Blockchain technology’s main objective is to be a fast, secure, cheaper and transparent technology. A system that allows making money transfers using blockchain technology is Traxalt.
Traxalt is a digital asset based on the Stellar blockchain. Traxalt comes to revolutionize the traditional banking system, which is slow, more expensive and has more restrictions. Traxalt allows anyone from anywhere in the world to send money more efficiently.
Making a bank transfer is easy, but through Traxalt it is much easier and safer. Being a digital asset based on the Stellar blockchain, Traxalt has several advantages that come before a traditional transfer. Its main pillars are:
- Speed: As it belongs to the Stellar blockchain, which is third and last generation, the ability to send and receive Traxalt is extremely fast, so transfers are immediate and independent of the total amount.
- Security: All Traxalt transactions, when carried out using blockchain technology, are encrypted and therefore cannot be modified.
- Transparency: A great advantage of Traxalt is that it has its own block explorer , where transfers are traceable and verifiable from the moment the transfer is made.
- Lower costs: Traxalt provides its users with lower transaction fees than other solutions in the same category on the market. Best of all, the costs do not vary or represent a large percentage of the transaction, in case it will become international.
Traditional banking systems are constantly updated and in the last decade they have migrated and implemented systems to carry out any type of transaction from any mobile device. One of the most frequent transactions is electronic money transfers.
When we talk about electronic money transfers, we refer to the movement of money from one bank account to another electronically and without the direct intervention of bank personnel, either within the same financial institution or between several financial institutions. These can also be national or international transfers.
Despite the fact that these bank movements have several advantages such as avoiding going to the bank in person or queuing unnecessarily and therefore saving time and avoiding traffic, such bank transfers have several disadvantages.
Among the main ones we find the limits in terms of amounts to transfer, the compensation time between banks that it takes or the high fees charged per transaction, especially if they are international transfers. Another disadvantage is the transparency with which transfers are made, since currently there is no system that allows users to trace and verify the transfer made.
It is very important that users who make money transfers through banks explore the different options that the world of technology offers us today. For example, blockchain technology is growing more frequently in the financial and banking industry thanks to the benefits it provides.
But beyond this industry, blockchain is changing the way different industries like pharmaceuticals, supply chain management, or voting systems in different countries operate. It is of utmost importance that people explore and learn more about blockchain and discover all the benefits they can get from this technology.
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