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Himalaya Coin(HCN) brings the new rules of the game

In today’s digital age, there is no doubt that the Himalaya payment system with its latest blockchain technology (completed with KYC) offering instant transaction settlement (i.e., by seconds), low transaction fee and best privacy protection will be the most successful player in this competitive market…….

Author: Wenyin
Translator: Janyvo
Proofreader: Lish

No intermediary party means no intermediary fees. Thus, a decentralized Himalaya Coin financial payment system will have an unparalleled cost advantage compared to the existing financial system. This advantage is very attractive to companies with business substance, but it can be a profit slayer to traditional banks and other financial intuitions.  As such, it will be no surprise that the development of Himalaya Coin will encounter sabotage and maliciously critics from the prevailing market. But ultimately, Himalaya Coin is destined to become ever stronger due to natural selection and a free market economy.

As you may have noticed, after the launch of the blockchain-based Himalaya Coin, the balance in the e-wallet is no longer dependent on the banking system. Therefore, unless you enter into a financial arrangement with the bank that rewards you with interest, there is essentially no need to deposit your money into the bank anymore.  Consequently, the traditional term deposit business offered by the banks will face an imminent threat.

The other reason the demand for deposit type of business still exists for the bank is that currently, non-cash payment areas (e.g., bank cards, wire transfers) are based on bank accounts. Therefore, in order to make use of the funds, the user must open or keep a bank account. In contrast, the blockchain-based Himalaya payment system does not require a bank account to complete payments or remittances. Therefore, as the financial ecosystem of Himalaya Coin gradually expands and further advances, the Himalaya Coin users will lose the incentive to open or even keep a typical bank account.  In the long run, traditional bank settlement accounts, current accounts, checking accounts and other types of accounts may all disappear. The only reason for depositors to deal with banks would be to earn interest on particular financial products. It is not difficult to envisage, going forward, the enormous amount of capital kept by traditional banks by virtue of the traditional payment system will not be preserved, and the era of worldwide banks by doing virtually nothing but lying flat counting easy money will be gone fever.

Here is a specific example of the potential impact of Himalaya Pay on the traditional payment sector. Currently, a typical bank card transaction is processed through a four-party payment model. To put it simply, the merchant set up an account in the merchant’s bank; the consumer set up an account in the consumer’s bank for a card to be issued.  Upon the sales transaction concluded between the consumer and the merchant, the banks of both parties need to clear this particular transaction through the card organization.

As you can see that although the consumer’s spending behavior is very straightforward, the payment process actually requires a group of financial institutions working together behind the scenes in order to get this simple transaction sorted. Among them are:

  • The merchant’s bank (also known as the recipient party).
  • The cardholder consumer’s bank (also known as the issuer).
  • The card organization that clears the funds (such as VISA and Mastercard).
  • The bank that acts as the clearing house for the funds (known as the clearing house).

The overall clearing process can be very complex and time-consuming.

Once both merchants and consumers use Himalaya Coin and Himalaya Pay in their day-to-day financial dealings, it means that both parties will be corresponding directly on the blockchain. As such, all the recipients, issuers, clearing banks and card organizations that act as third-party intermediaries involved in a traditional payment process will all become redundant. Furthermore, payment transaction fees will no longer be charged and shared by these four redundant financial institutions. This will be extremely value-adding to both merchants and consumers.

In today’s digital age, there is no doubt that the Himalaya payment system with its latest blockchain technology (completed with KYC) offering instant transaction settlement (i.e., by seconds), low transaction fee and best privacy protection will be the most successful player in this competitive market.

Source: 漫谈喜币与区块链 – GNEWS

Part I: Himalaya Coin and Blockchain (Part I: The CCP’s Digital Currency) – GNEWS

Part II Himalaya Coin and Blockchain(Part II: Decentralized System With HCN) – GNEWS

(This article represents the author’s personal views only)

Published by:Yizu

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Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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