The COVID-19 pandemic came with unprecedented economic turmoil. Thankfully, we had borderless transactions and cryptocurrencies to turn to as our local currencies crashed and lost value. Borderless transactions kept the world economy moving at a period full of uncertainty.
What is a borderless transaction?
A borderless transaction is a sales exchange between two or more parties from different countries which are free from actions specifically designed to hinder international trade such as tariff barriers, currency restrictions, and import quotas.
CORONA taught us the importance of borderless transactions when lockdowns were effected and we still needed to send money to people in different parts of the world without leaving our houses. If you have relatives in different parts of the world, I’m sure that you appreciated Cryptocurrencies a great deal during the pandemic.
For those of us who don’t have relatives in other countries and are wondering how you could benefit from borderless transactions. Hopefully, by the time you are done with this article, you will understand why borderless transactions are crucial.
Why do people send money across borders?
- To send financial support to their children who live in a different country
- To pay for the medical expenses of relatives in another country
- To pay bills for property owned abroad
- To for international investments
- To purchase products from exporters abroad
- To end financial support to friends and family in different countries
RayCoin Global and Borderless transactions
Figure: Raycoin logo displayed as solar rays in the sky (source Raycoin global twitter)
The RayCoin platform aims to enable a borderless world where goods, services, technology, information, capital flow through the borders from one nation to other. There is a lot of exchange of cultures happening on that platform thanks to borderless transactions.
Benefits of Borderless transactions:
- It fuels innovation and the spread of technology. New technologies other than Blockchain can be spread as a result of trading.
- Exchange of cultures and ideas (enlightenment). People challenge each other with amazing ideas thus limiting beliefs and myths about different topics are addressed. Women empowerment and abuse are a few of the enlightenment ideas that can spread through borderless.
- Improved global economy. Not only does the market size increase but also the revenue. All the participants are left to worry about is maximizing their production to counter demand.
- The wider market for local goods. Exposure to a wider market for crafts that may not be popular in their area of production. For example, selling beadwork in Africa is not as lucrative as selling beadwork abroad; this is because it is a rare commodity abroad. Buyers can then compare beadworks from different localities and settle on the most qualified option.
- Global cohesion (world peace and unity). People generally tend to conduct business with people they like, trust, and respect. Imagine the kind of world where people from different countries like, trust and respect each other.
- Higher standards of living. People who would otherwise never get the opportunity to sell their products get to set favorable prices and gain exposure to a world of limitless opportunities.
- Lower costs of products. Since people focus on what they are good at, the overhead costs are reduced which further reduced the price of the final commodity.
- Specialization (Countries focus on what they are good at). With borderless transactions, countries complement each other to ensure that the participants are not lacking any commodities. The quality is much better because each individual concentrates on creating what they are good at.
- Better quality and variety. Customers have access to high-quality goods from all over the world, they get to pick whatever goods suit their needs best.