Why I started this blog

I arrived comparatively late to the cryptocurrency scene, considering bitcoin had been around for about 8 years --  in the Fall of 2016.   I had read about an online course in partnership with MIT 

(https://www.getsmarter.com/universities/mit ) related to blockchain technologies and how they could transform businesses.  I had registered for the course and was thoroughly hooked once I completed it.  Our group project was based on using a blockchain for securing real estate titles. 

One of the reasons I was so attracted to cryptocurrencies and blockchain protocols was their potential for streamlining financial transactions.  It never ceased to amaze me that I could send money to anyone anywhere in the world with just an internet connection and computer.  I did not need a bank account, nor did the recipient -- just a bitcoin address.  

In spite of all the hype and controversies and the crazy price swings, even the time it takes for the bitcoin transaction to be verified on the blockchain (it can still take hours at times),  the basic premise is truly incredible if we stopped to think about it - I can send a payment (in bitcoin) to anyone in the world that can't be duplicated or rejected and I don't have to go through an expensive and/or time consuming transfer process within the banking system to do so. This is true financial freedom.

Here are just a few examples of transferring money or assets that are still sources of friction even now:

1. Checks -- Cashing a check is probably the easiest and fastest way to send money for small amounts.  I've used it to transfer money between Chase and Wells Fargo accounts and it generally clears within the same day.  But the amounts allowed are relatively small (< $5000).   I couldn't do this if I wanted to transfer a million dollars between a Chase and Wells Fargo bank account for example.

2. Wire transfers -- If I want to send larger amounts, I can use a wire transfer.  This is commonly used for closing a mortgage when you need to send the down payment to an escrow service.   To wire money to anyone it can still take a day or two --  you have to fill out the paperwork properly at your bank and do it before noon if you want it received the same day, and it can be expensive for smaller transactions ($15 - $30).  

3. Selling Stock -- Your stock has done great and you want to take your profits but when you sell your shares,  you still have to wait 3 days before you can use the cash from the sale, and another day or two once the cash is available to transfer that cash to a linked bank account.

4. Foreign Exchange -- This can be pretty fast with a debit or credit card but it can still be expensive as you won't get the best exchange rates and your credit or debit card may charge extra fees for the privilege including a cash advance fee if it's a credit card.

5. Foreign Remittances -- I can use Western Union and other services to send money to my friends or family living abroad, but this can be expensive.  If I want to send money directly to a missionary or aid worker living in say rural Africa this can be very problematic.  You usually have to work through a third party to facilitate transferring the money to the recipient.

I will be exploring how cryptocurrencies and blockchains can streamline financial transactions and this will ultimately promote greater financial freedom.