency is seen as taxable revenue in Norway as well because of this perception. Companies will be required to pay corporate income taxes on any profits made from bitcoin sales in addition to the standard VAT rate of 25%.
You will be required to file and pay income tax on capital gains if you sell bitcoin in the United Kingdom. As a taxpayer, you can wind up having to pay a rate that is 20% or greater, in addition to any other applicable rates. If your capital gains are less than £12,300, you are eligible for the tax-free allowance exemption.
Taxes on the fictitious gains made by users of cryptocurrencies are levied at a rate ranging from 0.54 to 1.58 percent in the Netherlands. This rate is considered to be relatively low. Hence, even if you do nothing except sit on your gains, you will still have to pay taxes on them at some point. Staking, mining, and trading are examples of the kind of activities that are subjected to this kind income taxation.
Tax evasion is taken very seriously in Spain, the country mandates that all of its people reveal any earnings they make from trading cryptocurrencies. Profits from transactions with a short time horizon, often less than a year, may be subject to a tax rate ranging from 24 to 52%. Profits from long-term commerce could be subject to a tax rate of up to 23%.
The Italian tax authorities have reached the conclusion that cryptocurrencies are analogous to other countries’ currencies. A substitutive tax will be levied on any income earned from exchanges involving cryptocurrencies or involving the conversion of cryptocurrencies into traditional currencies. On all of your sales, you will be responsible for paying a flat amount of 26% in tax.
When it comes to the taxation of cryptocurrencies in Europe, Malta is a very fascinating region to look at. Despite the fact that they are an island, they are nonetheless members of the European Union. Although most people assume Malta to be a crypto tax haven, the country actually has some very stringent tax rules in place.
In general, Malta has a highly bullish stance toward digital currencies and blockchain technology. They think of it as a unit of account, a medium of trade, and a store of wealth all rolled into one. There is also no tax on capital gains for income made over a lengthy period of time, which enables you to hodl without worry.
Those who engage in day trading will, however, be subject to taxes that are of an extremely high severity. Day traders are categorized similarly to stock or share traders in Malta, and as a result, they are subject to the same levels of income tax as businesses. Day traders may be required to pay a maximum tax rate of 35%.
Depending on the percentage of profit you made and your citizenship status, you can be eligible for a tax break. This is an exceptionally punitive measure taking into consideration that a day trader may make approximately €800 per day, but they would be required to pay an additional €280 in tax. Then there is the matter of the losses that they most likely incurred as a result of the turbulent markets.
Why Is Crypto Asset Taxed?
If there is one reason we have seen so much fear, uncertainty, and doubt (FUD) pushed by governments and authorities, it’s probably because cryptocurrency is destabilizing their economies. The value of national fiat currencies is determined by the performance of their respective economies, but the price of a cryptocurrency is determined by the economy of the project in addition to supply and demand. Users would need to change their fiat currency, such as US dollars or Euros, into Bitcoin or Usdt in order to purchase cryptocurrency.
People move money out of their country and into another economic system when they invest it in cryptocurrencies like Bitcoin or one of the many other cryptocurrencies available. Because of this, governments lose direct control over the value of the money that is being converted, which directly affects the funds that they have available. The growth of cryptocurrencies has a direct and negative influence on the government; as a result, the government is actively working to regain power and is attempting to tax you on the success of cryptocurrencies.
Regulation and taxation of cryptocurrencies are still in their infancy, and the majority of nations have not yet begun to comprehend what blockchain technology is. Even one of the most well-known tax havens in the world, such as the Cayman Islands, nevertheless has certain inefficiencies in its system. There is a possibility that we will still have to wait a little while longer before other countries’ governments adopt global currencies like we have seen in El Salvador.
There are several nations in Europe that now have excellent crypto tax rules, and there is nothing keeping you from enjoying your winnings while you are in any of those countries because of this fact. We hope that this article was helpful in providing you with further information about Europe’s crypto tax.
As we are not certified financial advisors, please do not mistake the information presented in our publications for actual financial guidance. It is totally up to you to decide how to allocate your money. Before you make any big financial decisions, you should educate yourself and talk to an approved financial advisor.
4 ways of Sending and receiving money across borders
Sending and receiving money across borders has become a need for many individuals and businesses in an increasingly linked world. Fortunately, with the development of web 2.0 and 3.0 technologies, international money transfers have become more streamlined, efficient, and safe than ever before.
- How sending and receiving money across borders has improved with technology
- Factors that influence money transfer method
- Popular means of Web 2.0 Transfers
- Decentralized finance
How sending and receiving money across borders has improved with technology
From peer-to-peer transfers to international wire transfers, there are numerous web-based platforms and services that provide dependable and simple solutions for moving money around the world. In this post, we will look at some of the most popular web 2.0 and 3.0 methods for sending and receiving money, as well as advice on how to choose the best platform for your unique needs.
Web 2.0 and web 3.0 technologies have brought a great deal of new insights to money transfer. There have been several development in web 2.0 and 3.0 technologies in bank transfers and international wire transfer methods.
International transfers can now be processed in as little as a few seconds compared to days it used to take for banks or wire transfer methods to complete such processes.
While these development have been astonishing it’s yet does not satisfies everyone’s to desire on how they want to transfer their money.
Factors that influence money transfer method
Some of the factors that are being considered when choosing a method of how to transfer your money are the speed of transaction, technical knowledge of the method with which you are sending the money, and your understanding of the platform in which you are doing the transfer.
The transactions charges involved which is the transaction fees and the exchange rate of platform which you are using.
For the speed of transaction the web 3.0 method of transferring money which include the use of blockchain are actually the fastest means of money transfers. But the technical know-how of how to use this platform is where the majority of the problem lies. Web 3.0 is a recent technology and its adoption is merely in its infantry stage.
Understanding the platform
Having an understanding of The platform in which you are about to do your transfer is very critical and very crucial to the transfer you about to make. If you lack the understanding of the mechanism of operations of a particular means of transfer you may end up sending money to a wrong address or lost the money to a non-refundable address and you may not recover the money especially with the use of web 3.0 technologies.
In web 3.0 technologies, transactions are decentralized and one way, if your transact to the wrong address, there is no customer helpline that can help you get your money back.
This is another important aspect a very few set of people consider, for transactions that you want to hide under the nose of everyone (unnoticed) web 3.0 methods of transfers are your go-to. Web 3.0 transfer method are the most secure means of sending and receiving money fast and unnoticed by the general populace. The only public thing people can get to know about a transfer you make is your wallet address for that particular chain which reveals nothing about you.
Transaction charges is also another important aspect to look into when choosing a means of transfer. Most people pay a gruesome amount to transaction charges without giving proper considerations to alternative means or blockchains as the case may be in web 3.0.
Transactions performed on blockchain are also charged a fee that varies from blockchain to blockchain. As transactions performed on web 2.0 services depends on the amount being transferred.
The exchange rate of the platform which you want to use is also another important factor worth considering. Several wire transfer, banking and web services that do international transfer reap customers by selling their virtual money for a high price to the customer who wants to send it to another person far away. And when the money gets to the recipient, the also charge higher to withdraw the money into their customary bank accts.
But this very different in the cryptocurrencies economy where transactions are usually based on black market rates of a country’s currency. And this is usually to the advantage of everyone when both parties involved (the sender and the recipient understand how crypto works)
Popular means of Web 2.0 Transfers
One of the most popular means of transfer that is still popularly in use today is the use of wire transfers which involves banks and intermediary agents.
Wire transfer could be used to send a certain amount of money through an intermediary agents to another person in a far-distant continent but the disadvantage of wire transfers and bank transfers or international transfer are the exorbitant fee which they charge.
Western Union and MoneyGram
Western Union and MoneyGram are also means of wire transfers that is readily available to almost every country. Every country in the world accept MoneyGram but Western Union is common to the Western European parts of the world.
International bank transfer may cost a transfer fee of up to 20 or 15% or 10% of the amount which you want to send. This is a very significant amount or a dent to the amount which you want to send.
In the early 2000s, some group of people came up with the idea of creating a payment apple which was the PayPal app. Since it’s inception, it has been a very successful and a fast means of transaction and is most widely used in many countries. Although PayPal have a few restriction in some of the African countries and some other countries.
Aside from paypal you can also use transferwise or world remit to send or receive money from your relatives or friends or customers around the World in no distant time.
Decentralized finance is the branch of cryptocurrency which has made it easier for people to send and receive money without much knowledge of the cryptocurrency networks.
There have been huge advancement in this field and has led to the development of several networks such as the Remitano, Request network and OmiseGo.
This payment options that made it easier to transact money from one region of the world to another in new distant time and in as little as the speed of a second request money and receive it in the other end.
Other forms of cryptocurrency payments involves the use of popular crypto-currencies such as Bitcoin or ethereum to make transactions. You can receive or send money through is any of this network in a few seconds or minutes (depending on the Blockchain) and when money arrives at the destination, The person just need to sell the crypto and get the money into his own account.
Stablecoins can also be used as a means of payment or means of transfer for assets or funds. Stablecoins are usually cryptocurrency except that are pegged to a fiat currency.
The most popular stablecoin is the USDT, which is pegged to the United States dollar 1 years. It is equivalent to the one United States dollar. Another popular stablecoin is the BUSD which is a stable coin of the binance exchange.
DAI is also a stablecoin used by some major exchanges but the most popular is the USDT, and has the widest acceptability.
Advantages of sending and receiving money across borders with Web 3.0
Advantages of these transactions involve;
- Lower transaction charges
- Decentralized transactions,
Cryptocurrency transaction are fast, and less expensive compared to centralised and wire transfers and they are highly accessible to everyone. Anyone with the technical knowledge of how to transfer crypto assets can easily make a transfer and they are the most secure means of transaction presently.
Disadvantages of sending and receiving money across borders with Web 3.0
These benefits come at a cost, the security and accessibility provided by cryptographic transactions come at a cost especially for people who don’t have much technical know-how of how these schemes operate if you fall prey of sending a transaction to the wrong address they are totally irreversible. Or West you when you fall victim of a scam transaction, there is no one you can complain to, to get your money back.
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