For every business to run smoothly, the idea of making transfers of due payments must be done at the right time so as to build a good relationship between every business partners. The basic criteria that every transaction process must meet inorder to keep business partners in good terms is the success rate and speed it provides.
The purpose for transaction is certainly base on the exchange of goods between peers of people or organization. The transaction process can either be done physically or digitally, but its main purpose is to settle any business agreement fee.
Basically, we could say that everyone who makes use of a transaction process are deeply concerned about the fast and successive rate of their transaction. Ideally, no one wants to have his/her money hanging due to transaction error.
Over the years, the traditional banks have being known for its ability to conduct transactions but most of this transactions are withheld due to middleman's(centralize) disruption or systematic failure. We sometimes experience this unexpected disruption while using our credit cards in making purchases.
The introduction of cryptocurrency has proven that it could set an Epitome of transactions without unreasonable disruption.
Mode of operation
This two talking factors have their own style of performing transactions which makes them differs in terms of epitome of good transaction.
Commercial banks transaction process requires a middleman who receives instruction from a sender to pass a certain amount towards a receiver.
This transaction basically involves the movement of funds from one account to the other.
Unlike the Crypto transaction where three stages are involve, which are initiating, broadcasting and finalizing.
Initiating - this stage simply requires the sender to provide his/her address, amount to be sent, and the receivers address.
broadcasting - starts by passing the pending transaction for validation. It helps to check for basic details like sufficient amount which is intended to be transfered, and others.
finalizing - is the creation of new block for storing this transaction after the validation process has occured.
This transaction basically involves the movement of datas within the blockchain which every process works with a great speed to attain a successive transaction process.
From the two analysis, Crypto transactions is considered an epitome, having a more secure, fast and successive rate of transaction.
Settling factors
Banks are generally centralized, where they require middlemen to work has validators in approving transaction process.
The presence of this centralization has seen to alter's customer interesting in banking with a commercial entity, as lots of restriction are likely to be faced.
Having an example of where a customer makes a transaction to an account, but gets a fund reversal or seized due to its very huge amount.
But the decentralization system of crypto transaction makes it self automatic, by performing transaction in accuracy on its own.
Most problems likely to be encountered in this process are from the end user, where a wrong amount is being requested for, wrong receivers address input or wrong private key input.
Two talking factors here
The two basic talking factors here are the Bank transaction medium and Crypto transaction medium, which totally settles that crypto transaction has set a epitome of a reliable transaction medium than banks.
My opinion and conclusion
Every business which needs to run smoothly requires trusted transaction process which helps to build trust between business partners.
Crypto transaction has being able to set an epitome example to traditional bank transaction due to its successive rate. This therefore means that the world can now use a transaction process that takes smooths process.
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