Cryptocurrency enables transparent and instantaneous transactions based on the incorruptible cryptographic code. This virtual currency uses cryptography for securing and verifying transactions. Basically, a cryptocurrency is composed of limited entries in a database that no one can alter with unless some specific conditions are met. Cryptocurrency allows for cross border transactions without depending on centralized third party institutions such as banks to verify the transactions. Therefore, it to eliminate payment delay and other burdens on cross border payers and payees that characterize banks payment systems.
From the time of its founding, decentralization has been the goal of cryptocurrency. It aims at creating a free trade market in which transactions are completed without the oversight on a trustworthy, central party such as a bank. Since its launching, cryptocurrency has grown in popularity as an asset class. Bitcoin, the first and the most popular cryptocurrency, is currently one of the many digital currencies available in the crypto trade market. There have been many investments in the cryptocurrency because many people believe blockchain is a significant foundation technology for the future.
The adoption of cryptocurrency as a payment system in a retail business is fast gaining popularity due to the several benefits for those involved in the retail business. Multiple retailers are stepping up to adopt cryptocurrency in their businesses. Some of the most popular businesses that have promoted their willingness include Shopify, Newegg.com, Microsoft, Expedia, and Overstock.
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Reasons for the Mass adoption of Cryptocurrency in the Retail Market
One of the challenges that retail traders face when using centralized payment systems such as banks is the high transaction charges. Basically, bank accounts of all sorts have fees associated with them: the debit and credit card fees, ATM fees, checking count fees, paper fees, overdraft fees, merchant fees, ATM fees, foreign transaction fees, inactivity fees, balance fee, and false decline fees. This is even worse when it is a cross-border money transfer. When all these fees are taken into account, the customer would realize that more than 10% of their money has gone down to the drain with no benefit.
In contrast, most Bitcoin payment gateways charges between 0.5% to 1%. And even in most cases, cryptocurrency account in the form of digital wallets are absolutely free. Using cryptocurrency as money attracts no cost other than the transaction fee unless someone decides to invest in hardware wallets or even prepaid cards.
Centralized financial institutions such as banks and credit card institutions collect and retains a lot of customers’ personal and financial data. Such details include social security number, employers, name, address, assets, net worth, credit line, credit score, investment, and transactional history. By these institutions collecting and retaining this information, the customers can no longer maintain privacy. It even gets worse when the information falls in the hands of third parties such as hackers. The banking network system is not immutable to cyber-attacks.
Cryptocurrency provides a solution to this problem in two ways. One, it limits the amount of transaction data to cryptocurrency wallet dresses and transactional IDs to confirm that a wallet-to-wallet transaction occurred. A cryptocurrency processor (a third party) will only require a name and an address. The rest of the client’s information remains private unless the client connects their bank account to transact solely in BTC and altcoins. Two, blockchain which forms the backbone of cryptocurrency is hack proof.
Cryptocurrency allows for instant and low-cost transactions across the borders throughout the world. The transaction fee does not increase when the transaction moves from within the border to cross the border as it happens in banks. Cryptocurrency transaction is also instant. Cryptocurrency transactions also allow anyone to complete a transaction whenever they wish They only need an internet-enabled device such as a cellphone. Merchants, therefore, find it easy and convenient to complete their transaction when using cryptocurrency. It also acts as a sense of security since it can be used as a source of security fund.
One of the challenges that merchants face when using fiat payments is the risk of chargebacks. Some customers can order a product, damage them, or even use them and then cancel their payments. This challenge comes up since the fiat payment systems are not instant.
With cryptocurrency, things are different. Once a transaction has occurred, that is the end of it. Once the funds have traveled from one wallet to another, it cannot be reversed.
Estimation indicates that around 20 million people across the world own cryptocurrency. Many more have heard about bitcoin and are planning to have it in their portfolio. Therefore, there is a high chance of an increase in demand for cryptocurrency among the stakeholders in different commercial fields.
Azara Project, Keeping Up with the Giants
How to accept Bitcoin? Following the increasing popularity of cryptocurrency, it is definite that the demand for a good bitcoin processor increases. As a result, Azara has introduced a bitcoin processing that aims at taking the leveraging of the cryptocurrency advantages, for both commercial and personal use, to the next level. It is one of the greatest innovative market players that would absolutely harness the following advantages: instant and cost-effective transactions across the borders, elimination of cross border financial policies, transparency in transaction, and data security.
Just like other crypto payment processing companies, Azara allows holders to complete payments for goods and services using their virtual assets. This will enable traders (merchants) to attract new customers who own tokens through a drastically reduced processing cost.
Azara develops and supports a multipurpose system that can be adopted for apps, online shopping, startups, and Telegram bots. The system allows the user to control it in their personal accounts or directly from their smartphones.
Azara has a two-year development plan that would result in a market player with unique features such as an integration of new cryptocurrencies that will become available for processing. This plan also includes the realization of a full-fledged cryptocurrency bank that is set for 2019.
Cryptocurrency is becoming more popular each day. The demand for its use in the trading market is also on the rise. By accepting Bitcoin as a medium for a transaction will open up new opportunities for both the merchants and the customers. Creatively designed payment processing such as Azara will allow the traders to complete their payments in a quick, cheap and secure manner. Do not wait any longer, join us at Azara and let us walk the path of positive change together.
1. Bitcoin processing. We are providing cryptocurrency accepting for online-stores, charitable foundations and stat-ups. Also, we afford an exchange service and affiliate program for passive income.
2. We need a press release to get across an information, to our target public about our project. Our aim is to announce a useful article for common readers, which they could use in their daily-life. In this article we want to tell about something interesting and represent our service for them.
3. Azara is a new project. Our aim is popularization of bitcoin payments and crypto-culture. Our goals is to provide fast, defended and easy transactions for everyone. Permanent development and quality – it’s our keywords.