Here in BCforAll we believe that Blockchain can be the single most effective factor that will tilt the balance of yet another industry. In today's video we focus on financial reporting and auditing, discussing the ways in which the industry is limited, and how blockchain can help overcome Renaissance-old problems, trust issues and eliminate yet more jobs. Should you be worried?
View on YouTube: https://www.youtube.com/watch?v=T7tQfjMyj0U
Imagine you own a wallet that is inside of a locker and has $20 in it, the locker key is a security measure because you need it to open the locker and get the wallet. Bitcoin uses a similar system in order to secure your wallet by proving users with a private key or seed. This key is an authorization method that allows the buyer to use bitcoins from a specific wallet.
Now, imagine that you want to buy chocolate online, you go to the online chocolate store site, you click on buy and it redirects this purchase to a bank secure website, then the bank authorizes the payment but it also gets a commission. But why pay a huge commission to a bank and to the government when you could use bitcoins?