MYCRYPTOBANK SET TO DISRUPT BOTH E- BANKING AND CRYPTOCURRENCY SPACE

judedon (29)in #blockchain • 6 years ago

Once upon a time, all banking activities and transactions were carried out at brick and mortar financial institutions. During this time, one will have to take a trip to his bank to perform a simple task of checking account balance. Long queues and delays in cheque processing and fund transfers were the order of the day. Mad rush was usually seen before public holidays or approaching weekends within which period, banks will be closed and transactions put on hold until it reopens. Banking activities were very stressful and I am sure that some will call the experience — horrible.

But digitalization of the world’s businesses brought relief to all as it was meant to make life easier and more interesting which people so much crave for.

Today, one can check account balance, transfer funds, send money, pay utility bills, subscriptions and more right from one’s Smartphone, computer or tablet.

People world over are currently appreciating and enjoying the advantages of the digital banking tools being offered online today, but most people, especially the newer generations do not know how the world’s banking system innovation evolved up to the present day.

Evolution of e-banking

In 1981, four major banks in the New York City which include Citibank, Chase Manhattan, Chemical Bank and Manufacturers Hanover, introduced the first home-banking system which was tested by their customers.

In 1983, Bank of Scotland in the United Kingdom launched an internet banking service called Homelink where people had to connect to the internet through their TV and telephones to pay bills and transfer funds. This was when what we now call ‘online banking’ was formed.

In 1994, Stanford Federal Credit Union in the USA started offering internet banking to all its customers. The presidential bank followed suit in 1995.

Banking digitalization evolution continues and in 1996, the first truly successful inter-only bank was launched by Netbank. Netbank operated a full internet banking operation with NO physical brick and mortar bank branches.

The evolution continues and by the year 2000, about 80% of US banks were already offering internet banking services.

In 2001, Bank of America made history by boasting of more than 3 million online banking customers.

At this time, people are already appreciating the benefits and advantage of online banking which include convenience and speed of transaction.

By the year 2010, and with the evolution of more innovations and technology, online and mobile banking growth became so tremendous that some say that the growth is faster than the internet.

The evolution in the financial ecosystem did not stop, rather, a new face of digital currency (cryptocurrency) and currently the most talked about blockchain technology was born.

Evolution of Cryptocurrency

In 2008, Bitcoin was introduced by the mysterious Nakamoto Satoshi.

In 2009, Bitcoin software was made public for the first time and Bitcoin mining begins. But at this time, Bitcoin has never been traded and no monetary value was assigned to it.

In 2010, Bitcoin was valued for the first time and monetary value assigned.

Today, the world of Cryptocurrency is greatly evolving and gaining so much popularity and wide acceptance which led to the emergence of over 1,000 Cryptocurrencies in circulation with new ones coming out on daily basis.

Cryptocurrencies, which are the new trend of digital currency, are being traded online today and can now be exchanged for fiat currency (government approved currency) like USD, pounds, and other local currencies.

The rate at which Cryptocurrency is gaining popularity with its unique and innovative blockchain powered technology, some government and banking institutions are beginning to feel unsafe and threatened by this evolution.

There have been reported cases of banks rejecting Cryptocurrencies and even blocking accounts of customers that are linked to Cryptocurrency transactions.

MYCRYPTOBANK brings fiat banking and cryptocurrency market under one platform

To solve this challenge, MYCRYPTOBANK launches a unique multifunctional banking platform where both digital / cryptocurrencies and traditional currencies can be combined and used. This will enable users to enjoy more convenient, borderless, cheaper , transparent and faster services which cryptocurrency Blockchain technology gives. And at the same time, ensures practical acceptance and validity which traditional currency brings.

Mycryptobank will become the first bank where clients and customers will not only be able to receive and send both cryptocurrencies and fiat money, but can also be able to exchange between the two currencies. Deposits, loans and credits receipts will be possible on Mycryptobank Blockchain-powered platform. Improved security and transparency of transactions will also be assured.

Mycryptobank is the next game changer in both cryptocommunity and banking ecosystem. The project is currently at ICO stage and worth investing in as it has huge prospect of attracting millions of users per day.