Cryptocurrency like BTC or BCH is a network that allows a new form of monetary payment and medium of exchange. The currency is the first of its kind as a decentralized peer-to-peer technology with no central point of issuance. The network uses Proof-of-Work as an economic deterrence against points of failure. Users and miners make up this vast network. They secure and update its blockchain ledger collectively. This crypto protocol contains the longest digital distributed ledger in existence. The importance of Cryptocurrency is incredible as it brings financial inclusion and a new economy to every region in this world. It also prevents money from being centralized into the hands of an elite few at the expense of the many. Cryptocurrency eliminates the need for trust in large organizations and governments.
Nature demonstrates that decentralized systems can be resilient with incredible sophistication and without the need for a central authority, hierarchy, or complex parts. The leafcutter ant is a species that exhibits highly complex behavior in a colony super-organism, but each individual ant operates on a set of simple rules driven by social interaction. The leafcutter ant has no central authority or leader in its colony. The highly intelligent behaviour exhibited by a multimillion-member colony is an emergent property from the interaction of the individuals in a social network.
The Agenda: Instant Crypto Remittance catching up Worldwide.
Bitcoin & Cryptocurrency's Most Effective Use: The $600 Billion Global Remittance
India is expected to retain the top spot among remittance recipients, with a projected figure of $65 billion, while China ($63 billion), the Philippines ($33 billion), Mexico ($31 billion), and Nigeria ($22 billion) hold the next spots on the list.
A peer-to-peer system known as blockchain is responsible for running Bitcoin and Cryptocurrency. Transactions using the digital currency are recorded in the ledger, and no one entity is tasked with managing it. Essentially, when a transaction occurs, the records on the ledger adjust accordingly.
The World Bank estimates that 10% of global remittance is eaten up in fees. That’s a scandalously high figure and must be reduced. We sincerely hope that distributed ledger technologies will move us towards a seamless, legal and inexpensive way to transmit this value using InstaCrypto and our users can profit from it. The profit is seen most times because crypto is at a premium in india consistently. But for now, we need to work with this constraint — any disruption to the status quo only makes sense if it delivers a fee load lower than 10% of value transmitted.
If you wanted to send funds via InstaCrypto, you would require register by submitting your KYC and an Indian Bank account to receive your INR.