Everything is evolving and money is not an exception. With the development of Internet technologies, traditional ways of transferring money started to become outdated and inefficient. Nowadays, our society demands certain features that traditional payment methods fail to provide. In the past years, blockchain technology slowly, but surely is emerging in our daily lives. It’s just a matter of time when crypto processing systems like CoinsPaid will be integrated in every e-commerce website.
To back up these claims, let’s have a look at some statistics. In 2016, there were approximately 11 million Bitcoin addresses, in 2016 – 10.98 million, in 2017 – 21.50 million, in 2018 – 31.91 million and in 2019 there are already over 40 million. This indicates a steady ~80% growth rate interest in cryptocurrency as a modern way of transferring and storing funds.
There are several factors that may explain such a phenomenon. Here are some examples:
- The majority of traditional payment methods have significant limits when it comes to international trade.
- Transaction fees may be as high as 8%, which severely limits scalable businesses.
- There is a number of fraudulent opportunities when dealing with cards and bank accounts. More than $1.4 billion lost due to credit card scams globally.
- Transactions may require up to 7 days to complete, which is impracticable for the vast majority of business models.
However, blockchain technology and financial digital assets in the form of cryptocurrency solve all of the problems above:
- The location of parties becomes irrelevant to the cost of the transaction, when it comes to cryptocurrency. For example, CoinsPaid offers less than 1% processing fee and 0% when transferring within the ecosystem.
- Cryptocurrency payments are secure, non-refundable and can’t be interfered with fraudsters due to the nature of blockchain architecture.
- In comparison with usual bank transfers, cryptocurrency payments are almost instant.
Despite many superior advantages of cryptocurrency to traditional payment methods, it still has cons that deserved to be mentioned: significant fluctuations and volatility, difficult integration for businesses, no established framework for reporting and lack of regulation.
All of the problems mentioned above signal us that the current market of financial digital assets needs an all-in-one solution, that will take the cryptocurrency payment system to the next level. Unfortunately, the absolute majority of processing services and exchanges fail to provide users and businesses with a uniform service that will satisfy both businesses’ and users’ demands.
However, CoinsPaid with its extensive experience across many sectors of the cryptocurrency industry, its in-depth analysis and research managed to develop a platform that comes as close to ideal multi-service with all necessary features as possible. Let’s compare some of the most popular cryptocurrency processing services with CoinsPaid based on some important features. We chose Coingate, Coinpayments, Bitpay, and Spectrocoin as its main competitors.
- CoinsPaid is the only service out of 5 that can offer proved security with external audit, coverage of clients’ funds from reserves, coin compliance and loyalty program. Coin compliance is especially worth mentioning because Anti Money Laundering policy is getting stricter every day. This feature ensures businesses’ safety from prosecution by regulators in matters of money laundering and fraud.
- There are several other soon to be launched services that are exclusive only to CoinsPaid, including integration with trusted offline wallets and recurring payments.
- CoinsPaid covers more than 50 cryptocurrencies, including popular stablecoins and supports custom ethereum networks.
- The only service that can offer custodian services is Coinpayments, but CoinsPaid has this feature in its roadmap. Custody service allows users to keep large funds on special servers, that are isolated from the basic network. It significantly raises the level of security of the funds. You can think about it as a bank depository.
- Only one other service, besides CoinsPaid can provide the performance of all operations within one account, along with less than a 1% processing fee.
To sum this up, CoinsPaid has a clear and extensive plan on how to beat its competitors, along with a transparent expansion plan with a focus on the most perspective industries. While some of the competitors have certain remarkable functions, CoinsPaid managed to successfully squeeze all of the important features in one service. Other important advantages of CoinsPaid include frequently demanded 24/7 support, instant transaction confirmation for popular currencies and automated KYC and KYB systems.
And that’s not everything to it. CoinsPaid will launch its wallet, which will be available in the last quarter of 2019. Users will find familiar features like cashback, IBAN and plastic or virtual card. While performing basic tasks like buying and selling cryptocurrency for fiat and withdrawing funds to a bank account, it also will provide an option for recurring payments and the “mass pay” feature, which proves CoinsPaid to be a true believer in bright future for cryptocurrency. Mass pay features will especially be useful for businesses that want to pay salaries to a number of employees using crypto.
The steady growth of the popularity of cryptocurrency is undeniable. With its growth, people’s’ need in a reliable and fast payment processing platform becomes more relevant than ever before. CoinsPaid has proven to be the one in line with these requirements. Its current and upcoming features make the cryptocurrency payment process convenient and profitable to use for both consumers and businesses. And it seems like no other competitors in this field are coming close yet.