The advent of cryptocurrency happened on quite a silent note back in 2009, until recently, when the bitcoin’s price reached a whopping $7000/bitcoin. Bitcoin has gained a status of precious investment but has it affected the future of cryptocurrency. As the name suggests, cryptocurrency is a form of currency or digital asset and currency is only useful when you’re able to buy goods and services with it.
Unfortunately, governments and various other financial institutions didn’t come to terms with cryptocurrency. Cryptocurrency strips the banks of their governance over money and for that reason, it has been the soar of their eyes for a while. However, many industries and entrepreneurs have realized its potential and have tried to induct this technology in mainstream businesses at many levels.
Despite the realization and efforts, cryptocurrency hasn’t yet become a prominent part of any service or product which we access through fiat yet. There are a few detractors behind it, which are:-
High and unpredictable commissions
This is the major reason which stymies the growth of cryptocurrency. So far, a number of crypto payment platforms have been introduced. They all have facilitated crypto payments but did not simplify the commissions because of which users had to pay unreasonable amount of fee on top of transactions. This was a major detractor for crypto users and caused them to stick to fiat.
Crypto payments are supposed to be safer as they take place over blockchain, a decentralized distributed ledger. However, various payment portals left the wallet addresses unsafe by not securing them against platform-specific vulnerabilities. This was also one of the major reasons which restricted users to engage in crypto transactions.
Sluggish process of confirmation
This was caused by many unscrupulous miners who sold the same coin several times which caused a single transaction subentry to take upto 30 minutes sometimes. As the traditional modes of payment work way faster than this, crypto users had no option but to relinquish their enthusiasm for digital currency.
This has been caused by lack of knowledge about blockchain in the users. Unfortunately, no application has been able to put the users at ease with blockchain. Users need a platform which could make crypto transactions easier and more convenient.
Bytus gives solution to all these problems and become an all-inclusive means for crypto users. This payment portal makes cryptocurrency payments easier than ever, it brings merchant and payer closer by removing all the middlemen. It would subvert all the entry points for transactions which are an integral part of fiat transactions. With Bytus, a new mode of payment would surge which would remove all the barriers in business.