The rise of decentralized finance (DeFi) has been a promising development for those who have been left behind by traditional banking and financial service systems. For example, in many developing nations, access to banks is limited, and the fees and expenses associated with traditional banking can be prohibitively costly. In principle at least, DeFi offers an alternative that only requires a cell phone to access, making it a promising solution for the unbanked.
The Limitations of DeFi Today
Despite the promise of DeFi, however, substantial obstacles remain that prevent the unbanked from taking full advantage of the new technology. High gas fees, storage costs, and transaction limits on blockchain networks like Ethereum often far exceed the costs of central banking alternatives.
To put it in perspective, according to Etherscan at the time of writing, this table is a sampling of typical gas fee rates for a few popular DeFi platforms.
In terms of Purchasing Power Parity (PPP) dollars, where one PPP dollar is equal to $1 USD spent in the US, the world's average salary is only $1,480 PPP (£928) a month. Therefore, a single cryptocurrency transaction can cost 1% of many people's monthly paychecks in fees alone, and in the case of some NFT projects, swapping a few assets of digital art could potentially exhaust decades of savings for a large portion of humanity, with some gas fees exceeding $44,000 USD.
That's why the cryptocurrency market has sadly been dismissed as a playground for the rich and criminal in many corners of the globe, with usage statistics skewed towards higher income levels and the black market. These limitations have meant that DeFi has not lived up to its full potential in helping the unbanked.
The Power of InfinitySwap
Thankfully, InfinitySwap is working to change that. With its zero gas fees and high transaction speeds, InfinitySwap offers a solution that is truly accessible to the unbanked. The platform is secured by direct integration with the native Bitcoin network via the Internet Computer's Chain Key technology. Simply put, all transactions are mirrored one-to-one on the Bitcoin network, eliminating the need for oracles, custodians, or third parties at no extra expense to the user.
With its high transaction speeds, reaching 7,500 TPS compared to Mastercard's 5,000 TPS, and its low transaction costs of 0.0001 ICP ($0.0006 USD), InfinitySwap offers an affordable solution for the financially disenfranchised that can more than compete with traditional financial services.
Best of all, InfinitySwap's base blockchain, the Internet Computer, is operated as a not-for-profit, open, public utility, and is truly decentralized and global. With its simple and easy-to-use interface, InfinitySwap will support most cryptocurrencies.
The Bitfinity Wallet is a key component of the InfinitySwap platform and provides users with a seamless and secure way to store and manage their cryptocurrency assets. Integrating directly with the Chrome browser, the Bitfinity Wallet offers unparalleled convenience and accessibility. The wallet is also fully compatible with Internet Identity on the innovative ICP blockchain, providing users with a peerless level of world-class security.
In addition to its seamless integration and security features, the Bitfinity Wallet offers a range of other features that set it apart from other cryptocurrency wallets. For example, it provides users with real-time updates on the value of their holdings, as well as detailed transaction history and portfolio analytics. The Bitfinity Wallet also includes an intuitive and user-friendly interface, making it easy for anyone to manage their cryptocurrency assets with confidence. Plus, convenient features like auto-lock are icing on the crypto cake!
Whether you're a seasoned crypto trader, just getting started, or live in a region without ready access to traditional financial services, the Bitfinity Wallet is an excellent choice for managing your assets and staying up-to-date with the latest trends in the world of DeFi.
InfinitySwap is fulfilling the promise of DeFi, helping to level the playing field and provide financial services to those who have been left behind by traditional banking systems. With only a cell phone and Internet connection required, there are no outrageous transaction fees or exorbitant storage costs. InfinitySwap aims to help to close the global wealth gap, providing access to the financial world to those who need it the most.
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*Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of InfinitySwap itself.