Forget CBDCs. Traditional Crypto Is the Financial Revolution We Need

Over the past few years, the cryptocurrency revolution has entirely changed the way we think about money. Digital assets have completely given us a paradigm shift, allowing us to enter an age where money doesn’t have to be so difficult to relate with.

Instead of traditional, slow processes, cryptocurrencies have shown us that money can - and should - move as fast as the current age. And as digital assets become more mainstream, it has become evident that this revolution isn’t a fad.

The rise of cryptocurrencies has also led to increased clamouring for central bank digital currencies (CBDCs). Essentially, these are digital assets that are built to replace the traditional currencies we have at the moment. Proponents of CBDCs claim that they offer the best of both worlds - the speed and efficiency of cryptocurrencies, as well as backing and proper regulation from governments. Thus, they are the perfect way for us to transform our monetary system as they combine the two important things needed for money to improve.

Control Is Key for Individuals

To be fair, CBDCs are a credit to most economies. Several countries that have committed to developing CBDCs have outlined their benefits, and they’ve seen just how effective these assets can be when it comes to redefining the landscape.

However, CBDCs miss one important factor that made cryptocurrencies themselves so popular - control. Today, traditional cryptocurrencies are popular because they give people the chance and opportunity to control their finances and do what they want with their money without worrying about censorship.

With CBDCs, this just won’t be the case. Countries have claimed that they will use CBDCs to collect data on peoples’ spending habits and financial activities, with the goal of using this data for the improvement of their economies. However, if history has taught us one thing, it’s that you can never trust centralized authorities to use your data entirely for your benefit.

And with countries like China - which currently leads global CBDC development - being especially big on censorship and surveillance, it’s understandable that people are sceptical.

The need for control has made it clear that traditional crypto is exactly the revolution we need. The only problem is that crypto itself remains a tad complex and disjointed as most people still don’t have access to all their holdings in one place. Oobit, a new platform looking to help crypto investors consolidate all their holdings into one place, is looking to change that.

In this interview, we spoke to Amram Adar - Oobit’s CEO and Co-founder - about his vision for the platform and what they hope to achieve in the coming years.

1. What was the idea that formed the creation of Oobit?

From day one it was all about taking the benefits of the crypto world and making it reachable for everyone. No matter if you are a crypto guru or a beginner, Oobit provides a real bridge from digital assets to the current traditional finance and for the day to day usage.

2. How does Oobit work? What are the ultimate selling points for industry beginners?

With Oobit you can pay for (almost) everything with crypto. We believe that your money is your money and only you get to choose how to use it and where to spend it. Everyone knows the value of crypto but until today crypto was not commonly accepted and Oobit’s mission is to eliminate that barrier. Exclusively on the Oobit app, you can tap to pay with your favorite crypto asset anywhere that accepts contactless payments. Alternatively, you can pay anyone in the world through the app. All you need is their phone number and you can send as little as $0.01 completely for free.

3. How does the Oobit solution improve financial prudence for crypto?

Authentication for every payment. You’ll need to use your fingerprint, PIN, or face to verify your identity each time you open the app or make a payment — only you can pay or send money.  For example with oobit, payments between friends and contacts are done by phone number alone. This removes the risk of sending funds to the wrong network or wallet address risking those funds being lost.

4. Do you believe in the potential for traditional crypto - or even CBDCs - to replace fiat money?

Crypto is available  24/7, with no bank holidays, or trading hours, and the assets can be stored solely by its owners without any 3rd party. Over the 5 years Oobit is operating we have experienced changes and adoption which are becoming easier month to month for the mainstream to adopt and use crypto daily. Looking back only 2 years ago it was nearly impossible for the mainstream to easily purchase crypto, today it is as simple as ordering food. We don't believe crypto will replace fiat in the next 10 years but it will allow more financial freedom globally (especially for unbanked individuals). Banks today are already educating their customers to use digital banking therefore it’s a matter of time before it all becomes digital. It may take 10, 5, or even a year but the world has headed in that direction.

5. With crypto being volatile, how will the Oobit app help customers make effective and reliable payments?

Oobit supports the all main cryptocurrencies, at a click you can convert from crypto to fiat currency without being exposed to price volatility. In addition, by paying with the Oobit app your crypto is being used for the specific transaction only. This is unique and will allow the use of the exact amount to be charged, protecting the rest of the assets from being converted. Being supported by Visa and Mastercard POS, users

can use crypto at shops and restaurants globally. This allows Oobit users to bypass all barriers and bring full crypto adoption to their daily payments and everyday life.

6. Will we see a push into new Web3 areas like the metaverse soon enough?

We see Web3 as the future and it’s a matter of time until the world will catch up. Oobit is here to support the digitization the world is heading to and making it easier for bridging those gaps.