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Limited global availability
One of the clearest limitations of the traditional financial system is its inability to offer accessible, reliable and affordable services to people around the world. Almost 1.7 billion people lack access to banks or similar institutions.
With very complex operations and cost structures burdened by overheads, traditional financial service providers put a hefty price tag on inclusion in the global economy. And the result? The poorest in our societies remain poor. Using the current methods employed by traditional banks there is simply no way to include them in the global financial system.
But a potential solution to this problem is now available, and it’s connected to the fact that almost half the world now has access to the internet. This is important because access to the internet means access to blockchain based financial services, with their much lower costs and much greater efficiency.
Blockchain technology is based on information distribution through the web. This enables financial data to be transferred at a tiny fraction of the cost incurred by traditional banks. Using Bitcoin then, or any other blockchain based currency, as a means of payment has incredible potential in less developed countries.
In the short term, Renegade’s strategy is aimed at increasing the adoption of cryptocurrencies by utilising existing payment infrastructure as a stepping stone. This will initially limit our ability to penetrate the huge potential market that currently lacks access to traditional banking. However, our long term goal remains to overcome this restriction and open up the field of global financial and payment services to the next billion potential customers. This will be possible when the adoption of cryptocurrencies gains the critical mass required for a native crypto-payment industry to become both useful and economically viable.