Cryptocurrencies are not sustainable for money transfers

THINK back to the last time you had to make an overseas money transfer - did you end up stuck in a long queue? Did you have to pay a hefty fee to send money across borders? Did the other party wait a long time to receive the cash? These are only some examples of the many problems within the current payments and money transfer ecosystem. They are slow, expensive and difficult.

These problems are well documented by both traditional financial institutions and fintech (financial technology) firms, and they are both racing to solve this problem with technology and new business models.

The painful joke about cryptocurrencies is they don't solve the problems they were intended to. However, the rapid development of decentralised blockchain technology provides a solution for overseas money transfers through cryptocurrencies on a decentralised blockchain.