Advantages for people using Jax.Network over existing payment systems
by Maryna Trifonova, Head of Content at Jax.Network
We live in a world, where technologies have advanced so much that we can talk to anybody living thousands of miles away, have unlimited access to any information, get anything delivered in less than an hour, etc. How come that we still have to pay ridiculously high payment processing fees for sending money to our families, paying merchants, or even buying a simple cup of coffee?
Blockchain technology was initially created to put an end to the dominance of payment systems by eliminating them from a transaction chain. That helps to preserve low transaction costs. For example, popular payment processors take between approximately 1.3% and 3.5% of each credit card transaction in processing fees. If you ever send cryptocurrency, you should have noticed that the average transaction fee rarely surpasses 0.5%. And the payment of thousands of dollars will cost you just a couple of bucks. Now compare that number with the gigantic fees that are charged for cross-border transactions.
How many times have you found yourself paying up to $10 from each $100 that you are sending back home to your family from a different country? How much time and effort have you put into finding a cheaper alternative? Not to mention the hyperinflation that many countries are struggling with right now. It shouldn’t be like that. Not in the twenty-first century.
We at Jax.Network understand these problems and dedicate ourselves to bring a stable blockchain-based payment system to all those in need. Thanks to their unique design, our JAX coins obtain all the qualities required to become a global quantification of economic value. They are stable, scalable, and decentralized, meaning people can carry out all kinds of transactions fast, secure, and at a reduced cost.
We assume that our readers understand why decentralization is so important, as it lies in the basis of the blockchain idea itself. Just let us briefly mention that leaving the power in the hands of centralized authorities is a big risk. On the other hand, decentralization can cope with this matter perfectly. It addresses the issue in three major ways. First of all, it provides a trustless system, where users don’t need to unveil their sensitive data to a third-party service provider, like a banking institution or a payment processor.
Secondly, decentralization is often associated with a lower risk of single points of failure. So if we take traditional technology, such as a network, ATM, or any other software, it can easily crash due to some systemic failures. However, in the case of decentralized systems, when a node fails, its workload is transferred to other nodes. So nothing bad happens to the network and it continues running.
And finally, decentralized systems stimulate openness and growth. As they are usually open-source projects, everyone can build their own products and applications on top of their network. This approach helps the community as well as the network itself to develop. As for centralized organizations, they often dictate their rules by saying what users and developers can or can’t do. Forcing everyone to pay huge transaction fees is only one of the many examples. It’s up to every person to decide for themselves whether they are fine with such a system.
Jax.Network provides a cheaper and more secure way of transferring funds around the world than any other existing payment system. Our JAX coins aren’t afraid of inflation, centralization, and system failures. They can be easily used for day-to-day payments as well as cross-border transactions, no matter the amount and the distance between a sender and a receiver.
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