There are structural reasons why cryptocurrency is better equipped to survive as an international currency than traditional fiat currencies, according to Ethereum creator Vitalik Buterin. He believes in its ability to make cross-border payments easier, faster, and cheaper all over the world. Modern solutions like PayPal, Wise, WorldRemit, and Western Union may have made it convenient to send money abroad, but they also have downsides. As with any financial institution, these companies have the ability to freeze or deactivate accounts anytime for multitude of reasons. This has been a common occurrence in developing nations where user accounts are deactivated and funds are frozen. They also may charge higher fees for currency exchange, account maintenance, or transaction processing. According to the World Bank, the average cost of sending $200 internationally was 7.1% in the first quarter of 2021. That is equivalent to $14.20 which is the average weekly grocery expenses in the Philippines. This can be a significant burden for people who rely on sending money back home to their families.
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