So I've had a few requests to start a discourse on crypto as it pertains to the RC community. I'm obviously happy to do so, but will try to keep it to a single thread via this initial post for now. Feel free, however, to use the newly created
crypto tag (ht to @hrishikesh) for your own purposes should you need it!
So this was mainly prepared as excerpts from our company blog in order to give you an idea of why crypto is well-suited for digital natives, remote workers, and the Internet-first crowd to start adopting sooner rather than later:
Bitcoin, the first and still largest major cryptocurrency, is basically digital money tracked on a public blockchain (think database) so that any two people can send each other funds without the need of external parties or institutions, such as payment processors or banks, just an internet connection.
The most significant distinction between general fintech and crypto-based fintech is that general fintech are largely services built/stacked on top of legacy systems still managed by banks and financial institutions; so no matter how slick UI gets, whether by person, phone, or app, the services are still from the 20th century on the back end. Crypto and crypto networks, on the otherhand, offer environments where users gain more control and ownership over their digital assets because they're built on open-sourced code - borderless, faster, cheaper, transparent, etc.
Why is this relevant for RC? For globally distributed team and community setups, cross-border transactions regularly occur and those transfers and all related fees can quickly add up for both companies and workers. But cryptocurrencies can enable businesses and people to reposition their relationships with finance and financial services: International wire transfers in a matter of clicks with no third parties; forex at a fraction of the costs imposed by banks; instant processing, payouts via markets that are open 24/7.
Certainly, the crypto revolution won’t occur overnight — after all, the PC and Internet revolutions took decades before even resembling the mainstay forms they now occupy in our daily lives. There’s a growing movement, however, towards establishing more open financial systems that go beyond simply being digital market speculation. But there are still many benefits in crypto today for remote companies and workers to take advantage of, especially in these early days.
Have any comments and or questions? Feel free to post here or DM me directly!
And do feel free to browse the blog posts I used to prepare the above: