Businesses or entrepreneurs looking to find a specific opportunity in this space need to consider how they can integrate micropayments, says Lorien Gamaroff, CEO of Centbee.
‘If you can find a way of creating a business that leverages the low-cost transactional nature of the BSV blockchain, there will be much fruit in that space. Centbee is very excited about this in particular.
‘For this to be successful you need to leverage the transparent power of the blockchain and see how we can still follow compliance when it comes to money laundering and terrorism checks.’
Gamaroff also warned developers to be cautious of social media and concepts such as decentralisation which has been somewhat warped by the discussions around crypto assets.
‘Decentralisation doesn’t mean becoming unstoppable, uncensorable or uncontrollable. Those are the narratives that exist on social media and have unfortunately really stunted the growth of blockchain-based companies.
‘Regulators who are not informed about these things hear about it on social media and decide that they won’t allow this thing that they cannot control or have oversight over.’
The Centbee wallet
Perhaps the best demonstration of BSV and the power of a low-cost digital cash payment network that is regulatory compliant is the Centbee wallet. The wallet makes it easy for users to shop across dozens of stores worldwide and offers a variety of ways to transfer money.
‘We know that central banks around the world are pushing for a cashless society. For us, that may seem impossible or scary, but it is inevitable, especially as mobile devices and data networks continue to proliferate. What we see here is how BSV blockchain can actually make that a reality because of all of its wonderful properties.’
Remittances and instant transfers
Centbee’s cross-border remittance features also enable foreigners living in South Africa and other parts of the world to send money back to their homes in Africa at a low cost.
Remittances worldwide amount to over a hundred billion dollars per year and are the lifeline that emigrants use to support their loved ones back home. Millions of mothers, grandparents and family members rely on these to pay school fees and rent and buy groceries.
Emigrants often struggle to access financial services in their new country, and cross-border remittances in Africa are the most expensive in the world. Significant venture capital has recently flowed into fintech remittance businesses, which are addressing this problem.
‘It is now very easy to send money home back to loved ones if you are travelling abroad or living away from home.’
One blockchain to rule them all
The world is seeing a repeat of the internet of the 1990s as a proliferation of different blockchain protocols are working at cross-purposes from one another. However, looking back at what happened during the internet bubble, we are heading towards a world with a single blockchain that acts as a communication network, said Gamaroff.
Gamaroff said that BSV blockchain is poised to form the bedrock of this development going forward as it acts as an extremely scalable and low-cost blockchain network. He added that credit card networks were never built for the internet as transactions are too expensive, making it impossible for business models focusing on low costs to develop.
‘That is the promise of BSV blockchain – and we see it in action today.’
