CRYPTO PAYMENT PLATFORMs: Since the inception of Bitcoin in 2008, it has grown to be a bridge of sophisticated advancement in the financial industry, providing accessibility to seamless and secure transactions users from around the globe use daily. They have become so popular over the past years, with over 1000 cryptocurrencies in the market, and constantly growing.
CRYPTO PAYMENT PLATFORMs
What really is cryptocurrency? A cryptocurrency is an encrypted string of information that represents a unit of exchange and blockchains are peer-to-peer networks that act as secure (publicly available) transaction ledgers while also keeping track of and organizing bitcoin transactions like buying, selling, and transferring.
A cryptocurrency is a type of digital or virtual money used as a means of transaction. It resembles real money quite a bit, with the exception that it uses encryption instead of having a tangible (physical) form. Cryptocurrencies can function as money and an accounting system by using encryption technology (cryptography). Cryptocurrency strives to remove all the problems modern centralized banking faces, such as transfer limits, security (hacking), etc. Without a bank or a centralized authority, cryptocurrencies run independently and autonomously, and new units may only be created if certain requirements have been completed. For instance, with Bitcoin, fresh bitcoins can only be created when a block is uploaded to the blockchain, at which point the miner is paid in bitcoins. After the 21 millionth bitcoin has been created, none more will be made.
With the knowledge above, we need to know how we can take advantage of this for use with various cryptocurrency-compatible platforms. Although manual financial transfers are an option, accepting cryptocurrency payments is made easier through payment gateways. By doing this, you avoid manually copying addresses and committing errors. Additionally, you can pay with fiat and the cryptocurrency you have in a linked account using a cryptocurrency debit or credit card. There are various platforms that provide this service, examples include; Binance Pay, BitPay, PayPal, Coinbase Commerce, etc.
A cryptocurrency payment moves digital assets from one wallet to another. You’ll need the recipient’s public address to complete this manually. Then you copy the address into your wallet and send the money. Although it seems simple, newbies may find the procedure to be challenging and scary. Users frequently commit irrevocable errors, such as choosing the incorrect blockchain network or sending the incorrect cryptocurrency to a specific address. Cryptocurrency transactions frequently result in huge losses because there is no way to reverse them. However, it is not required to use a cryptocurrency payment processor to accept payments in digital currency. Businesses can accept cryptocurrency by using their personal wallets, however, crypto payment gateways make it straightforward for businesses to accept bitcoin together with fiat money as payment and to complete transactions instantly. We will discuss just Binance Pay and the advantages and disadvantages of using crypto payment.
Crypto service providers like Binance have developed more user-friendly crypto payment mechanisms (Binance Pay) to help make the process foolproof. These gateways reduce a time-consuming process to one that may be completed in a matter of seconds. Using a credit or debit card with a cryptocurrency-linked payment option is another way. Binance provides cards you can use to make payments, even if the recipient only accepts fiat currency, you can still send them money using cryptocurrencies. You must keep coins and tokens on deposit with your card issuer in order to utilize a crypto card.
The advantages of using crypto payments include
- Cryptocurrencies are borderless, meaning they are accepted by all users worldwide regardless of country, race, or tribe without having to convert to fiat before making payments.
- Quick (than traditional banks) transaction settlements for a minor network fee (to be paid by the service provider) and a service charge (to be paid by the customers).
- Unlike traditional centralized banks, where there are up to three or more intermediaries, with crypto payment platforms there is just one intermediary.
- Payment via crypto platforms takes a matter of seconds, while banks can take from several minutes to several business days.
- Additionally, transparent blockchain networks shield merchants from chargeback fraud. Unlike in some certain fiat transactions, where businesses may not receive their money via fiat payment channels after the customer has left with their card.
Disadvantages of using crypto payments include:
- An intermediary is essentially added to the process by a payment gateway. As opposed to creating your own wallet, you have less control. The traditional experience of having complete control of their cryptocurrency is preferred by many people.
- Crypto payment platforms act as middlemen and add their own expenses to the transaction fees spent on a blockchain network, using a cryptocurrency payment gateway is more expensive than making payments directly on the blockchain. No matter how “minor” they say the charges are.
- Worldwide acceptance of crypto payment methods is not a common occurrence yet, even as much as cryptocurrency is a good option, most countries are still searching for how to regulate their transactions.
Best Platform to convert your Cryptocurrency to Naira
There are thousands of crypto currency platforms that convert crypto to Naira. However, there are certain features that makes them distinct. The major qualities that makes crypto platform unique ranges from Speed, rates, security, ease-of-use, etc. All these state-of-the-art features are available on DartAfrica. DartAfrica does not need you to deposit or hold coins on their website, that security is entirely in your control as it should be. This is because DartAfrica does instant swap – yes, you read right, instant swap.
- You proceed to the dashboard, click on sell coins, enter the amount you want to sell (minimum is $20), and you’re instantly given a wallet address to send the bitcoin or other crypto you want to sell. Once it is completed (after two block confirmations), you proceed back to the dashboard.
- On the dashboard, you click on trades to see the status of your initialized trade and then, when it changes from created to successful, you can proceed back to the dashboard to see your credited funds.
- Click on withdraw, enter the amount you wish to withdraw directly to your local bank account, and voila, you’re credited instantly.
All these are done at mouth-watering rates with no fuss. DartAfrica is just getting its feet off the ground and already amassing users from both Nigeria and Ghana.