Blockchain

Blockchain bank account | B2B Pay

Ten reasons why use blockchain bank account

1. Bitcoin provides swift transactions

You can send money at the speed of light with Bitcoin. A significant challenge people face banking the traditional way is delayed transactions. Weekend transactions are often a nightmare because you have to wait till Monday to confirm. Worst case scenario is when the next working day is a public holiday.

What is a blockchain bank account?

Transferring Bitcoin and other cryptocurrencies doesn’t take long. You will get your confirmation within minutes. Traditional banks shy away from this form of transaction because it’s uncertain. They’d prefer sticking to what they know and have you wait for 24-48hours for a confirmation.

One of the fantastic features of Bitcoin is the transfer from Blockchain to a bank account. It doesn’t matter that you’re transacting business with a traditional banker. Alternative platforms include Nuri, SatoshiPay, amongst others.

2. Advancing with the times

Bitcoin is more popular than when it first arrived 12 years ago. It has proven to be a reliable way of banking with fewer charges. More people prefer to use crypto for large transactions.

For instance, PayPal charges about 30 cents for a €1 payment. A 30% charge hardly seems fair! Small businesses often struggle with money; the owners shouldn’t have to deal with high bank fees.

Admittedly, the fact that Bitcoin doesn’t have central control leaves room for illegal transactions. That’s not to say that’s all there is to it. Even traditional banking has loopholes

3. Corporate use of blockchains: Bitcoin, Ethereum, and Ripple

Anyone who hears crypto immediately thinks Bitcoin. Did you know there are other types like Ethereum and Ripple?

Ethereum is a blockchain with its currency, Ether (ETH), and unique programming language – Solidity. It’s the second in market value after Bitcoin. Ethereum users have to pay fees “gas” to use distributed Applications “dApps”.

The founder said it was built for smart contracts and separated itself from Bitcoin because it’s programmable.

Ripple’s currency XRP confirms transactions in seconds at a low cost. It’s famous for its digital payment network and protocol. It’s little wonder that many banks use XRP as a payment system. Its speed and low charge distinguish it from Bitcoin

4. Blockchain security

At B2B Pay, our priority is securing our clients’ money. We offer transactions with European IBAN accounts. We do that with secure existing technology.

Our technical team tested the financial technology to ensure security. We’ve estimated possible failure to be two orders of magnitude less. Pending a foolproof system, B2B Pay would stick to offering virtual bank services.

5. You can enjoy wholesale currency rates.

Conversion rates can get annoying when you have to change small amounts of money. It’s a challenge for clients who trade in foreign currency. B2B Pay offers wholesale rates regardless of the amount you have.

The spread costs for trading large amounts in liquid currencies can be as low as 0.0001%. Fees increase by 3-6% when a bank transfers small amounts of money. At B2B Pay, we offer you services Bitcoin can’t cover.

Catering to startups is one of our strengths as over 50% of our customers are newly registered businesses. We want to grow with you, so we’ve prepared resources to aid your expansion.

Banking accelerators

On a low scale, banks employ blockchain technology but aren’t ready to fully commit to it. We participated in Nordea bank’s accelerator program in Helsinki and started working with Barclays powered by Techstars.

Both banks accept blockchains and Bitcoin startups but hedge their funds. They hardly invest more than $2m for ten startups in 3 months. This amount is contrasting to the $10m+ they invest in internal projects.

6. Interrelation among banks

As a business owner, you can rest assured banking with B2B Pay. We understand the importance of paying staff, suppliers, and bills in general from a company account. Blockchain transactions are suited for personal transactions, not corporate ones.

You cannot bypass the system of banking fees and regulations when you transact across currencies. 99.9% of businesses deal in real currency using traditional bank accounts, for instance, paying from a Euro account in France to a Yen account in Japan.

Although we’re capable of making bulk payments in blockchains, we don’t use Bitcoin. You can, however, rely on platforms like Satoshipay to make micropayments with Bitcoin. Attempting such a transaction poses a challenge greater than basic regulations.

SatoshiPay guarantees security by using a multi-signature system to sign in. They offer low-cost international services and are transparent. The requirements to open an account are essential to make it accessible to all. There’s a periodic upgrade to ensure client satisfaction.

7. Easy currency conversion

We’re changing the game when it comes to switching from international currencies to BTC and vice versa. You cannot escape the extra cost of converting blockchains to real money. We’re, however, working to reduce that fee.

B2B Pay receives and stores multi-currencies with a single Europe IBAN. The fact that Bitcoin is not liquid makes conversion a bit complex.

8. Hedging currency fluctuation risk

Foreign exchange is uncertain because of the fluctuation in currency value. It is a risky venture to trade with low currencies like Nigerian naira and Indian rupees. For instance, you can lose vast amounts of money making such a trade – from USD to BTC to EUR.

There’s hardly a way to manage a conversion with bitcoin in between. The market price wouldn’t wait for you to complete a transaction chain before moving up or down.

In theory, it makes sense to run transactions simultaneously, but the reality is not the same. You have to convert to BTC first before the other currency. For instance, you can start at 1USD and finish at 1.2USD. At the moment, we don’t see how you can hedge without taking this risk.

Fact: Over $3 trillion is traded daily, whereas BTC value per day is $100 million.

9. Customer-centric services

Our clientele is primarily small-scale and startup business owners. These people already deal with stressful daily activities; the last thing they want is an unreliable bank. They want assurance that their money is there when they wake up in the morning. This group is wary of adopting new technology.

Taking these fears into consideration, we built a simple and interactive interface. We want our customers to bank with ease. We’re getting there, but it’ll take a long time for businesses to trust alternate currencies that they can’t touch

10. Risk management

In ensuring secure transactions, B2BPay banking works cautiously than the consumer’s space. We test and confirm new technologies before introducing them to mainstream businesses. It’s the reason we tread lightly on the blockchain space.

There are so many unanswered questions and not enough cases of real-world use. The moment we see the majority embracing blockchain technology, B2B players would consider it as an alternative.

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