Revolutionization of the money transfer industry by the blockchain

Have you found yourself in a scenario where you want to send a lot of money abroad? It is difficult to trust a money transfer system to send money to different countries especially if they are huge sums of money. That worry comes to an end. Morpheus.network is going to make it possible for you to send money to over 200 countries and let the recipient get the money in their local currency. It is going to be safe and fast. Bitcoin has touted as the future for the cryptocurrency industry since it was created. We are going to look at the importance of the blockchain in the money transfer industry.

The cryptocurrency promise

Do you know why cryptocurrencies are unique and promising? Consider the common currency such as the dollar. It is manufactured by the treasury and distributed by financial institutions. Imagine for some reason the banks decide not to issue the dollar then this will mean we would not see the dollar anymore. It only exists because certain people want it to exist.

Cryptocurrencies are unique because they cannot be controlled by banks or any government no matter how powerful it is. This means that anyone can use cryptocurrency in any place in the world without being hindered to do so. Also, imagine a situation where some banks go bankrupt. Imagine a bank you have trusted for years with your money coming to an end. This will make you lose hope with banks. With cryptocurrency, you don’t have to trust any bank. The blockchain technology used by cryptocurrencies keeps records of each transaction you make with the cryptocurrency. Each transaction is displayed publicly, and this means that no one can alter the records.

The blockchain doesn’t have an owner and cryptocurrency software can be accessed publicly. This means that the cryptocurrencies can be moved around the world easily as compared to currencies like the dollar, the pound and the euro.

Blockchain for money transfer

Currently, cryptocurrencies and the blockchain technology is not the popular option for people wishing to transfer money. This is because people have not learned the importance of the blockchain yet, but in future, no one will want to hear of traditional methods of money transfers. This is because traditional methods are not as safe as many people think. Let us use PayPal as an example. Your PayPal account can be attacked by hackers, and this can lead to loss of a lot of money. On the other hand, transferring money across the blockchain is a hundred percent safe because no one can hack it.

Cryptocurrency is decentralized, and this means that they do not rely on banks or governments. This is one major advantage because it means that transactions across the blockchain can fluidly bypass the middlemen that have been built over decades.

Currently, the blockchain technology is rapidly being embraced by the financial industry. Transferring money with Morpheus Network is safe as it is going to utilize fully the technology of the blockchain.

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