Due to the complexity of the system built on the blockchain, due to the encryption used and the distributed nature of the network, transactions in it can be processed slowly - compared to "traditional" payment systems, that is, to the transfer of cash or payment by credit card. Bitcoin transaction may take several hours, which means that it will not be possible to pay with bitcoins for a cup of coffee — if the seller does not want to take your word for it, and it is from the need to trust the counterparty bitcoin was intended to save us.
In theory, the same applies to other blockchain networks, which are not intended to transfer value, but to store some other transactions or, say, events of the Internet of things. The fact is that the blockchain is, after all, just a computer file, which, as its size grows and the network of computers that access it grows, becomes slower and slower. We hope that progress in data processing will solve this problem, but today it remains relevant.
Let's be honest — despite the huge interest in blockchain implementation on the part of the financial industry, its representatives would be happy if it never appeared. Banks receive huge profits from intermediary services, receiving their interest from millions of customers. Back in 2015, one of the former leaders of Barclays Bank called the interest and seeming enthusiasm of financiers to the blockchain cynical, saying that it is connected with the desire to control or even block the development of new technology.
At the same time, banks have a huge influence on governments and legislative bodies, and if at some point they decide that it is in their interests to "kill" the blockchain, they would certainly be able to significantly reduce its usefulness and limit its availability. However, in the coming years, the blockchain will develop, despite these problems.
⏩ Here we should mention Nexty
Nexty is a cutting-edge platform which changes the way blockchain works. Next proposes instant payments without commissions. Imagine a situation: you go to a coffee shop and want to buy a cup of coffee. To date, paying with bitcoin is a bad idea: first, you have to stand in a coffee shop for about half an hour and wait for the recipient to confirm that the money has come to his account. Secondly, the transaction fees are very different from those of a couple of cents that were once. Today, to be sure your transaction won’t hung for hours, and will be held in the near future, you will have to pay a couple of dollars. So you pay $ 4 for the coffee and another dollar for the commission. It is unlikely that someone will count such a bargain profitable.
What will happen with the Nexty platform? The transaction for sending money for coffee will happen instantly. Without delay, without the need to wait until it is included in the block. In addition, the commission will be exactly zero! No matter how loaded the platform is and whether the cryptocurrency rate jumps, you will be always free from the need to pay a fee.
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Author of the article - Gogul
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