Today’s Currencies Have A Problem – M Malik

This is a massive problem and unfortunately, many people are forced into bad positions because of this.

But there’s an easy solution, Cryptocurrencies

Wait what’s a cryptocurrency?

Well, Akon(yeah that’s right the famous one)put it best,

“In Canada, we have the CAD, in America the USD, and for the digital world, we have Cryptocurrencies”

Essentially they’re the currency of the Internet, but back to the article

So how would you use Cryptocurrencies to solve these issues?

How it would work is you would first open an Ethereum wallet, an easy one is My Ether Wallet, MEW for short.

Now once that’s done you have a way to access currency, what do you do?

Well, you move money using it, the fees with moving Cryptocurrencies are minuscule compared to moving money.

To move 1000 Canadian dollars through a token, I kid you not, would only cost 10 cents.

That’s crazy, this means that you can move money for close to nothing.

Now the only problem with this is that cryptocurrency prices fluctuate, however, this can be solved by creating a stable-coin.

A stable-coin is a type of cryptocurrency that stabilizes its self by tying it to a real-world asset.

An example is USDC, a stable-coin made by Coinbase, an exchange for cryptocurrencies. It is connected to the US dollar which means that in concept, it will always equal 1 dollar.

They do this by setting the buy-in price at 1 USD and a bit more to make money as well as cover the transaction fees. This is where we can make a change.

Because I’d use Ethereum’s blockchain I’d be able to charge little to none as there aren’t any computational costs to running the Coin.

Now if you want to see the actual code for this, you can check out the GitHub project here, but I’ll go over it briefly here.

Solidity is the coding language used to run applications on Ethereum. It’s similar to Javascript in many ways so it’s much easier to use if you are familiar with it.

Btw if you’re interested in learning Solidity, head over here to learn how to

To actually deploy the code to the Ethereum it will cost a “gas” fee which is basically a fee to make sure people can’t spam the system.

This is because if you could deploy code for free, you could waste a bunch of time for the Ethereum user.

Now to bring it all back, by using a stable-coin and Ethereum we can help people save money.

This can help people not have to make tough decisions about sending money and revolutionize the whole industry of Money transferring for the better.

Tldr: We can save people money and change Money moving using Cryptocurrencies.

If you’ve made it this far I’d like to say thanks for reading and if you’d like to see more of what I’ve done check out my Linkedin here, follow my Medium, and check out my Github here!