Thursday, March 01, 2018 8:58:50 AM
I have to admit, I'm really stupid when it comes to this blockchain currency and blockchain technology. My understanding of this is it elevates the SWIFT part of doing international transactions.
(For those unaware - SWIFT is " a type of international money transfer sent via the SWIFT international payment network.The SWIFT organisation provides a secure network that allows more than 10,000 financial institutions in 212 different countries to send and receive information about financial transactions to each other" )
This is controlled by the U.S. Treasury and U.S. banks. Therefore, all banks that do international transactions have to abide by all the rules and regulations enacted by the U.S. Government. Which, needless to say is as about as corrupt as any banana republic in the world.
But, the problem, as I see it is, the fluctuations of the currencies tied to the blockchain technology.
For example, if I was doing a multi million dollar financing deal, I certainly wouldn't back that with bitcoin - the fluctuations of the currency are too broad to lock in a pricing of the financing.
If the currency fluctuates 20%, that really makes it difficult to determine the value of the money I am sending.
So, how's this changing with all the blockchain currencies coming out?
Does this mean the currencies involved with the blockchain technology are going to fluctuate less?
Is there going to be some type of daily cap that limits the fluctuation of the currencies?
Are this questions answered in the "White Paper"?
Anyone with more knowledge of blockchain and currencies, if you could answer some of these questions, I'd greatly appreciate it.
I understand the blockchain part - the "closing of the deal" between the two parties.
But again, my question is currently, how does one deal with the wide ranges of value of the currencies?
Thanks ahead of time for anyone who shares some insight.
Happy trading!
Cheers
USMN
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