Bank has played an important role our business progress and the expanding of the company. Bank has surely made easy to move money, from one person to another or one firm to another and the list goes on. But they have charged us for those services too, greater the amount greater are the charges.
To overcome these bank charges which are growing day by day a concept of ‘unbankability’ has risen. Our bank account comes with the restriction and regulation which makes our account harder to operate. It also has very high chargers to transfer money to a different country. This all things together have also put our business some brigade. To overcomes all these things together a concept ‘unbankability’ has risen.
The bitcoin can be transferred directly to the person you want with very fewer fees to transfer. The currency we in our country does have centralized bank and the banks takes a lot of money for the services they provide. Bitcoin does any have any centralized bank or any authority and is used worldwide.
So, when the bitcoin is transferred, a trusted third party verifies the transaction within three days and with a small fee that is bitcoin. The transaction comes with a problem which is to be solved by the bitcoin miner. Every transaction is to be verified by the miner. The blockchain have you transfer the bitcoin person to person with some lower prices. The bitcoins can use in every country; your bank account cannot be frozen. It does not have a restriction like a bank. These are some of the advantages of the bitcoin, and hence these are used widely.
Now, what makes the transactions safe by using blockchain. As the name says, it is a chain of blocks. These blocks contain specific information; in this case, it includes transaction information that is from whom the bitcoin is transferred and to who is the bitcoin is transferred and how much bitcoin is transferred. Other than the data in the block it also contains old hash and hash.
So, if there are any changes in the hash for the wrong purpose than everyone with the block information will not validate it. Once every block has the correct hash, everyone on the chain will verify it right, and the transactions will take place. This what makes the bitcoin transaction easy to transfer, easy to keep a record of it and safer. This opens the opportunity to the market to reach the world and gain more profits in their business.
Bo Zou Toronto, Canada has started his company with a goal to make bitcoin transactions or any other cryptocurrency. Bo Zou Toronto is a UX designer who is also known as User Experience designer. The transactions without banks fees and restriction open the person’s mind and the market which will help build his/her business. Bo Zou has helped other companies like Microsoft, Citibank, Best Buy, Nissan/Infinity, Molson Cars, HSBC, Toshiba, Unilever, and Manulife.