Gabe Abed, a co-founder of NBFI Bitt, explained the situation in more depth: "“We’re working in markets where it’s impossible for companies to sell online without giving away more than 5 percent of their business to payment processors,” he said. “Individuals sending money from one island to another routinely lose 12 percent on fees. Credit card acceptance is low, and yet there’s a very high penetration rate for mobile Internet -- so there’s this gap, which is precisely what we’re aiming to fill.”
Opportunities Within New Global Markets
The gap between what legacy systems can do and what blockchain can do is becoming more and more apparent to anybody with an interest in exchanging currency. The opportunity for growth is massive, and is something perking up the interest of every bitcoin trading expert across the globe. There are more than 50 countries where over $1 billion a day is traded on an exchange. There are 6 in total where more than $5 trillion in global currency is traded daily. Even if a paltry 1 percent of this sum was moved to a bitcoin exchange, that would be more than 1,500 times more than the current daily total for digital trading.
Gabriel Miron, a CEO and meXBT, talks in more depth about these global opportunities. "In the Bitcoin community, we’re used to talking about underbanked people,” he says. “But more and more, we’re finding that underbanked businesses are key.” When funds are transferred between different countries, banks perform this currency conversion at a loss through the American dollar. If you're not one of the bank's most respected customers, the process can take days – often weeks. With bitcoin, currency can be settled within 24 hours. There is no current banking infrastructure that can even compete with those speeds.
Jesse Chenard, a CEO of MonetaGo, also spots room for monumental growth in certain markets. "We're seeing that larger firms are particularly interested in more efficient settlement," he says. Smaller clients are also keen on what the bitcoin exchange offers. On a $13,000 transfer, a business or individual could expect to save $600 in fees. This money would otherwise have been eaten up by the Bank of America in exchange fees.