Transfer of Value – Bitcoin utility on the Blockchain

Bitcoin utility & online remittance

The current banking system is fragmented and broken.

While it gives the illusion of a finely tuned active system of transactions and accounting it is not at all what it appears. Different cost associated with different amounts sent and received, contingent on a variety of arbitrary distinctions: from who to who, from where to where, when, what method of transfer, and how much?

As pointed out by Andreas Antonopoulos, all of these elements are executed with varying cost to the user with different times established for successful execution of the transfer as though the banker was actually tasked with move a physical brick of gold from one destination to another, as opposed to sending what amounts to an email.

The Bitcoin, in comparison, charges the same network fee regardless of how much you send, who you are, and where you are. Bitcoin Utility shows us that settlement of the transaction takes only minutes and there are no third parties involved to “hold your funds” for three to five banking days.

That means the average Joe can use a blockchain wallet, on his cell phone, to send money to his friend up the street or make a donation to a family who just lost their home in Nigeria. He can do this for the same cost at the same time, from the comfort of his living room. What will happen when the masses actually figure out that:

  • the use and utility provided by Bitcoin is far superior
  • and Bitcoin Security is much better than any Credit card that ever existed

Know About Blockchain

It won’t be wrong to say that Bitcoin and other new digital currencies have been making a lot of news in the recent past. After all, bitcoin is the only digital currency that has surpassed a billion-dollar valuation and is still growing. This is also led to a growing interest in the technology known as blockchain. Bitcoin is an application developed on this platform but blockchain has a lot more uses than just Bitcoin. In the article below, you will find several things that will help you know a lot more about blockchain.

What Is a Blockchain?

To understand blockchain, you first need to understand that Bitcoin is not the first digital currency. However, it is the first digital currency that successfully solved a lot of problems thanks to the inventor of the special currency who likes to be known as Satoshi Nakamoto. One of the biggest problems with digital currencies is that it’s not easy to prevent what is called double spend. In other words, without a central registry, it is close to impossible to know whether a particular digital currency is being spent on multiple locations at the same time. This is where the blockchain technology comes in and solves the problem of what is known as double spend.

In simple terms, a blockchain may be defined as a digital ledger of records that are arranged in batches known as blocks and where public cryptography is used for linking these blocks together. Blockchain keeps track of all the transactions that take place on the Bitcoin network. In other words, it is kind of a database where cryptographic validation is used for linking different batches together and this database is stored on hundreds of thousands of computers spread all across the world. The unique thing about this technology is that it is distributed which means it exists on multiple computers and there is no central registry or location or a central body that manages this digital ledger.

decentralized value transfer

Anybody can get a copy of this digital ledger, at any time, which means it is open to everyone and anyone who wants to maintain a copy of it. What makes this so interesting is that the block validation system. This system makes sure that everybody has the same copy and no one alone is able to tamper with the records. So, all the transactions on the Bitcoin network are reserved forever and all the new transactions are simply added to this digital ledger which means any particular address that has ever made a transaction will be there on the blockchain for eternity.

It is a permanent, transparent and independent distributed database that is shared by a community and coexists in several locations. However, it is also important to mention here that this type of independent database or mutual distributed ledger is not a new thing. In fact, several research papers have discussed the possibility of mutual distributed ledgers but before the blockchain came together, these distributed ledgers were regarded complicated.

Also, there was no technology that could verify the correctness of the distributed ledger. So, it can also be said that the inventor of bitcoin did not invent any new things. However, he brought a lot of existing technologies together to create a system that was able to solve the problem of double spend and allow the digital currency to be stored and spent without any issues.

As mentioned in the beginning, bitcoin is just one implementation of blockchain technology. This technology has a lot of different potential applications. In fact, some countries have also started experimenting with this technology to maintain their land records. A lot of financial institutions and other companies have patented a lot of applications based on this technology. Since this is a publicly distributed database, it can be used for maintaining a wide variety of records that can be accessed by anyone at any time with the help of simple applications.

Overall, blockchain is a disruptive technology that has solved the age-old problem of double spend and has given rise to several different applications. Many experts agree that this technology will be widely used to power a wide variety of functions in the modern society in the near future.

Tips On International Money Transfers

Peer-to-peer network

While it might seem simple and straightforward, there is a lot of different things that go on with International money transfers. In fact, it can end up costing a lot of money if you don’t know what you are doing. There are a lot of factors you must consider in order to get the most out of your transfer. Below, we will be going over some of the key tips on International money transfers.

Bitcoin international Blockchain

Tips For International Money Transfers:

1. Transfer Rates.

The main thing that you should be looking at when it comes to finding the best International money transfer option would be the transfer rates. You want to look at the transfer rates and try to find the service that provides the transfer for the lowest fee.

2. Limits.

It is also important to pay attention to and be aware of transfer limits. A lot of different services will have different kinds of limits. Thus, you want to make sure that you are not going over the limit and try to avoid using a service to transfer a large sum of money that is catering more to smaller amounts. This will only end up causing you spend more money on fees.

3. Expedite.

Do not pay more money to expedite your transfer unless you absolutely need to. If the funds do not have to be wired immediately, it is always better to wait it out. Choosing to have it delivered in the standard time period will allow you to save the extra amount that you would have to pay to have it expedited which can add up to a lot.

4. Confirm The Banking Fees.

Another major thing that you should do whenever you are looking to utilize any service is asking whether or not the recipient is going to have any fees attached. It is important to detail and has all of the fees added into the total cost in order to really get the true cost of the transfer. By doing this, you will not have yourself or the person receiving the money have to deal with unexpected fees on the transfer.

Overall, there is a lot that you are going to want to consider and look at when it comes to finding the best International money transfer option. You want to make sure that you are considering everything while you are looking at your options in order to find the transfer service that is the most reliable and one that will provide you the service for the least amount of money. No one wants to have to pay unnecessary costs that can add up to a lot of money. Thus, you should really compare the true cost of transferring funds from each service and choose the one that provides the service for the best possible price. Doing all of this will allow you to find and choose the service that is best for your particular money transfer whether it’s large or small.