The old financial world in the way we have known it for many decades has vanished and now leans under the weight of multiple problems and faults. Banks and other financial institutions constitute such a huge and complicated structure that it inevitably fails to meet the needs of all social groups. Small business owners constitute the group that is particularly vulnerable to all these faults.
In this article, we will talk about the shortcomings of the current financial system and how Nexxo will help small businesses to solve them on the basis of blockchain technologies.
4 main problems with the banking system
The current financial system presents four main problems that prevent not only businesses, but also end users to conveniently transfer value.
1. High fees for transactions between banks.
In general, banks do not change any fees for transferring funds between their accounts. But we have to send funds to people and companies with accounts in other banks and lose money because of predatory expenses.
Of course, you can go to your bank's ATM machine, withdraw cash and then load it somewhere else, but there is no guarantee that there is an ATM in your counterpart's bank anywhere near your habitat.
2. A bank can block your account without any explanation.
If a bank considers a transaction suspicious, it can block your account at any time and will never give you any explanation. You will have to write tens of explanatory notes on where these funds come from and show that you are not a law violator to unlock your account.
3. You have no control over your funds.
In fact, all the money you deposit in a bank belongs to this bank. Yes, you have access to your bank account and you can withdraw your funds at any time, but while you keep them there, they are not yours. The bank can do anything please, check the previous point.
4. Difficulty for small businesses to create a bank account.
As we have already said, small business owners suffer from the current financial system more than anyone else. When trying to get an account and officially manage his business, he is required to fill tons of documents only to be eventually dismissed as too small and insignificant. Banks are not interested in working with them while they have much bigger fish to catch.
How blockchain technologies can solve these problems
With blockchain and cryptocurrency technologies, all these problems can be easily solved.
- Small network rates. When you send money in encryption, you only have to pay a small network fee that is much lower than that required by the banks.
- Nobody can block your account. With Crypto, there are no third parties that can freeze your funds.
- Full control over your funds. You are the only one to access your funds, no one will ever be able to block your account.
- You can let your business grow freely. After eliminating all the restrictions imposed by the financial system, you can easily access payments from customers around the world and take your company to new levels.
The Nexxo platform makes dreams come true
The Nexxo platform connects blockchain solutions with real-world financial structures to help small businesses grow and easily solve all operational activities. Nexxo provides small business owners with all the products that large companies use every day, such as POS, eCommerce and payroll solutions. With Nexxo, small businesses can easily conduct all operations while remaining in the legal area.
The Nexxo blockchain is based on IBM Hyperledger blockchain technology. This is a highly secure, private and authorized local blockchain, built to connect with local banks and comply with local central banks, order forces, and legal governments instead of evading them.
The network that Nexxo is about to build will be promoted by the so-called enabler, the specialists Nexxo will find, recruit and train in all the covered areas in order to help small businesses get access to Nexxo's services. The activators will be rewarded for their activities and for the growth of the network and therefore motivated to help Nexxo to cover more and more regions. We will talk about the repurchase program and how the activators can benefit from one of the following articles.
Join the Nexxo network
Do you want to become a Nexxo Enabler and make profits by helping us grow our network? Visit Nexxo.io, be the first to buy Nexxo coins to claim your reward in the future!
Join our ICO by following the button below.
Join our ICO on https://nexxo.io
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