Author: During the day, Tim works as a teacher in the San Francisco Bay Area; in his spare time, he tracks emerging blockchain technologies with a keen eye on innovative application developments in the crypto currency space. Tim became a crypto coin investor/enthusiast after learning of the rapid growth of the Ethereum blockchain implementation in banking. During the winter months, you will likely find him skiing down the slopes of Squaw Alpine ski resort in Tahoe. Submit a question, suggestion or comment.
As you read my blog, you’ll probably get a sense of how much time and energy is involved in filtering, sourcing and analyzing key indicators to present in a clear and comprehensive manner to explain how the new blockchain technology is profoundly changing the way all sectors of industry will do business and offer services in the digital domain.
For those who decide to invest in digital assets as a way to diversify your investment portfolio, you’ll realize that with research, understanding and due diligence of the fundamental value of a crypto coin of investment interest, you will most likely to increase your chance of maximizing your return on investment(ROI) by picking the right ‘horse’ with the most value for market growth.
The following is a real world example of how the blockchain technology is revolutionizing the way we do traditional banking.
Let’s just say I want to do a wire transfer and I need to do it ASAP. How much does it cost for a domestic wire transfer? An international wire transfer? How long does a wire transfer take?
For traditional banking, a wire transfer request must be submitted by 1:00 PM for most banks to process within the same business day and a wire transfer is only available to process during the business week (non-holidays). Costs? Depending on the bank, but typically it costs about $30 for domestic wire transfer and $45 for international wire transfer. Don’t forget, the cost is magnified by the bank you are requesting the wire transfer and the bank accepting the wire transfer. Both banks typically charge customers in this manner as a way of doing business.
In the blockchain cryptocurrency digital domain: how much does it cost?
It depends on the amount but let’s just say I want to transfer $9k in Bitcoin, the transaction fee would be 0.00044 BTC which equals to about $1.88. How long does it take to process? It depends on the crypto coin you choose to use for the money transfer, for Bitcoin transaction confirmations, it takes less than 60 minutes for transactions to complete and you can view the transfer process in real time at BlockCypher for BTC | LTC | ETH.
The advantage of transferring money via blockchain currency are: (1) on demand fast transaction processing times sub-60 minutes for Bitcoin transaction confirmation (30 min for Litecoin confirmation/24 min for Ether confirmation), versus traditional banking wire transfer of 4-8 hours, (2) low transaction fees – which equals to a fraction of traditional wire transfers cost (3) it’s open 24/7, 365 days a year for business and (4) no counter-party transaction fees – you won’t get charged twice at both ends like you would in a bank wire transfer.
And, here is the evidence of Blockchain making an impact on Traditional banking: banks are rushing to counter this innovation with their own blockchain technology to remain relevant.
1.- If your portfolio only has securities in the stock market, you should invest in digital assets as soon as you can to diversify your investment.
2.- To invest in the digital market wisely, due diligence and intensive research are required in order to have a thorough understanding of the fundamental value of a crypto coin investment. In doing so you will increase your chance of maximizing your return on investment (ROI) by knowing how to pick the right ‘horse’ with the best value for market growth.
I have always been impressed with the versatility of blockchain and its outstanding growth; therefore, I will continue to research and analyze the Blockchain evolution, its growth and its impact on investments (traditional and digital). Bookmark my blog to keep updated on breaking developments in blockchain innovations and the expanding universe of digital currency.
If you appreciate my efforts and want to support my research, you can make a contribution via PayPal(contact me and I’ll reply to provide my PayPal email for you to send your contribution).
If you want to make a contribution with crypto currency in Ether, Litecoin or Bitcoin, just sign into Coinbase, then click on the ‘Send’ link, then copy and paste one of my address below to send your contribution to me which will be deposited to my digital wallet. Thank you in advance for your support.
After you have bought your first crypto currency, you can easily send money to anyone around the world quickly and with extremely low transaction fees in comparison with traditional banks.
To send a tip, just sign into Coinbase, then click on the ‘Send’ link, then copy and paste one of my address below to send a tip to me which will be deposited to my digital wallet:
Bitcoin (BTC) Address: 12dBCqNfi34aFDWDGeMXMMURxtYER7jjEa
Ethereum (ETH) Address: 0xCFE2eA0Ef8cF3Ff57E8F7CB464F05e2CB765FA5E
Litecoin (LTC) Address: LWyT4kKKJ2vZhypp4Ws12zdtKDbkdk4m8r
Please verify that when you copy and paste the above address, it is correct before sending. Advance thanks for tipping. I believe that in doing good usually begets good; here’s to cultivating good karma 🙂