Developing countries face problems like illiteracy, corruption, economic inequality and poverty. Poverty is a common theme in the world, with the disaster accounting for about a billion people living under $1.90 expenditure daily. However, the introduction of cryptocurrencies to economically developing nations can eliminate these problems.
Although cryptocurrency can boost social and economic growth, blockchain technology is still unfamiliar to many. The lack of knowledge in cryptocurrency is worse in developing economies than advanced ones. Nations having 60% of its population digitally illiterate can’t possibly employ crypto-transactions.
Knox World Pay, the first mobile banking system that uses blockchain technology, is set to boost cryptocurrency use globally. The platform delivers first world financial services to economies of developing nations. Where traditional banking systems have failed, Knox World Pay is sure to conquer.
Knox World Pay
Apollo currency, the world’s fastest blockchain in the digital market created by Apollo fintech, engineered the invention of Knox World Pay. Advanced technologies used in Apollo currency give the platform various aspects absent in traditional cryptocurrency methods such as speed, security and sustainability.
Knox World Pay is a mobile-based platform; therefore, it uses various aspects of mobile phone technologies. Since 70% of the world’s population own mobile phones, the platform is very likely to achieve adoption of cryptocurrencies worldwide. Mechanizations that Knox World Pay uses include;
- A Global Agent Network System
Knox World Pay has a worldwide agent network, which facilitates crypto-transactions locally in marginalized countries. These agents can transpire from anywhere since anyone can sign up to be an agent, including people from remote areas. They help people sign up for cryptocurrency platforms, send and withdraw cryptocurrency.
- Non-dependency on Internet Access Smartphones Availability
Traditional cryptocurrency platforms were sorely dependent on smartphone and internet services. Without the two, trading cryptocurrency was an impossibility. Residents of remote areas in developing nations could not use cryptocurrency.
Knox World Pay has resolved this barrier by enabling all mobile phone owners to send and receive Bitcoin via offline text messages and coupon codes. The system makes it easier for citizens in countries such as Haiti who have failed banking systems to use cryptocurrency as an alternative.
The technologies stated above removes the two barriers, usability and accessibility, creating an upsurge in the mass adoption of cryptocurrencies at the global scale.
Knox in The Developing Countries
Involving The Tech-illiterate
Majority of the world’s population have no idea on how to make transactions using cryptocurrency. Countries in South America like Columbia, has only 7.7% of its population making crypto-transactions, the rest of the population use cash. Blockchain platforms do not offer tutorials on trading cryptocurrency, scaring off interested consumers.
Trading cryptocurrency narrows down to the fear of the unknown in developing economies. In countries such as Comoros, the majority of the population is illiterate. Trying to explain how cryptocurrency works to such a community is impractical. It makes sense why the number of people making crypto-transactions in such countries is insignificant.
Knox World Pay’s agent network is the solution to serving those who don’t comprehend what cryptocurrency is. Since the majority of people in developed countries are unbanked, cryptocurrency use will thrive in those nations and Knox World Pay has made that easier.
Service to All Mobile Phone Users
Brazil, a large developing country, has 81% of its population owning mobile phones. However, only 25.4% of Brazil uses cryptocurrency. Since Knox World Pay uses mobile phone technology, it is likely to boost the number of people using cryptocurrency in the country.
About 80% of the population in developed countries has internet access. Contrary to that, developing economies have only 35% of its population able to access the internet. Trading cryptocurrency without internet access for most people is hopeless.
Using Knox World Pay, a merchant can send and receive cryptocurrency across borders using a cheap mobile phone. Using a text message in just 2 seconds, salespersons can sell their goods to cryptocurrency consumers worldwide. No internet, no problem, Knox World Pay will help anyone in any area within developing countries make crypto-transactions at the tip of their fingers.
Offering alternatives to unreliable banking systems
In third world countries, the majority of people are unbanked. Financial inequality and unreliable financial services in developing countries have massively contributed to slow economic growth. The poverty-stricken population are not really financially included, that being evident by the lack of financial institutions in remote areas. People have resorted to measures like putting cash hidden in roofs due to lack of banking services.
Lack of financial saving and payment services for poverty-stricken nations has initiated sluggish economic development. Banking systems also charge high settlements in opening and maintaining bank accounts. Citizens sink deeper into poverty since they can’t save up money. They end up using it because they can’t risk losing it.
Since cryptocurrency is digital, people residing in remote areas will be able to access financial services without access to banks. Knox World Pay brings cryptocurrency to everyone’s doorstep. The platform saves people the hustle of travelling to where a bank is or having too little cash to open an account. Factors like affordability, security and speed will surely encourage developing economies to adopt cryptocurrency. Knox World Pay is the first and only platform to offer all the services in one.
Developing countries have slow economic growth because financial systems only serve people with financial capabilities. The rest of the population remain unbanked. Although cryptocurrency platforms have claimed to bank the unbanked, none of them has sincerely achieved this. The Knox World Pay blockchain platform is the first system to genuinely bank the unbanked, irrespective of where they reside.
In countries like Venezuela, where inflation rates hit 181%, fiat currency is somewhat useless. In such cases, cryptocurrencies can serve as alternative trading options worldwide. Knox World Pay makes global cryptocurrency transactions smooth, in the event a Venezuelan merchant wants to sell goods internationally.
Knox World Pay truly unlocks cryptocurrency adoption in every economy, advanced or underdeveloped.