Learn Bitcoin and Blockchain by Kirankalyan Kulkarni

Author:Kirankalyan Kulkarni
Language: eng
Format: epub
Tags: COM062000 - COMPUTERS / Data Modeling and Design, COM018000 - COMPUTERS / Data Processing, COM083000 - COMPUTERS / Security / Cryptography
Publisher: Packt Publishing
Published: 2018-08-31T06:37:08+00:00

Let us look at the challenges faced in the following section:

Multiple parties are involved in the process. The bank where Jessie holds her account is in the US and involves third-party foreign exchange that is present in the US and third-party foreign exchange that is present in India since John holds his account in India. The money moving across all these accounts take a considerable amount of time, usually anything between 5 and 7 days.

The second challenge is the time duration for transfer. Even if we assume a same-day transfer from one account to other, we are talking about at least 4 to 5 days minimum.

The third challenge is private bookkeeping. Each bank keeps its own bookkeeping record privately. This leads to increased time needed for validating proof of ownership of funds.

The fourth one is the lack of clarity and choice on rate applied. And also customer is not guaranteed to get the desired exchange rate due to the time is taken by the entire process. Moreover, there is no clarity on why a particular rate was applied.

The fifth and foremost challenge is higher charges and fees. It is needless to state the number of charges applied by all these intermediaries and banks.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.