X Infinity: A Solution to Slow Cryptocurrency Transactions

Transaction duration between cryptocurrency transactions and conventional transactions vary greatly. Cryptocurrency transaction duration is a fraction of conventional transaction methods (which may take up to a week when transactions are made between different countries).

The reason for this is due to the difference in the architecture of methods. Visa/MasterCard/PayPal payments are centralized, therefore the process of moving a currency from point A to point B involves intermediaries. The issuing bank, acquiring bank, other intermediaries have to ensure that information of both transacting parties are aligned before approving a transaction.

On the other hand, cryptocurrency transaction payments happen peer-to-peer, and transaction authentication is decentralized. Intermediaries are eliminated, thus removing delays, transaction fees and third-party approvals. Smart contracts also eliminate the bottlenecks that characterize traditional settlement.

However, the rising adoption of cryptocurrency due to its speedy and cost effective traits has adversely affected settlement times. For instance, Bitcoin was noted for its rapid transaction time. Now, transactions can take up to 20 minutes. This makes it challenging to implement for merchants.

This has led to an increase in the launch of other cryptocurrencies targeted at addressing such issues. However, merchants are not set-up to accept multiple currencies as payments. Recognising this, X Infinity has concocted a solution to this underlying problem of the crypto world. Find out more at http://www.xinfinity.io.