Decentralized Currency – Decentralized Life

Executive Brief

Even in today's world of modern convenience, easy access to banking and financial services can be just out of reach, especially in rural communities. With the invention of cryptocurrency, it is clear these challenges will soon become a problem of the past. Transactions between two parties can be performed anywhere in the world with a simple mobile phone, enabling remote parties to transact and giving them the opportunity to thrive anywhere. 

Read the full story below. 

Humans and animals alike have historically congregated in areas with easy access to resources such as food and water. Modern humans like to think they are smarter than their primal ancestors, because food and water come to their local grocery store every day. But like their club carrying relatives, modern humans still congregate in areas that can easily service their essential needs. The difference is the 'essential' resources that the modern urbanite clamors for nowadays are things like banking and shopping.

What about those who can't stand the bustle of a big city, but still need the convenience of easy access to some of the modern essentials? Decentralized currencies such as DNotes and Bitcoin enable peer to peer transactions anywhere in the world that are free from currency exchange fees, do not reveal personal information, and involve nothing more than a mobile phone. This means for the first time, rural communities will no longer be economically disadvantaged due to lack of banking access, and even their distance to a major center is less of an obstacle.

The newly found ability to live off the grid while retaining most of the convenience of modern life sounds great, but servicing the needs of rural dwellers can be a daunting task. Take Canada's Aboriginal population for example, they are given billions of dollars annually to keep patching a system that hasn't worked since it's inception. Extreme remoteness plays such a large factor in their cost of living, that it is impossible to patch this problem with money while keeping the Canadian economy afloat. At what point does one decide to go back to the drawing board and redesign a system that meets the people's needs? If Canada had a better framework to meet the needs of its decentralized, non urban population, the standard of living in those communities could be much higher.

The first step toward including rural populations in our economy has to be providing the financial services that can both meet their needs and give them the opportunity to thrive. The second step needs to be the encouragement of sustainable self sufficiency and community trade, as opposed to over-reliance on imports and government assistance. Specialty items can be ordered online with digital currencies, but most necessities could be produced locally. Items manufactured locally can be shipped around the globe in exchange for digital currency, helping to bolster the local economy and provide badly needed employment opportunities.

Decentralized digital currency provides an alternative financial and economic solution to these remote communities. Once this solution is established, the remoteness will no longer be so paralyzing, and the decentralized life they are living will be a fulfilling one.

Author: Brandon Cheliak

Education Director for DNotes and co-founder of DNotesEDU

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