When a buyer makes any type of financial transaction, they are interacting with a complex web of institutions, trusted 3rd parties, and payment gateways in order for their payment to be processed. It may seem like it takes a while for an ACH payment to be processed (3-5 days), but this is nothing compared to the 60-90 days that some businesses must wait in order to get their payments. Aside from the significant wait times of these transactions, these payments face exorbitant transaction fees, which can be upwards of 30% for application developers.
With all of these downsides, it’s a wonder why people still use these systems, and the reality is that 3rd party institutions have an effective monopoly on processing these payments. Only banks and specific payment processing companies like PayPal can deal with these transactions and as such, there’s limited competition leading to our problem: high fees and lengthy payment cycles.
The fees and the time requirement are a result of the complexities present in the status quo, which require large amounts of overhead and a variety of human forms and authentications. While these systems might have been the best alternative a decade ago, now we are equipped with better solutions through decentralized architectures.
Efficiency through Decentralization
Decentralization delegates the authority to authenticate transactions to the participants. This type of system gives power to the individual actors and creates an infrastructure that requires lower overhead as it grows. Decentralization presents a promising answer to these inefficiencies, however, there still remains an issue with integrating them into the centralized infrastructure we are surrounded with.
OPEN Platform is a blockchain-agnostic architecture built to put a decentralized form of payment processing in the hands of the applications and developers that need it the most. Unlike the other cryptocurrency payment methods that still rely on centralized payment gateways, OPEN utilizes a payment platform that is completely decentralized.
This provides a more efficient form of interaction, unique from the centralized payment gateways that the majority of other crypto-payment processors use.
The OPEN Solution utilizes a novel architecture that enables developers to set-up decentralized payment gateways for in-app purchases in minutes and takes advantage of the speed and efficiency of a decentralized system. With OPEN Platform, transaction fees are practically eliminated and liquidity is at the hands of the developer.
Targeting Application Developers
Compromised of a team of respected app developers and founders with millions of downloads under their belts, and through their experiences in mobile app development, the OPEN team has seen first hand the high transaction fees and long payment delays that plague the industry.
It is for this reason that the OPEN solution has been targeted for applications, but that is only the start of what this decentralized payment gateway system can do.
Looking to the future
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
The Impact of SEC Regulation and the Crypto Bear Market on Ethereum
Way back in June 2017, it was beginning to look inevitable that the flippening would occur and Ethereum would take over the top spot of cryptocurrency market caps. With smart contract capabilities and an order of magnitude more potential applications than Bitcoin, everybody was keen to jump on the Ethereum bandwagon.
Of course, a lot has changed since then.
The speculation-fueled bull run that culminated at all-time highs in late 2017 for Bitcoin and January 2018 for altcoins was unsustainable. Talk of a global paradigm shift appears laughably premature in hindsight.
Today, prices have collapsed across the entire market, with Ethereum itself breaking below $100 last December after all-time highs of $1.4k just 11 months prior. Although a mini-recovery has ensued in early 2019, the situation continues to look bleak and the reputation of cryptocurrencies for the general public is still far from stellar.
Prominent blockchain expert Peter Du, the founder of Du Capital, recently explained the crux of the problem, saying:
“Cryptocurrencies, which were once the new darling and dream of investors have now taken a backseat, given the current crypto blizzard. To be sure, maintaining hundreds of billions of dollars in valuations supported by unsecured coin issuance was…
Bexplus Trader Expert Sharing: Which Investment in Bitcoin can Make Profits?
At this time last year, Bitcoin was reaching its all-time high price. However, the whole year past, its price declined by 80% since then. BTC speculators or investors don’t seem to be getting tired of its “disruptive” price falling. And a lot of people that missed out on the late 2017 and early 2018 price hike, jump in the crypto world, expecting to make quite a fortune when it hits its former levels. But the story just goes the opposite way. So is it possible to profit from BTC investment? In the following part, we will explore 3 types of profitable BTC investment.
Measure 3 Common Types of BTC Investment
- Invest in BTC Spot and Wait for Appreciation
Bitcoin spot trade might be the first transaction type that most investors will opt for when they just entered the cryptocurrency area. Investors can directly buy BTC with fiat currencies. The only way to earn money with BTC spot is waiting for its price rising. Unless you are a BTC believer and willing to wait for its appreciation in several years, you should turn to another type of investment.
- Exchange BTC to USDT and Earn the Spread
USDT is the cryptocurrency version of US dollar and also considered as a stable cryptocurrency. Generally speaking, when the BTC, as well as other cryptocurrencies, drop, USDT may perform…
Crypto Venture UpStake is Redefining the Industry with a Proof-of-Burn Stable Coin
, an exciting cryptocurrency project officially launched last year, is all set to take the global crypto community by storm. Unlike hundreds of crypto ventures that fail to make any impression, UpStake is dedicated to delivering a stable digital currency that will pave the way for mass adoption around the world.
London, UK – Jan 16, 2019
London-based crypto startup UpStake is well on its way to revolutionising the global cryptocurrency industry by eliminating many of the limitations that have stifled growth for years. Launched in 2018, this promising initiative is focused on ensuring mass adoption of cryptocurrency by providing a usable, stable form of digital currency to the crypto and blockchain communities across the globe.
This proposed blockchain ecosystem is built around UpStake tokens (UPS), the platform’s proprietary token. UpStake asserts that these tokens have been designed to increase in value over time, and set the stage to build great products and services which result in better user experiences.
In order to ensure continuous increase in value of UPS over time, UpStake has built a Proof-of-Burn model that burns a certain percentage of tokens sold through their exchange. This model helps create the value that contributes to the ever-growing price point of the token. It not only enables the token price to…
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