Crypto Payments Enter The End Game
TL;DR
‘Zero fee transactions’ are coming to the blockchain, which could see crypto become the method of choice for moving money globally.
Full Story
Today we’re going to be talking about Tron.
Please, please — hold your boos.
We’re aware that it’s not the most loved blockchain out there, but this new announcement from Justin Sun (its founder) has broader implications.
They’re planning to remove all transaction fees on stablecoin transfers.
Which sounds kinda ‘meh,’ seeing as they already have relatively low fees compared to legacy options like bank and Western Union transfers, but it has some larger implications for the crypto industry.
Let’s start with this:
Crypto is a competitive game. If a blockchain adopts a feature that users love, their competitors will do everything in their power to copy it.
Zero fee transfers are the end-game for money transmission, and they benefit everyone — from low income workers sending $20 a week back home across boarders via Western Union, to the ultra wealthy trying to move billions between their accounts.
And the name of the game in crypto is to support more transactions (whether via games, social apps, or payments), which then funds the network, and increases its value over time.
If this new move by Tron catches on — crypto has a clear shot of becoming the ‘no brainer’ move for much of the world to move their cash.
“Ok, but no fees means no money going back into the crypto networks. Riddle me that.”
The move here isn’t to eradicate fees, but to cover them on behalf of the end user, by investing some of the stablecoin dollars in reliable assets (like government bonds) and using the profits to pay the fees.
Helluva concept!