The bank has been the safety spot for many business and individual transfers both nationally and internationally long before now. The money transfer services by these financial institutions have been seen as a standard; and have earned the trust of many organizations and private institutions.
Banks have tried and argued that the revolution of crypocurrency is a way of putting businesses and people’s money at risk, in the name of evolution. Not until the latter part of 2015, when companies started to experiment with their trade, using cyptocurrencies as a primary means of exchange. This was made possible because there was a market on ground for cryptocurrency. Individuals started investing so deep before major organizations joined the trend. Click here to read more about Wirex, a crypto-transfer agency (Wirex reviews regarding transfer moneys and other services).
The Traditional Transfer Method
We all remember how this process goes right? It usually starts with walking into a transfer designated stand or building as the case may be. State your purpose; give the attendee the name of the individual you intend sending the funds to, the city and sometimes the nationality.
Your details are taken to ensure the recipient gets a prior notification of whom the funds are from, and sometimes to be able to keep tabs on your transaction. Few companies back then work with an instant transfer option at an extra charge fee. The payment is mostly for the funds to leave the transfer premises immediately. Most of them don’t get to the recipient until at least a day or two intervals.
There are also online transfer options available by these financial institutions. You get to make the money transfer online at ridiculously high fees and slow time of arrival. This process will require that you provide additional information than you might have at their offices. In all, this mode of transfer still takes a while to get to the recipient.
The Revolution of Cryptocurrency
The blockchain and cryptocurrency technology runs with a much different algorithm from the regular financial institutions we just talked about. The way this evolution hit the human race seemed like when we discovered the internet. It is built with modern technology, fast, reliable means of transacting, and easily accessible to everyone.
The backbone of the cryptocurrency model of transfer is the web, which means you can carry out any transaction whenever and at what time pleases you. For example, you would like to make a payment to the crypto user 2234 using your debit card. All you have to do is credit your wallet with the fiat currency, type in the amount, input the user ID, and hit send. Your money just flew kilometers in a few seconds. The recipient receives the money his/her wallet as a cryptocurrency, then takes it to the exchange option back to the fiat currency, and withdraw the money into their account.
In summary, the operation of cryptocurency serves better, compared to the traditional wire transfer option. It allows you stay in control of the process, is often as fast as the rays of light, can be done any time of the day, to whomever you wish, and is of high-level security.