When I was younger, I lived with my grandmother, she was responsible for my well being as my dad always sent her money every month to take care of me. In my home town where I stayed with her, there was no bank, so she had to travel to another location which is like an hour drive from my home town to make a withdrawal. Whenever she came back she always talked about how it was always stressful and difficult to always fill her check book to make a withdrawal. Little me didn’t know the stress she was going through, first she has to take a 1 hour drive to the bank then fill in her check book.
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Fast forward to more than 10 years later, I became old enough to start going to the bank and started making withdrawals for myself, one day my dad gave me a cheque to help him cash out and redirect the deposit to his account, I remember the stress I went through that day to make that payment, standing on the queue feeling the form, and waiting for authorization of the chèque and getting a call from my dad asking me for updates.
Fast forward to 6 years later, making payment just got way easier, you don’t need all those forms again or going through those processes again to make a payment or receive a payment. With the use of bar scan codes, you can authorize payment in less than a minute. I don’t know when this technology was invited but it sure feels really good to do. Do you know how convenient it feels to just open your phone camera, place it scan bar code and have your payment made? Or showing your bar code to receive payment, but guess what? Crypto which is a new financial technology has gone far beyond that.
Crypto not only use barcode, but uses a chosen name based on the naming service you use, and also, I encountered another one that uses your email to send you crypto, I will be doing more research about that and posting soon. Now we have on Binance where you can transfer crypto to anyone for free without any charges but they have to be using Binance, all you need is their Binance ID and you have transferred this coin to them for free.