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The demand for crypto

Summary:
Here is an email from a loyal MR reader: I’ve been importing a few things for a new business. Such a huge opportunity for crypto. And not just for Nigerians. The payments are a real pain. Many vendors already accept bitcoin. And you could eventually use smart contracts to provide a version of Alibaba Trade Assurance that works for places other than China and with every vendor. The language barrier makes it seem like you are answering an email about a Nigerian Prince, so some kind of escrow to build trust will expand who is comfortable importing. I’m doing this because it is about 40% of the price to import yourself for the products I need rather than buy from someone on Amazon (who probably bought from a similar exporter). There are very real barriers to be knocked down and eliminate a

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Here is an email from a loyal MR reader:

I’ve been importing a few things for a new business. Such a huge opportunity for crypto. And not just for Nigerians.

The payments are a real pain. Many vendors already accept bitcoin. And you could eventually use smart contracts to provide a version of Alibaba Trade Assurance that works for places other than China and with every vendor. The language barrier makes it seem like you are answering an email about a Nigerian Prince, so some kind of escrow to build trust will expand who is comfortable importing.

I’m doing this because it is about 40% of the price to import yourself for the products I need rather than buy from someone on Amazon (who probably bought from a similar exporter). There are very real barriers to be knocked down and eliminate a whole host of middlemen in many products.

I will definitely be using crypto payments for future transactions. The convenience of crypto increases a lot as you do larger orders and build trust with suppliers.

The post The demand for crypto appeared first on Marginal REVOLUTION.

Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

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