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Can Blockchain technology regain the public’s trust?

 

Blockchain technology has arrived by the hand of cryptocurrencies. In theory, it is a way to make everyone’s life easier. Blockchain is relatively new and only some sections of it are involved in the cryptocurrency industry. Bitcoin is one of these cryptocurrencies, also known as virtual money. It is indeed money but it cannot be seen or touched because it is not physical. Many people remain skeptical about this and everything involved with virtual currency. Blockchain and cryptocurrencies are crystal-clear if you understand them. But at the same time, it seems to gradually grow and further expand even if there is distrust among investors still unfamiliar with the concept of cryptocurrency and dependent on fiat.

The world of cryptocurrencies has become strongly involved and tied into various market sectors. When it comes to travel, for example, certain international companies such as Expedia now allow paying through cryptocurrencies, regardless of the one used. Another sector that has accepted payment with these virtual currencies very favorably are online casinos. Today there are a larger number of online casinos on the net but the ones that attract the most attention are the ones that offer the best bonuses. There are several among them and it is up to you to choose the one that best suits your game or budget. They are all a bit different from each other and come with various conditions. You can get a welcome bonus by creating a casino account to play. When it comes to depositing money, you can always opt for the cryptocurrency option.

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How the Blockchain works

To explain how Blockchain technology, it is best to exemplify it. Imagine your father, or it can be your mother, brother or partner and yourself. That is, two people, Peter and Mary, to make it easier to understand. Peter wants to send Mary $1,000, and what would normally be done would be to send the money to her via bank transfer. However, Pete’s bank account is affiliated to a different bank than Mary, so the process is expected to take at least 48 or 72 hours.

The problem is that Mary needs the money now, and Peter knows that Mary needs it, and this makes him decide to check the box for an urgent transfer. This means that the process will be done in 24 hours but in order to speed up the process, banks charge an extra commission to both parties involved. That is to say, Peter’s bank will receive a small amount of money. At the same time, Mary’s bank will also do the same, charging a commission to Mary in her case.

However, extra commission costs with Blockchain have yet to happen. Money between Peter and Mary is transferred without paying extra to the banks. Well, with Blockchain, Peter, Mary and her accreditors are inside a joint server and all are users of this server. There are no external agents involved; therefore, no commission is required to be paid since they are all share the same virtual space. Blockchain creates a common ledger for these three users; there are no identities involved. Then, a third party, whose identity is unknown, transfers money from Peter’s user to Mary’s.

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Why is there distrust toward the Blockchain?

Distrust mainly comes from not knowing the identity of the third party who requires to make the transfer. Besides, that person gets paid in cryptocurrencies or bitcoins by metaphorically mining for crypto. That’s why he is referred to as a ‘’miner’’. He moves the money inside the server and mines for bitcoin or other ones in exchange. So, sometimes they may be a different person, but it changes depending on who possesses the most powerful computer. So, in short: you have to put your trust in a stranger.

This leads to ordinary people being skeptical by nature and preferring to make bank transfers. However, those who move large amounts opt more for Blockchain because it is faster and does not charge any parties extra commissions. In essence, what looked like it was going to free up transactions, all it has achieved for the moment is to make the rich richer because it eliminates commissions from the equation. We will have to see how this new technology evolves and whether it is actually as secure as they profess.