The two biggest problems of crypto transactions have been huge time consumption and high transaction fees. Though these were far less than traditional systems, but still a lot more than what was expected from crypto-blockchain payments.
Fortunately, the expectations seem to have finally met, with the record of the new number by payment using Binance Token (BNB). A transaction of about $1.2 billion was completed within 1.1 seconds with BNB, and the fees were as low as $0.015. This is probably the biggest breakthrough witnessed in a very long time in the crypto space. Binance CEO Changpeng Zhao tweeted the figures, adding that this is the future.
This transaction: cost $0.015 USD in fees, took 1.1 seconds, and $1.2 BILLION in value transferred.
The future is here. https://t.co/vie0B79zKC
— CZ Binance (@cz_binance) June 26, 2019
This definitely is a success and needs to be implemented at the micro level for optimum utilization of time and money. The journey seems to be easier said than done, though, will get better with time. So is this the future?
Well, at the moment, it certainly seems to be. The primary reason that this could be the future is that traditional platforms like banks cannot match the quickness and affordability that blockchain offers. Even in the foreseeable future, times taken by banks to process a cross-border transaction won’t be anywhere close to the time taken by any crypto-blockchain platform.
Secondly, the fees charged for bank transfers keeps on increasing steadily, while crypto payments are moving in the opposite direction fairly quickly. The aforementioned transaction gives a glimpse of how cheap it could be to make a regular transfer, say, a $100 as the system matures. And rationally speaking, these are the only two things that matter to most users.
And as far as security and privacy go, blockchain is years ahead of traditional banks. So definitely, the future of global money transfers lies in the hands of crypto-blockchain.