The demand for crypto

Here is an email from a loyal MR reader:

I’ve been importing a few things for a new business. Such a huge opportunity for crypto. And not just for Nigerians.

The payments are a real pain. Many vendors already accept bitcoin. And you could eventually use smart contracts to provide a version of Alibaba Trade Assurance that works for places other than China and with every vendor. The language barrier makes it seem like you are answering an email about a Nigerian Prince, so some kind of escrow to build trust will expand who is comfortable importing.

I’m doing this because it is about 40% of the price to import yourself for the products I need rather than buy from someone on Amazon (who probably bought from a similar exporter). There are very real barriers to be knocked down and eliminate a whole host of middlemen in many products.

I will definitely be using crypto payments for future transactions. The convenience of crypto increases a lot as you do larger orders and build trust with suppliers.


Comments for this post are closed