BMT is a financial infrastructure dealing with the intermediation of FIAT (physical currency ) transactions using Bitcoin, this method is called BMT(Bitcoin money transfer). The bitcoin money transfer (BMT) transaction processing method suggests that international digital physical currency (FIAT) transactions be processed on a bitcoin network. This method of transaction processing solves technical problems such as different banking systems compatibility, insufficient infrastructure, speed of transaction processing, etc. Thanks to its flexibility, the BMT system can be implemented in any financial system in the world and receive or send cash in a few minutes around the world.
Key features
Such a system can offer users transparency, accessibility and more favorable exchange rates than banks and other financial institutions. By allowing anyone to process a transaction, the BTM system provides new job opportunities and brings large-capital international financial infrastructure to less developed parts of the world.It supports the local economy in the sense that profits for fees do not go to large companies, which transfer these profits to their home countries, but remain with local processors. This system is supported by the website www.acechange.io where you can also become an agent or send and receive money.
How is BMT infrastructure different?
The standard perception of bitcoin focuses on the use of BTC as currency itself, but the BTM system proposes to use Bitcoin as a network to send and receive value and then pay out cash in the target currency and country towhich the BTC was sent, see diagram below.
Infrastructure
The BMT infrastructure consists of agents that process transactions in the BMT system. An agent is a bank equivalent, which means their task is mainly to receive cash from the customer and, using BTC, send this cash to another agent located at the destination of the recipient of the transaction. For each operation, the agent is remunerated in the form of a fee, which forms his income.
Security
BMT provides a conditional contract (escrow), where the third control party, which oversees the secure process of the transaction, is executed by software that releases funds only upon confirmation by one or the other party. In the event of a dispute between the parties of the transaction, the transaction is suspended and resolved. In case of centralized services, this dispute is resolved by a dedicated department and resolved on the basis of evidence and communication between the parties of the transaction.In the case of a decentralized service, the outcome of the dispute will be decided by the community, which has access to the details of the transaction and is authorized to vote on the outcome of the dispute.BMT rules and the way of functioning were described and created by Vladimír Galba.
The solutions proposed by the BMT (bitcoin money transfer) are in the way of processing international digital transactions of the physical currency (FIAT) on the bitcoin network, while Fiat currencies act as state or local currency. Processing transactions and accepting the superiority of bitcoin over fiat currencies would lead to the independence of states from world currencies like USD, EURO, etc. This system would not only be able to reduce inflation, but inflation and thus its negative effects would always be on local level.