After years of work on the project, the Diem Association will soon be ready to launch their new cryptocurrency, the Diem Dollar. After abandoning plans for an international digital currency backed by multi-currency assets, the latest version of Diem is a simple stablecoin pegged to the US Dollar.
As soon as it’s released, you’ll be able to start buying and exchanging Diem Dollars. According to the Diem Association, the new crypto coin will make it easier to send and receive money both locally and internationally. In the near future, you’ll be able to use Diem to make everyday purchases from buying coffee at Starbucks to paying for your Spotify subscription.
With its massive user base, Facebook alone is likely to convince a significant number of people to start using digital currencies for the first time. Not only is the concept of the Diem beautifully simple, but it also offers a lot of advantages to those who use it.
Here are three reasons why you should start using the Diem Dollar.
1. Diem Transfers are Much Faster than Bank Transfers
While there are many reasons you should use Diem when it launches, the first and most obvious one is that exchanging Diem will be a lot faster compared to exchanging non-digital fiat currencies. As of now, when you make a bank transfer, the banks of both the sender and the receiver have to agree on the transaction. This can take up to a few days.
By contrast when you send Diem Dollars, only Diem’s internal systems need to agree. This cuts down transfer and processing times for consumers, businesses, and payment service providers significantly. Without the need to connect to a card network, Diem makes digital payment transfers quick, easy, and painless.
2. Anyone Can Make Transfers with Diem
Diem aims to make monetary transfers accessible to everyone. According to the Diem Association, the primary benefit of Diem is that it promotes financial inclusivity. Statistics show that around 31% of the world population currently remains unbanked. That’s 1.7 billion people. With Diem, everyone will be able to exchange money almost instantly—without needing access to banking services.
All you’ll need is a smartphone and internet connection — something Facebook has been working on for years with projects like Facebook Connectivity. In short, Diem is a game-changer for millions without access to traditional banking services, It will allow them to pay bills, sell goods and shop online.
3. Transferring Money with Diem is Cheap
Another reason to use the Diem Dollar is that the Novi wallet will have far more transparent and lower transfer fees compared to your traditional bank. Simply put, sending Diem to another person won’t cost you anything. Right off the bat, this makes Diem a worthwhile method of exchanging money — especially if you’re sending money abroad.
Try Out Diem for Yourself
As a stablecoin pegged to the US Dollar, the concept behind Diem is nothing new. It works like any number of stablecoins already in existence which are pegged to local fiat currencies. But what makes Diem so unique is that the Diem Association will be introducing a digital currency to an audience who may have never used cryptocurrencies before.
By offering a simple, accessible digital currency with instant transaction rates and transparent transfer fees, the Diem Dollar has what it takes to become a leading digital currency in the not so far-off future.
So whether you’re a crypto-enthusiast or a complete token newbie, don’t be afraid to try Diem. Learning how to make transactions with Diem is well worth it, and the benefits of using the new stablecoin outway the small learning curve that comes with it.
Check also: Why Diem is Better Than Bitcoin?