Digital currency was a relatively unknown term in global encyclopedia until a revolution was brewed about a decade ago. Pioneering this was the first blockchain platform known as Bitcoin that was developed in 2009. Haven passed initial test-run; it was found viable.
This singular action birthed many other blockchains and at the moment, about 150 digital currencies are in circulation. Cryptocurrencies in partnership with the blockchain technology offered a better solution to unbanked individuals in the world just as it brought total security to the global financial platform.
While also removing intermediaries in the current financial system, crypto currencies were poised to offer faster transaction rates and with their storage in digital wallets, you can make transactions over the blockchain even when you don’t have access to banks.
At the moment, the global economy is under the grips of centralized platforms of which banks and other financial institutions are among. The coming of crypto currencies not only brought decentralization to the traditional financial system but also birthed a new concept that’s the order of the day – FINTECH.
FINTECH that stands for Financial Technology is here to challenge the existence of the traditional way of banking. Despite these innovations and smart moves, acceptability of digital currencies (crypto currencies) keeps being on the pipeline as many are yet to familiarize with it.
Without much ado, the major downside to crypto currencies has links with its scope. Haven taken the world by storm in the early months of 2009, many were left in the lurch with regards to its functionality.
The easiest way to fail in a business is having limited knowledge of its workings and the smart way to succeed in business is to have its technicalities at your finger tips. That’s the issue many investors have with crypto currency. They’re not in tune with its workings and but there are few that understood its prospects and adopted it in its early stage.
Though free of any financial regulation and not under any taming spotlight, crypto currencies cannot be compared with the ease fiat currencies offer. They cannot be used for purchase of goods and services (except on few platforms that accept such). Likewise, transfer of cryptos (funds) is limited to blockchain platforms and in severe cases, such transactions are hooked underway.
While many are battling with its functionality, the few crypto users have hectic times converting their crypto currencies such as BTC to other cryptos such as Ethereum (ETH), LiteCoin and DASH. In the event of a successful transfer/conversion, underlined transaction fees pose great challenge to crypto transactions.
The main aim of Paygine is to create an Open Platform. The idea is to have a platform (precisely a blockchain platform) that’ll facilitate the integration and acceptance of crypto currencies in our daily financial transactions.
It would be really exciting to place orders on giant ecommerce stores such as Amazon and issue payments for such using corresponding crypto currencies in your digital wallet. Aside this, Paygine aims at making investors and users understand technicalities of crypto currencies.
You get access to both fiat and crypto currencies on the Paygine platform and utilize same leverage in your transactions. Services are open to investors, businesses and private individuals that are interested to trade with crypto currencies.
Paygine is leaving no stone unturned in its bid to make crypto currencies acceptable. Though not under any recognized financial regulation, crypto currencies are yet to make headway into several countries because its governments frown at such.
Hence, Paygine’s team sought for partnerships with two banks each in Switzerland and Caribbean. These banks are reputed for their support towards crypto currencies and Paygine’s team is banking on them to attain global outlook.
As a user, you can easily convert your crypto currency to fiat currencies. Paygine supports digital wallets that can conveniently hold crypto and fiat currencies. In the same vein, you can shop both offline and online with this approach as you can convert your cryptos to their fiat currency equivalent and make your purchase.
Paygine comes with a peculiar technology known as Paygine Distributed Ledger Technology (DLT). The technology is vested with the authority of confirming users and aiding their transactions.
Clients and users of Paygine can get direct access to its blockchain through the DLT and this is achievable after Paygine’s blockchain must have developed Application Program Interface (API) that’ll aid this.
Paygine also partnered with a UK payment processing company known as Best2Pay. This will be the engine that’ll facilitate crypto to fiat conversion on Paygine. It also processes payments on the platform and will aid your exchange of crypto and fiat currencies.
In a world that crypto currency is valued but no easily utilized, Paygine is there to hedge these problems. Supported by Pay Engine Limited, the parent company of Best2Pay, you can easily convert your crypto currencies to fiat and vice versa.
In the end, you now have access to trade on traditional/physical goods and services with your crypto currency. The project is a right step in the appropriate direction and you should do well to have fair share of the cake.
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