Easy to use Exchange crypto currencies

[mustak shaikh]

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Easy to use Exchange crypto currencies

 

With almost a decade since it was first introduced cryptocurrency has had a huge impact on this world. Created to provide everyone with financial freedom by eliminating any centralized organization, cryptocurrency has definitely given all the reputed financial organizations a run for their money.

These centralized organizations are so scared of the eventual flipping where cryptocurrency replaces fiat currency that they have taken the extreme measure of even banning cryptocurrency in many places. We don’t see many merchants accepting cryptocurrency as a mode of payment very often.

This is not because the technology is any less secure, but because there are not many crypto payment processors out there. Let us now have a look at the various attempts at simplifying payments using cryptocurrency.

Current cryptocurrency payment processors:

While Bitcoin merchants i.e. merchants who accept Bitcoin are not very easy to come by, there are many merchants around the world who provide only crypto payments. This is because they have used the technology for a while and know all the advantages that it has in store for them.

There are currently a few numbers of crypto payment processors out there who provide their services to these Bitcoin merchants. However, everyone in this world is so used to sticking to old ways of using fiat money that most merchants don’t see any reason to start accepting this new mode of payment.

The existing crypto processors usually hold funds of the customer in an escrow and then transfer to the merchant account after the whole deal is cleared. However, during this time, the price of the crypto asset might have decreased and thus, the merchant has to deal with the loss. This has been the major bottleneck in accepting cryptocurrencies in the first place.

In addition to the above-said bottleneck, cryptocurrency transactions can be a little intimidating to the customers as well. Transferring an intangible currency is not something many people would understand. Thus, the existing Bitcoin payment gateways have proven to be less useful.

What do we need right now?

The biggest concern is that of the merchants who might have to endure a loss if they do not convert the cryptocurrency they receive into fiat money. Hence, we need a payment processor who will convert cryptocurrency into fiat and deposit in the merchant’s account instead of the merchant having to do the entire thing himself.

With so many different cryptocurrencies out there, we also need a crypto payment processor who can accept any amongst the thousands of cryptocurrencies out there. Thus, allowing customers to transact using any cryptocurrency in the world.

Luckily for us, we, at CoVEX are building exactly that. CoVEX is an all-in-one cryptocurrency exchange that supports all cryptocurrencies and is also providing a crypto payments gateway. Merchants have the option to convert each payment they receive into fiat money or can also receive it in cryptocurrency. Thus, eliminating the loss which they had to endure otherwise.

Since cryptocurrencies are decentralized, the need to pay extra conversion fee when shopping on a foreign merchant website is also eliminated. Therefore, providing everyone with the much-needed crypto payment processor.

Conclusion:

With the popularity of cryptocurrency on the rise, introducing the payment processor will only help in increasing the number of crypto users. Ultimately, all this is going to lead to a day when cryptocurrency will be the primary mode of payment all around the world.

 

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