Ethereum 6556384 has passed 5080 confirmations and took more than 19 hours to deliver over $ 183,000,000 without any expensive mediation. This happens quite often with people on the blockchain. In addition, it also demonstrates that blockchain technology in the money transfer field has great applications.
➡️A former payment system like PayPal, after clearing the transfer limit, may have charged a transaction fee of $ 5.3 million for the transfer of $ 183 million in the average payment chain from East to West. For the same amount, Western Union, another global money transfer service, will charge $ 120 for every $ 3,000 transferred. The Ethereum blockchain fee is even less than the cost when using Western Union to send $ 50.
The acceptance rate is lower than other global payment services.
➡️ Ignoring innovation in the payment and remittance field, decentralized blockchains still have lower acceptance rates than PayPal and Western Union, because the values of tokens transferred across these blockchains are often fluctuations. Therefore, a transaction of $ 183 million in the process to the recipient can reduce the value to $ 170 million. And it could even raise a few million if the market is growing. This makes decentralized assets somewhat unreliable for those who want a stable transfer process.
➡️Moreover, the problem of liquidity. Recipients who receive the money in the encrypted asset will need to redeem it for the local currency. In many cases, the trading floors responsible for crypto-fiat trading have less liquidity than the user requirements. A business seeking to liquidate these codecs will face dilemma for fear of losing value while failing to convert fiat money due to lack of funds.
➡️Blockchain solved part of the problem. It is invariant, scalable and hierarchical. But the success of the rest, including regulations, economic factors, space to continue the blockchain renewal must again depend on the Fintech-friendly policy given to economists and home the legislature.
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