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 foreseeing 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 and implement it then it means that the traditional wire transfer may likely be phased out.

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Dalemat is a full time crypto currency trader for more than a year based in Nigeria. He currently teaches group of Nigerians on how to trade bitcoins against altcoins. He is the site owner of a blog crypto currency trading. He also owns a group chat on telegram where he also shares his knowledge on crypto currency trading and it is free to join by clicking on the link.