Increased Transaction Costs Savings for Enterprises
Cryptocurrencies have created a powerful payment processing alternative for enterprises. Companies like Shopify, Expedia, and Paypal already accept Bitcoin as a mode of payment. There is somebody who even bought a car from Tesla using Bitcoins.
There have been several proposed benefits of cryptocurrencies, such as lower transaction fees, faster transactions, and enhanced security, which emerge due to the decentralized nature of cryptocurrencies. The decentralized nature of value transfer also makes global transactions extremely easy.
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Increased Transaction Volumes and Rising Fees
However, the cryptocurrency ecosystem has started to face a new set of challenges, with a sharp increase in transaction volumes. Transaction fees have increased dramatically in recent times and payments are now taking longer to process. The gaming platform Steam recently stopped accepting Bitcoin citing high transaction fees and volatility. The process of value exchange between different cryptocurrencies still remains tedious and expensive, with over 1500 cryptocurrencies in the marketplace.
A new technology, called QuickX brings an interesting proposition, offering the promise of unlocking the massive value of cryptocurrencies for the enterprise ecosystem, by solving some of its challenges.
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Quick X to Unlock Massive Value for Enterprises
QuickX circumvents the usual problems associated with cryptocurrencies by enabling easy inter-chain transactions through an off-the-chain mechanism. This becomes possible through the introduction of pooling facilitators, which create a decentralized liquidity pool, that can be used to facilitate instant off-the-chain transactions. Since transactions take place off-the-chain in usual circumstances, there is no fee to be paid to miners, thus leading to extremely low transaction costs. Transaction times also come down due to the same underlying mechanism.
Enterprises can create a payment gateway using the QuickX protocol and take advantage of its several crucial features. The transaction fees will be kept incredibly low at 0.5%, which can lead to huge savings for enterprises. Transaction processing also turns out to be extremely fast and customers can pay enterprises through cryptocurrency, which gets converted to fiat currency.
Moreover, the system is extremely secure with no possibility of chargebacks or fraud. QuickX has the potential to provide merchants in developing countries, where global payment methods are limited, with a fresh lease of life. Enterprises, across the world, will be able to receive global payments with significantly greater ease, security, and cost-effectiveness, helping them expand their operations globally.
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QuickX provides customers with a debit card, an online wallet and easy option to exchange cryptocurrencies. Customers will be able to choose from a wide pool of cryptocurrencies, due to the ease of cryptocurrency exchange, enabled by QuickX. Enterprises will be able to provide customers with better customer service, by increasing the choice of payment options. This may also open up businesses to a new customer base, who may prefer paying through cryptocurrencies.
The project is spearheaded by Secugenius, a leading cybersecurity company, that works with clients such as Reliance Jio and Vodafone. Enterprises are likely to build a strong competitive edge and find new avenues of growth by embracing QuickX.
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