Cryptocurrencies are revolutionizing the whole traditional financial system thanks to the blockchain. This technology has made possible the development of a useful worldwide payment system, which makes it a unique tool. Bank transfers have witnessed this change and today we're going to tell you why.
Do you want to join us in this journey?
How bank transfers have revolutionized the cryptocurrency world
Traditionally, a bank transfer “is an operation through which a person (the payer) gives instructions to its bank to charge an account of theirs and to send a certain amount of money to the account of another person (the payee of the transfer) in the same or another bank”, as indicated by BBVA.
They have become an indispensable action for us, but what was still missing was the possibility to have a cheap instant payment system, and able to cross international borders quickly, without the need for intermediaries that enable the payment. I.e., the actions of the two subjects (the payer and the payee of the transfer) can take place under a protocol to transfer money without the blessing or the interaction of other subjects.
ATMs, telephone or fax and e-banking have marked the evolution of a financial system that would adapt to technology, progress and the needs of the moment. However, despite the great advantages for society, the nature of bank transfers is not instantaneous, but ordinary (it takes one or two working days) or urgent (it is paid on the same day) with a high cost.
With DAVIES transfers there are no waits, as the recipient can received them in a very short period, almost to the second after they have being issued. Have you ever thought about the amount of time that you could save? Have you ever thought that you no longer need the Bank confirmation to send the money that you won with your work?
What are the transactions characteristics with cryptocurrencies?
If what you are looking for is to buy and sell safely, then let us tell you that DAVIES can be the tool you need. This cryptocurrency was born to offer society the guarantee for making loans between individuals at a low cost with the backing of a financial institution that ensure safety and support. So far, there is no other virtual currency of these characteristics.
In any case, we want to tell you what are the details that you should know about transactions with cryptocurrencies:
- Cryptocurrencies are acquired or bought in a secure platform, such as DAVIES.
- In a transaction, the system of the cryptocurrencies "analyzes the quantity or volume of the transaction to determine how many entries should take to complete it".
- The work of the miners is to execute the transaction and register it on the blockchain.
- What is being tracked is the number of transactions, and thanks to its pseudo-anonymous nature it is possible to trace them, in favor of the law and social goodwill.
Do you have any questions regarding these characteristics? Ask us!
How does blockchain technology work?
The blockchain technology can change it all, and that is the only reality that matters in the field of virtual currency. Do you already know how this technology works? From DAVIES, we want to give you a very simple example.
Imagine for a moment that you have a Word document with two columns. In one of them you put a kind of identifier (xyz), in the other one a number (26), which means that to 'xyz' corresponds '26'. Now think that this file may be doubled in thousands of computers with a so high security that no one would be able to alter it intentionally. Not even the disappearance of one of them would be able to alter the whole, as there are hundreds of thousands of snapshots that verify the data.
This is what Blockchain technology is broadly. Have you ever thought about the number of things we could do if any online interaction is supported by a central authority in which we deposit our trust?