Monday, 11 April 2016

BANKS IN EUROPE AND AMERICA TRYING TO ADOPT THE TECHNOLOGY BEHIND BITCOIN: THE BLOCKCHAIN

This is quite interesting if you ask me. Apart from the fact that bitcoin as attained a phenomenal growth over the years, the technology behind it is another marvel on its own.

Many banks abroad  are beginning to see the need to follow this change if not some of the normal banking service they render will become irrelevant.

Take for example, wire transfers takes about 3 to 5 days to get to the beneficiary coupled with the fact that you have to pay high charges for the transfer to be initiated.

But with bitcoin and the blockchain, the same amount can be sent at lesser time of 30mins for little or no cost at all. So, if Mr A in nigeria wants to send $1,000 to Mr B in USA all he has to do is buy bitcoins from a local exchanger at the prevailing market price equivalent to $1,000 and sends to Mr B bitcoin address.

The bitcoin arrives at Mr B wallet in less than 30mins and he in turns sells it in his country and receives dollars with little or no fee at all. And all this is done in the comfort of their house. no queues no stress.

So banks abroad forseeing this change and in their bid to still remain relevant are begining to embrace this blockchain technology.

From my understanding if fully implemented and banks all over the world begins to adopt it then it means that the traditional wire transfer may likely be phased out.

read more
http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/

http://www.nasdaq.com/article/big-banks-are-hopping-on-bitcoins-blockchain-bandwagon-cm546238

12 comments:

  1. HI,
    Nice read you got there.
    Please I'd like to know your take on the recent slump of altcoins prices.

    ReplyDelete
    Replies
    1. Thanks. it is absolutely normal for altcoins to rise and fall. This could be a function of many factors including.
      1. development on the coin
      2. A fake news regarding a coin which may lead to panic selling.
      3. speculators hoarding the coins.
      4. inactivity of a coin.
      5. influence of a coin over another coin.
      6. Investors withdrawing support from a coin
      7. Sentiments etc

      Delete
  2. If you're in search of the highest paying Bitcoin ad network, check out MellowAds.

    ReplyDelete
  3. If you are searching for the ultimate Bitcoin exchange company, then you should go with YoBit.

    ReplyDelete
  4. At Moon Bitcoin you can get free bitcoins. 514 satoshis every 24 hours.

    ReplyDelete
  5. On Take Free Bitcoin you can get FREE bitcoins. 8 to 22 satoshis every 5 minutes.

    ReplyDelete
  6. If you're looking to BUY bitcoins online, PAXFUL is the best source for bitcoins as it allows buying bitcoins by 100's of payment methods, such as MoneyGram, Western Union, PayPal, Credit Card and even converting your gift cards for bitcoins.

    ReplyDelete
  7. Ever try to automate your free satoshi collections with a BITCOIN FAUCET ROTATOR?

    ReplyDelete
  8. Easy multicurrency mining software & 1-click GUI miner.

    Mine effectively with your computer or smartphone.

    Squeeze the most profit automining coins with the highest returns.

    Download MINERGATE.

    ReplyDelete
  9. Quantum Binary Signals

    Professional trading signals delivered to your cell phone every day.

    Start following our signals NOW & gain up to 270% a day.

    ReplyDelete
  10. eToro is the ultimate forex broker for new and professional traders.

    ReplyDelete
  11. BitKONG is a verifiably fair online bitcoin game.

    DON'T Forget: Claim bitcoins every 10 minutes from the btc faucet.

    ReplyDelete