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TRANSACTIONS WITH CRYPTOCURRENCY – THIS IS WHY BANKS ARE WORRIED ABOUT

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TRANSACTIONS

Bank transfers and waiting time too long?

Bank transfers with too high expenses?

On-line payments are too unwieldy?

The money transactions with criptocurrencies break down these barriers in just one shot . But let’s have a look of its features in detail.

Let’s go !!

STEP 1 – it’s damn sure

Once you created your online e-wallet you’re ready to put your money in. As your money i mean your cryptocurrency.

You’re ready to make payments, send and receive money.

Let’s remember that for years now, more and more stores around the world have introduced that as a payment method.

Not to mention on-line shops like Amazon, etc …

Once you got your online e-wallet  ( list of the best ) via your smartphone you can make payments all over the world, just like having cash in your pocket.

Payments made from the app through e-wallet’s address or Qr-code.

All aspects are explained into this post. ( Go to post )

Let’s have a look on first 5 features :

  1. cryptography and blockchain.  Cryptocurrencies are entirely based on a cryptographic system by taking advantages of a really powerful technology called  Blockchain ( actualy, the real evolution of everything ).
  2. irreversible. As you will already understand, by Blockchain, we mean blocks in a chain. Let me give you an easier example. When you open your online bank-account , you have a list of all your movements ( bank statement ). All those data are stored in database/server which is property of the bank. Being an its property, it could modify those data. Of course it doesn’t, even why this would create a really catastrophic mess and data wouldn’t be ok anymore, however, ironically it might do. The Blockchain does not have a single database, but it’s present in hundred of thousands computers around the world ( maybe million now ), so, you understand that it would be too complicated. It’s been proven that it would be physically impossible to do all changes by putting all admins agree, not to mention the disproportionate cost. So, transactions/payments made by cryptocurrencies are irreversible and unstoppable.
  3. public. All these movements are public (and not as private banks) and available on the website of the blockchain, https://blockchain.info.
  4. unduplicable. It’s impossible to duplicate or falsify this kind of money. It is systematically impossible.
  5. anonymity. Transactions are anonymous. The sender and recipient are seen as the code/address of the account/e-wallet.

STEP 2 – it’s flexible

  1. conversion. Cryptocurrencies ​​are easy to convert into any type of money or currency.
  2. instant. Transactions do not have days and days like banks but they are immediate and visible within 3 seconds on the recipient’s account/e-wallet.
  3. copy the wallet by preventing incidents of any nature. You can copy the e-wallet to other devices ( of course not money 😉 ) so that any kind of incident like PC problems etc … can make you lose your money.
  4. it is cheap. Transactions are free, banks are getting higher and higher.
  5. very strong expansion market. More and more people in the world are shopping with cryptocurrency. Their value is growing every day, so there are great opportunities for speculation too. We need to be fast and smart.

STEP 3 – Everyone wants it

You will begin to understand that this technology will be very soon the basis of the whole system. If we think about its inviolability ( point 2 of the first step), it is applicable to infinite fields.

It’s safer than the banks’ web sites.

Let’s think about Government offices, provincial offices, municipal offices, property’s databases, records of documents, car properties, house properties, all stock exchange transactions by cancelling all bank fees, bills, etc …

The potential for applicability is infinite. In fact, big economic realities are investing big amount of money just because it’s been told that within 5/10 years everything will be based on Blockchain.

Obviously banks are afraid of this, because a much more secure and organised system will take their place by cutting their commissions.

I’ll see you soon !!!!!!

Ahhhh !! I almost forgot !!!!

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If, however, you want to deepen or you have any doubts to clarify, write down below in comments area, I’ll  do my best to answer you as soon as possible.

TRANSACTIONS