More and more payment methods are popping up all over the world to bring financial services to unbanked and underbanked regions of the world. AirTM is one of those services, as they allow customers to deposit and withdraw US Dollars to and from their cloud-based platforms. Whether or not this is strong competition for Bitcoin, remains to be seen, but there are some interesting aspects to this concept.
AirTM – Preserving Wealth During Economic Turmoil
Ever since the financial crisis of 2007 sent out its ripples throughout the world’s economy, several countries have been struggling to keep their financial stability in place. Especially in Latin America, countries like Argentina, Mexico, and Venezuela have been facing a fair amount of local currency devaluation in recent years.
Several companies have tried to come up with a way for citizens in these countries to preserve their wealth. With the US Dollar tearing up the charts in recent weeks, it seems to be the most logical choice as far as fiat currencies are concerned. But there is more to AirTM than just preserving wealth, as the platform offers a few different options as well.
One of the most obvious use cases for AirTM is how users can make or receive US Dollar payments through the platform. Also, there is an option for users to move local currency from their bank account into the AirTM cloud, and make payments in any other currency. The conversion between currencies will take place through Uphold, an exchange platform that also lists popular digital currency Bitcoin.
What makes AirTM most appealing is how everyone can use the platform to become a cashier, which will allow users to make a decent amount of money by completing deposits and withdrawals. It is important to note the service is only open to the public in Argentina and Venezuela, whereas the invitation-only beta status is maintained in Mexico, the US, and China.
At the time of publication, over 856 customers have been using AirTM to send, receive, and store US Dollar in the cloud. Furthermore, the company announced how so many use cases have been discovered in this service, including paying for studies abroad and entrepreneurs looking to operate more efficiently.
Is AirTM Competition For Bitcoin?
Depending on how one might want to look at things, AirTM could be seen as a fierce competitor for Bitcoin adoption in certain regions. At the same time, the platform allows users to make payments from the cloud, and Uphold has Bitcoin listed on their exchange platform as one of the supported currencies.
Bitcoin does not need third-party services to impact the financial status of its users around the world. Instead, one can transfer Bitcoin to and from anyone in the world in a matter of seconds, by using a computer or mobile device. Additionally, one Bitcoin in Asia is the same Bitcoin in Latin America, the US, and Europe. There is no need for payment conversions or currency exchange rates.
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