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 word ‘Unbankability’ means note using bank to transfer our money. But this thing would have been impossible to think a couple of years ago. Nowadays through cryptocurrency, we have the opportunity to transfer the money to the person directly for a cheaper fee to transfer. The very expensive and famous cryptocurrency is a bitcoin. Bitcoin is decentralized cryptocurrency which is used all over the network. Now the question arises are these safe? it is better to answer this question after the explanation of working of the bitcoin.
When the person sells something on the internet and is paid in Bitcoin, the transaction takes place and is locked with the algorithmic problem. The transaction takes place only if the algorithmic problem is solved. Now this algorithmic problem is solved by bitcoin miner. Bitcoin miner uses an application called bitcoin mining which uses its computational power to solve the problem and hence the transaction is completed. Surely the miner is given a small number of fees which is received by him in bitcoins. Which makes the transactions safe and cheap. The bitcoin can be used all over the globe, therefore it can be transferred all over the world with a small amount of charge. Bitcoin has opened a country’s market to the world which has increased and expanded the business. Hence due to this the transaction taking place has risen, which has increased the load on the miners. Due to increased load, they work in the pool which nothing but a group of people working together for the bitcoin mining. The bitcoin mining does require some time. To cover this time a process is used which is known as blockchain. Bo Zou of Toronto, Canada has been working on this since has completed his master’s degree. Bo Zou’s idea is to open a country’s market to the globe which will help him/her to increase its profit and expand its business. This will eventually help in developing the country. He claims to be the citizen of a globe and is working to make a better ecosystem.
The Blockchain is a software platform which is used to receive, pay and store cryptocurrency. Bo Zou is a UX designer which is working on making a better operational software for every technology which can be found with the people these days. Blockchain helps a person to transfer the cryptocurrency faster than the trusted 3rd party which usually requires 3 days to mine the transaction. Blockchain requires less than the trusted 3rd parties which are immediately and also with a very low fee to transfer.
The concept of ‘Unbankability’ can be achieved by these certain ways.