Cryptocurrencies appeared as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, which is the first and still most important cryptocurrency, didn’t intend to invent a currency. When Nakamotoannounced Bitcoin in late 2008, he said he’d developed “A Peer-to-Peer Electronic Cash System.”
Some platforms are designed merely for payments within a specific cryptocurrency. A multi cryptocurrency payment gateways is a decentralized payment platform developed to facilitate the process of sending and receiving multiple cryptocurrencies. The ecosystem provided by this type of payment gateway is much more complete and can go beyond payments.
The importance of a solid and reliable high risk payment gateway is unquestionable in the modern world of eCommerce. It’s critical for merchants to be able to accept secure and affordable credit card payments so to grow their business. Turn to a reputable payment processor in the field to get only the best for your business needs.
Multi Cryptocurrency Payment Gateway and Its Benefits
A cryptocurrency (crypto currency) is an intangible commodity that can be used as a digital asset. It works as a medium of exchange and uses cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies, as well as alternative currencies and virtual currencies.
Thanks to a multi cryptocurrency payment gateway, users can send and receive payments in multiple cryptocurrencies.Such gateway reduces the number of intermediaries involved, thus enhancing the payment process. Moreover, it focuses on increasing the regular use of digital coins on a daily basis.
A Blockchain ecosystem used as a foundation makes payments highly encrypted and much more secure as compared to traditional online payment gateways. Blockchain is the technology on which Bitcoin, Ethereum, and other cryptocurrencies are based. A Blockchain ecosystem also facilitates global transactions in multiple cryptocurrencies between suppliers, distributors, businesses, and consumers, at a fraction of the cost.
To negotiate and close payment agreements between transaction parties, smart contracts are used.These are software programs that serve as regular contracts, meaning they control the process of exchange between parties. Only, they’re being fulfilled completely automatically.
A decentralized payment gateway can accept over 500 different kinds of cryptocurrencies. The decentralized nature of the system guarantees safety for payments and better protection from malicious attacks. A Blockchain-based payment gateway focuses on convenience, security, speed, and affordability.
Author Bio: Electronic payments expert, Blair Thomas, co-founded eMerchantBroker in 2010. His passions include writing/producing music, and travel. eMerchantBroker is America’s No. 1 high risk payment gatewaycompany, serving both traditional and high-risk merchants.