Updated: Mar 5, 2020
By Isaac Nzau
Cryptocurrency technology has revolutionized the way people conduct business around the world over the last ten years. Blockchain is the technology used in cryptocurrency. Unlike other forms of currency like the dollar and euro, cryptocurrency is a decentralized currency and trade can be done peer to peer without a third party. Other forms of currency like the dollar use the bank, a third party, to formalize the transaction. In block-chain technology, the term “block” refers to digital data about specific trade details while the term “chain” is the database the data is stored. Transaction information is always public and free for everyone to see. This is a way of ensuring transparency and accountability of any trade performed using blockchain technology.
The “block” has several different parts. Data is recorded and stored using the following three different ways:
1. The date of purchase, the time of purchase and the value in dollars of the specific transaction are some of the information found within the block. This information maintains relativity between the dollar or any other currency and the bitcoin. It is important in the case where the buyer would like to trace details about that specific transaction.
2. Information about parties involved in the transaction. This includes your identity and that of the other party you are in business with. Transactions with other currencies also record the identities of the different parties involved. They keep your name, credit card number and the specific website the business was done. Cryptocurrency technology also records this information. The difference is that it does not use the real identities of both the buyer and the seller. It uses a unique digital signature specific only to a single transaction.
3. The other form of information stored within a block is a unique identifier of the transaction called “hash”. This differentiates a transaction from any other transaction on that website or from the same buyer. Two consecutive transactions on the same website from the same buyer will have unique “hash” codes distinguishing them.
Finmail uses block-chain technology for its payment. They transact in both the BTC and USDT. Unlike BTC and other cryptocurrency coins, USDT (tether) is backed by the equivalent of the traditional fiat currency. The dollar. This makes it a very stable coin in the market. Among all cryptocurrencies, tether has gained market favor because of its stability. Bitcoin has in the past fluctuated to more than twenty thousand dollars a single bitcoin and sharply fallen to three thousand dollars. Such fluctuations bring losses to parties involved. The reason USDT has gained fame is that it is free from such fluctuations. It is possible to keep your money in your finmail account for months and retain its value. This attribute is not possible with other bit-coins.
Some of the benefits of using USDT are:
1. Transparency - It has become possible for people to invest in bit-coin technology without fear of losing their investments. Because of its stability, it is the most preferred currency in the market.
2. Fiat currency- using USDT is equivalent to using the dollar on an online platform. This technology is tested and secure.
3. No market fear - Because of its stability, it is possible to convert your dollar into tether, invest it without fear of making loses due to currency value fluctuations.
Banking and making payments using finmail has never been this easy and dependable. Finmail has the advantage of transferring money at the same time synchronizing email messages describing the terms of the transaction. You can do this using the BTC or USDT. Get an outlook/hot-mail or online-based finmail account and enjoy the amazing benefits of transacting at low or zero cost.