Blockchain is revolutionizing the money transfer industry

Hello. In this post, we’ll tell you how the blockchain is revolutionizing the money transfer industry.

Are bitcoin and the blockchain effective for money transfers?

Compared to existing money transfer options, bitcoin is typically more complicated, slower and more expensive. That’s a triple disadvantage against traditional methods like banks and wire services. Bitcoin comes with a learning curve. It’s quick to transfer bitcoin, but your overall fiat-to-fiat transfers will be slowed by financial institutions. And another problem with crypto is that exchange rates often make currency conversion expensive — and bitcoin exposes you to them twice.

The potential is out there

Along with the blockchain, cryptocurrency is quietly working behind the scenes to spark a revolution in the money transfer industry. Its critical advantage is that it’s decentralized. It means that blockchain transactions can fluidly bypass the web of financial middlemen.

Innovative startups and financial institutions are taking note, leveraging the blockchain for big wins. Payment applications, for example, use the technology to move money swiftly around the world and create savings for its customers. You don’t have to work with cryptocurrency at all, usually they manage them in their backend processes while you deal exclusively with fiat. 

The blockchain is catching on

The blockchain is being embraced enthusiastically by the financial industry. Many banks are aware that they need to evolve with the changing times — especially when they’re being assaulted by scrappy startups hoping to bring them down. The blockchain allows banks to upgrade inefficient processes:

• The blockchain makes transactions cheaper by cutting out intermediary banking costs. 
• The blockchain can complete transfers in minutes. 
• The blockchain can unequivocally confirm delivery each and every time.

In time, the cryptocurrency and blockchain may have an invisible hand in virtually all of our financial transactions. They’ll serve as the unsung heroes in the fiat system we’ve grown to trust. Sending money back to family overseas would be as easy as giving cash to a friend. And numbers on a smartphone would be as spendable as coins in our pockets. If we achieve that reality, we may finally see the cryptocurrency revolution we’ve long been promised.

Kernel Wallet is a service that offers users with the same name tokens with more than 20 foreign currency accounts, between which you can transfer money without bank charges and at a favorable rate. In addition, cryptocurrencies can be stored, spent and exchanged in the Cores account: Bitcoin, Ethereum, Litecoin, Stellar and other top-end cryptocurrencies.