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Blockchain Management and Cryptocurrency: Simplified
From the barter system to Bitcoin, business exchanges between parties have evolved quite a bit since 6000 BC. Though technology has made great advancements over the centuries, a commonly sought after thread remains during transactions involving wealth: trust. When a sense of security is established between both parties involved, business transactions run more smoothly and are easier to replicate in the future.
Think of what makes a transaction feel secure. Would you prefer to buy an item online using a third party service such as PayPal that guarantees protection against fraud, or share your personal information debit card number with a private website? Services like Paypal afford both buyer and seller the extra protection against fraudulent behavior, so if your information is somehow hacked, a refund is guaranteed. Even so, many people still feel most secure shopping in a traditional setting with sales associates and cashiers to assist them.
Naturally, most companies seek an even higher level sense of security when conducting business. However, traditional currency poses a lot of financial and logistical issues for international businesses. Due to restrictions within the United States' banking system, everyday transactions cost international companies an excessive amount of time and money.
Thankfully, blockchain management and cryptocurrency have changed the way many companies operate on a daily basis. Blockchain management allows for businesses to bypass brick and mortar banks, government regulations, fees and a lot of hassle with virtual bank accounts and cryptocurrency. Since every unique piece of data in a blockchain (whether it be a library of information or a single number) has it's own personal identity number that cannot be replicated, no human can possibly replicate the data or abuse the system. There is no exchange of personal information whatsoever during these transactions.
During a traditional bank transaction, all personal information is exchanged. People are able to manipulate and cheat the system by duplicating money, hacking into accounts and possibly stealing the information of both parties involved in any given transaction. Banks must follow very strict regulations regarding the exchange of money internationally. Transfers can be very costly and take too much time for both parties. In short, the American banking system makes international business complicated.
The key philosophy behind cryptocurrency is to allow businesses and individuals to operate over the tedious rules and regulations of the traditional banking system. Thanks to blockchain management, cryptocurrency simply acts as a more secure form of payment than wire transfer or even cash with no third party involvement required. Therefore, there is no risk of fraud for either party when using cryptocurrency.
Streamline your international business
With financial technology and cryptocurrency options such as Ethereum, Bitcoin and Ripple and virtual banking, it's easy to streamline your international business exchanges. Financial technical companies (also known as Fintech companies) offer clients free virtual bank accounts that give international companies access to quicker, more affordable transactions. For example, traditional banks charge companies a fee of anywhere between 3 and 6 percent for a single wire transfer. Delays are also common with wire transfers from traditional banks, and it can be difficult to assure that your transaction will be delivered within the desired time frame. Since there is also no tracking system for wire transfers, communications coupled with differing time zones can become difficult.
Virtual bank accounts on the blockchain
Virtual bank accounts allow businesses to send money instantly, as well as track the transaction online. That means no more company resources wasted and no more hassle over pricey wire transfers for both parties. Since currency like Bitcoin is stored through blockchain management, there is no room for human error or corruption. These secure, peer to peer payment options like Bitcoin not only save international companies a lot of time and money, they operate on a platform more secure than a traditional bank.
Get your own virtual bank account by signing up with a Fintech company that offers free virtual accounts. Even through different time zones your virtual account will make you feel more connected to international clients and your business easier to manage. Additionally, cryptocurrency such as Bitcoins completely eliminate concerns like currency conversion rates between countries, sensitive timelines and more. Make the most of your overseas business with virtual Fintech accounts for a more reliable, easy alternative to traditional banking.