Solana Is Taking Over Mexico One Remittance At A Time!
Solana and other cryptocurrencies are bringing light to a new dawn in Mexico. Do you see the light on the horizon?
Executive Summary: Remittances are making up an increasingly larger part of Mexico's economy. The resulting growth as led to growing pains which Solana is helping alleviate one transaction at a time. But should its financial healing powers impress you as an investor?
Solana, a relatively new cryptocurrency, has garnered a lot of interest in the cryptocurrency community. It is an exceedingly high-performing blockchain platform that allows for efficient and cost-effective transactions. This dynamic capability makes it perfect for mobile payments and Solana has embraced that use case further with the release of their sensational Saga phone. Solana, however, is gaining popularity in Mexico, where it is used mainly for remittances and as a means of payment.
Mexico is a beautiful country, with an incredibly vibrant culture, steeped in tradition. It is also home to the second-largest economy in Latin America and has a technologically savvy population of close to 130 million people. There are, however, incredible challenges as the nation's population is largely impoverished, and there is a significant income gap in the country. As such international remittances, especially those from the United States, are a major source of income for the Mexican economy. The World Bank reports that Mexico received over $40 billion in remittances in 2020, making it one of the top recipients worldwide.
As remittances have grown to represent as high as 4% of Mexico’s national GDP there are some rather significant problems that have started to arise. The increasingly high cost of remittances is becoming a massive issue for Mexican Americans who send money home. The cost of sending remittances can be as much as 7% of the total amount, which can be a hefty hardship for persons who rely on this money. In a country that has seen a sharp rise in violent crime over the past ten or so years, there are still ongoing concerns about the security of receiving and having access to sizable remittances. The use of Solana might significantly minimize remittance costs overall and lessen the danger involved in receiving remittances from abroad.
There is a wonderful solution to this problem that is becoming more apparent as time progresses: cryptocurrencies. The year 2020, marked a pivotal moment, as more than 1.5 million Mexicans became bitcoin users. The top cryptocurrency exchange in Mexico, Bitso, which had a more than 300% increase in trading volume in 2020, is a shining illustration of this expanding acceptance of cryptocurrencies. Bitso also announced that it had surpassed 1 million users that very same year, 92% of which were Mexican.
Valiu, a fintech company based in Colombia, leverages Solana to provide speedy and economical cross-border payments. It is one of the handful or so of forward-thinking companies that are currently using some form of cryptocurrencies for remittances. Valiu is concentrating on the Mexican market with the chief goal of facilitating remittances: by helping its Mexican customers quickly send and receive money often within mere minutes. The platform uses Solana's speedy and inexpensive transactions to enable cross-border payments at a fraction of the cost of traditional remittance providers. Furthermore, users can swap their dollars for Mexican pesos using Valiu's platform, eliminating the need for expensive currency conversions.
Solana is gradually becoming another form of payment used by Mexican business owners. One company using Solana to accept payments is Munchies Burguer. Munchies Burguer, a well-known fast food restaurant in Mexico, now takes Solana as payment. Customers can use Solana to pay for their meals through a smartphone app. Munchies Burger is the first big restaurant chain in Mexico to accept Solana as payment. On a slide side note, if you are in the market for a grill, make sure to check out the: Napoleon Phantom 500!
Munchies is onto something as using Solana for payments has a variety of benefits for businesses. With Solana's speedy and inexpensive transactions, businesses can accept payments from customers without having to worry about having to pay exceedingly high transactional fees. Additionally, Solana's decentralized design offers a level of security and transparency that other traditional payment systems do not.
Solana has not only been gaining favor with Mexicans globally as a result of its increasingly being used in Mexico for payments and remittances. Solana has also seen significant growth in Mexico’s gaming industry. Solana's high-performance blockchain architecture makes it an enticing option for developers looking to build decentralized gaming platforms. One great machine worth looking at if you’re into gaming is the: Skytech Archangel.
Decentralized mobile video games represent a substantial shift in the gaming industry. Blockchain-based gaming is important because it helps foster a free and open gaming environment. This is likely because users may be able to own their in-game items, trade these items with other users, and even make money from their gaming pursuits.
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Decentralized mobile video games also offer a higher level of safety and trust to players. When playing traditional games, players frequently have to give the game producers control of their in-game progress and resources. Decentralized games, on the other hand, use smart contracts to ensure that the game mechanics are transparent and immutable. By having more control and transparency over their game experience, players may in-turn become more engrossed and devoted. They may even completely replace the conventional game models, which would present new opportunities for both players and game designers.
In the next two years, Teravision Gaming is a promising industry to keep an eye on. It is highly regarded by gamers as being among the most well-known video game companies in Mexico. Video games have been produced by Mexico City-based Teravision Games for well over a decade. The firm has developed a wide range of games for mobile, PC, and consoles and focuses on creating innovative and immersive gaming experiences that test the boundary between entertaining and extremely addictive!
One of Teravision Games' best-selling games is Child of Geos. The adventure game Lili was released for mobile devices in 2013. Lili, a young girl who travels to the island of Geos to discover more about it, is the main character of the game. Because of the game's amazing graphics, engaging gameplay, and charming story, both players and critics love it. Worldwide downloads for Lili have reached the millions, and the game has garnered multiple accolades, including Best Mobile Game at the 2014 Game Connection Europe conference.
Fortunately, whether you are an avid gamer or not there is always engaging content over on our Youtube channel. Make sure to check it out for additional crypto-related news and events!
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Conclusion: Mexicans around the world are becoming increasingly interested in cryptocurrency. if the pattern holds true in the rest of Latin America we may not require any further evidence to support the $1,000 per coin hypothesis advanced by bullish investors like Raoul Pal and Cathie Woods. Do you believe that this real world use case could support that valuation? Share your thoughts in the comments section below!
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