The superiority of cryptocurrency — particular example

2 min readFeb 9, 2023


At cold crypto winter, we have no doubts about the absolute superiority of cryptocurrencies. We, the crypto-enthusiasts who remained interested in the crypto industry and who study it move forward. In this short text, I want to show you a particular example, of how cryptocurrency would do much better than the existing system.

So I have a client who can’t pay me with crypto. So he pays me in dollars via Upwork. And from part of those payments I need to pay contractors in UAH (Hryvnya, the currency of Ukraine). So let me present you with a whole chain of loss (yes, as on each step I lose some % of the amount).

  1. I receive payment on Upwork and Upwork site takes a cut (5–20%) — yes they will take the commission as big as 20% if that’s a new client, then if the total amount of payment is more than $500 — their commission is 10%
  2. Then to move funds from Upwork there is a few $ fee, now it seems it is 1$ and in past, it was $2.
  3. Then Payoneer where I upload funds takes $2.50 for the payment processing
  4. Then I need to move funds from Payoneer to my Monobank Dollar card (Ukrainian bank) — I also pay some commission
  5. From a Monobank card, I could exchange funds to a Hryvnya card in a fast way, but then the rate will be “official” which is 36–37 UAH per 1 Dollar. And the market rate is around 40. So I have to visit the local bank personally — and withdraw the funds from card to cash — this also takes some percentage in commission, but this way I lose less than if I would exchange with the official rate.
  6. Then I have to exchange physical dollars which I have to UAH. I can exchange at the same branch of the bank or I can search for the better rate
  7. Then with my UAH cash, I can upload them to my UAH card, or I can use a terminal to send cash to another card.

That’s it. The whole process is not so complicated, but it takes costs and time. If I would receive crypto — I could easily exchange it peer-to-peer (I have enough demand from my friends for small amounts) or I can use Binance P2P trade, where I would exchange crypto to UAH very fast and without commission.

By the way, if you don’t have a Binance account yet — with this special partner link, you can get -20% trading fees. And, of course, an additional -25% if you use BNB.

Understanding this chain of loss and eliminating it — is one of the cryptocurrency missions.




Cryptocurrency enthusiast, student of forgotten economists