The world used to be a small place. Before the modern era, people grew up and lived in a small geographic area. Even holidays were enjoyed a short distance from home.
The 20th century changed all of that. By the 1950s, advances in flight made it possible to cross oceans in hours, not days or weeks. As we moved closer to the 21st century, the rise of computers eventually led to the internet.
The wellspring of advances that have flowed from this innovation has made a truly international lifestyle possible. We can hire low-cost contractors to scale businesses quickly. Thanks to wi-fi, we can get work done from the cafe down the street or a beach bar halfway around the world.
More people than ever are becoming citizens of the world. However, just as a parachute exerts resistance on a runner, one issue holds many back – international money transfer. Even cheap money exchanges like TransferWise are relatively expensive, adding up to hundreds or even thousands of dollars lost to fees annually.
In an increasingly globalized world, these differences hold growth back. Some are touting cryptocurrency as a mass disruptor to this broken system. Can this innovation can provide universality to the global financial system? Or will nation-states mercilessly defend the status quo? We’ll search for the answer in today’s post.