At BitcoinVN we are looking to take customer feedback seriously.
One regularly requested feature was the ability to transfer your funds on BitcoinVN to another user without going through a bank or blockchain transfer first.
You asked, we delivered.
You can now transfer – instantly, conveniently and without leaving public traces – your balances to another BitcoinVN user account.
This feature allows for convenient, cost efficient, privacy-preserving transfers which especially for the unbanked part of the global population can be of great use.
Convenience
Improving human life is all about removing unnecessary friction.
And especially when it comes to moving money around, friction is still everywhere – wasting precious human and economic resources which could be otherwise utilized to provide ample supply of competitive goods and services which put society as a whole on an upward trajectory.
When it is hard to move money it is hard to do business.
The prosperity of society suffers as a result.
Now you can move your funds instantly to your friends on BitcoinVN – one click of a button and the balance shows up in their account without further delay.
Cost efficiency
Especially users of Bitcoin (BTC) and Ethereum (ETH) have been burdened in recent times – once more – with escalating fees for their on-chain transactions.
Realistically, retail users will in due time be priced out from directly interacting with the Bitcoin blockchain.
Now, some people might remain dedicated to saving in Bitcoin regardless, but will be looking for ways to avoid burning an inordinate amount of transaction fees each time they are moving their Bitcoin around.
The internal balance transfer feature allows users to move your Bitcoin balance to another user at minimal cost, instantly.
Now you can get paid and/or accumulate Bitcoin in your BitcoinVN account and withdraw on-chain once you feel it is worthwhile to secure your funds in your own wallet via on-chain settlement.
At this point the question will likely arise when Lightning withdrawals come to BitcoinVN.
While Lightning deposits have been possible since a while, readying our infrastructure for automated withdrawals is not an easy feat.
Rest assured that it remains on our roadmap and we are looking forward to having it up and running during 2024.
Privacy
The downside of almost all cryptocurrencies today is that it is rather trivial to follow the payment flows you are conducting.
While Monero and to some extent L2 solutions à la Lightning might provide some reprieve here, basically your run-of-the-mill cryptocurrency imprints your payment on a global ledger visible forever for everyone who cares to take a look.
While you personally might not care about this, some people certainly will care about it.
Be it adversarial attackers who are looking to identify worthwhile high-profile targets – or on the defending side users who prefer to leave rather less than more data visible for the whole world to see.
So if you are just looking to transfer your buddy some coins without the need of immediate settlement via the Blockchain:
The internal balance transfer function comes to the rescue.
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