Blockchain and the new standard for money transfers:
A money transfer can take several days, depending on the size of the payment and the type of currency. Not to mention the fact that it can be blocked by the bank at any time as suspicious. With cryptocurrencies and blockchain, the situation is completely opposite - you can transfer currency to a user's wallet to another country in the equivalent of even several million USD, and no one will block this transfer, requiring documents on the appearance of funds. Moreover, this transfer can be carried out within half an hour, regardless of the distance between you and the final recipient.
Another advantage of cryptocurrency transfers is the fixed fee on the blockchain, which is a very small part of the payment. Example - the price of a transfer of 1 BTC will be about $5, while the cost of a bank transfer for the same amount (about $ 10,000 at the time of writing) will be several times more expensive, and you will have to pay an average of 6% of your payment, this will depend on the currency, size of transactions and the geography of this transfer. $5 versus $600 - the difference is quite significant.
Disadvantages:
Hard acceptance. Although cryptocurrencies are already actively used in many progressive countries of Europe, for example, in Switzerland and Finland, not to mention North America - Canada or the United States, in Russia or India they do not have official legal status, but the laws are in development. In China, the legal status of cryptocurrency is constantly changing, these factors complicate the use of digital assets.
You need to know how and where to exchange. In Eastern Europe, especially Russia or Ukraine, there are a huge number of services offering the exchange of cryptocurrency for fiat money. However, there are scammers among them, and in the best case, your risk is overpaying, and in the worst case, you will lose the entire amount of assets.
Time to figure it out. For a beginner, most of the terms are unfamiliar and he does not even know where to start and how to conduct a transaction, usually, it takes a lot of time to understand the subject matter of the issue.
Conclusion:
Cryptocurrencies will need a few more years to fully replace bank transfers, but judging by the fact that more and more countries are developing a legal framework for their adoption, this may happen within a few years.
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