Our methods of paying for goods and services have drastically changed in the last twenty years. Thanks to the evolution of internet service technologies, the usual ways of sending and receiving money have become obsolete. Modern-day society expects things to happen in a matter of minutes, if not seconds. In the last few years, the technology of the new age called blockchain has made a breakthrough to improve the experience of transferring funds. It won’t be far from now when Crypto processing systems like CoinsPaid will be seen across all of the e-commerce services.
Statistics are here to prove this theory. By comparing the total number of Bitcoin addresses from 2016 to 2019, we can see a steady 80% growth rate of interest in cryptocurrency among people all over the world. There is a number of reasons that explain this,
- Most of the traditional ways of transferring money have significant geographical limitations.
- A large portion of business margins is consumed by transaction fees that can reach up to 8%.
- There is a severe risk of fraud when it comes to paying with credit cards. Millions of dollars are lost annually due to chargeback scams.
- It may take weeks for money to settle on an account, which is unacceptable for most businesses.
Fortunately, blockchain technology and cryptocurrency are perfect tools to deal with all of the drawbacks of traditional payment methods mentioned above:
- Both the sender and receiver can perform direct transactions without waiting for the clearance of funds, which makes the transferring procedure almost immediate.
- The blockchain technology was designed to make the geographical location of parties irrelevant for trading. For instance, services like CoinsPaid provide less than 1% processing fee and no commission for transfers within the ecosystem. Money can be sent and received at any given time and location.
- Payments done in cryptocurrency are transparent and cannot be compromised or
Although cryptocurrency is undoubtedly a technology of the future, it still has significant flaws: high volatility, legal problems in some countries, a complex process of integration for businesses in the technological context and in terms of slow adaptation to innovation.
While it’s apparent that a certain amount of time has to pass before cryptocurrency will adapt globally, a proper payment system may solve most of these problems. Many processing services attempt to do that, but the vast majority of them attempt to address one problem at a time.
However, CoinsPaid managed to come up with an all-in-one cryptocurrency processing system with a variety of necessary tools – a much needed uniform service, that meets the needs of business and private customers. Let’s see what exactly this company has in mind to break into the cryptocurrency industry. To make it fair, we decided to compare this service with its most advanced competitors – Coingate, Coinpayments, Bitpay, and Spectrocoin.
- CoinsPaid is the only platform that managed to prove security with external audits, cover funds from reserves and offer coin compliance as well as a loyalty program. Taking into account strict AML policy, coin compliance is especially relevant in today’s market conditions.
- The platform is planning to implement integration with trusted offline wallets and recurring payments, which are also exclusive only to CoinsPaid.
- There are only several other services, besides CoinsPaid, that cover more than 50 different cryptocurrencies.
- There is no doubt that custody services will become more relevant each day, because of the growing popularity of cryptocurrency. CoinsPaid, along with one other service can currently offer this feature. Custodian services help customers to raise the safety of high-volume funds by storing them on servers, that are isolated from the main network. This is similar to a bank depository, only for cryptocurrency.
- All necessary operations can be done using one CoinsPaid account and their processing commission goes as low as less than 1%. Only 1 service out of 5 have these two points in check.
Most importantly, CoinsPaid has a clear vision and a thought out plan on how to make a global adaptation of cryptocurrency a reality. Even though there is a dedicated service for almost every imaginable user demand, CoinsPaid managed to unite all of the important tools in one unique platform. It is also worth mentioning that besides some breakthrough features, it also o24/7 user support, immediate transaction confirmation, and automated KYC & KYB systems.
In order to complete the image of an all-in-one solution, CoinsPaid has a wallet launch in its plans as well. Besides common, yet frequently demanded features- like cashback, IBAN and even the plastic card, it will also provide users with recurring payments and the “mass pay” feature. Mass pay helps large businesses conveniently pay salaries in crypto to its employees. Surely enough, you will be able to trade cryptocurrency and withdraw funds to your bank account in no time.
It’s just a matter of time until cryptocurrency will become a norm globally. Due to its rising popularity, convenient, reliable and efficient cryptocurrency processing will become a necessity. CoinsPaid uses its experience to take on a carefully crafted expansion plan and has everything in check to become the leader of the industry.
This article should not be viewed as an endorsement by ZyCrypto. Readers are urged to do their own research before investing or having anything to do with the company, goods and/or services mentioned in the above article.