The world of technology has no limits as the brightest technical minds are in constant search of surprising the world with offerings that are unique, innovative, and useful. The 2008 financial depression led to the emergence of the world’s first cryptocurrency, Bitcoin by Satoshi Nakamoto. Being the first of its kind in the financial space, Bitcoin became the constant topic of discussion for the biggies of the industry. As time passed, the clouds of uncertainty over the digital currency arena vanished leading to a successful journey ahead.
The most prominent feature of cryptocurrencies is the underlying pedagogy of blockchain technology that forms the base of the digital currencies. Crypto payments soon emerged as an efficient substitute for the traditional payment solutions as they offered the highest standards of security, transparency, immutability, and convenience. As blockchain does not require the involvement of any third-party for the validation of transactions, crypto payments are quick and economical in comparison to other payment settlement solutions. The blockchain technology which was introduced to cater to the requirements of the financial sector, in no time, spread its roots to an array of domains such as healthcare, tourism, finance, gaming, supply chain management, etc.
Despite being studded with multiple lucrative features, crypto payments are not away from limitations. Some of the potential drawbacks of crypto payments are discussed below:
- Limited Scalability- One of the chief limitations of crypto payments is the scalability issue related to virtual currencies. A majority of crypto blockchains handle 10-100 transactions per second, which is very low in comparison to what Visa or other prominent payment solutions offer to their customers.
- Lack of Regulatory Framework- Most of the countries around the world dealing in cryptocurrencies have not adopted a well-drawn regulatory framework for the industry. The lack of stringent regulations has played an important role in preventing the mass adoption of cryptocurrencies.
- High commission fees- Being comparatively a newer pedagogy, crypto payments involve hefty commission charges.
- Limited acceptability- Though cryptocurrencies have come a long way, they have failed to become a widely accepted mode of payment settlement. A majority of people feel hesitant in accepting crypto payments because of a lack of knowledge and unawareness.
About Utrust
Utrust serves as a renowned cryptocurrency payment solution platform that was designed with the objective of revolutionizing the finance and payments arena by rendering to the limitations of the traditional payment methods. The platform caters to the requirements of its global customer base by allowing them to enjoy instant transactions and crypto-to-cash conversions conveniently. Be it for the business use or for your own personal use, Utrust offers services to one and all. It allows users to make payments via digital currencies and tokens. The system guides the users to choose between different cryptocurrencies to take benefits of the market fluctuations.
Interestingly, by adopting Utrust and its powerful products, one can ensure success for their business in a big way. With a global presence, Utrust helps to increase the customer base by facilitating payment settlement through major digital currencies. The availability of the ready-to-use integrated API and plugins for e-commerce platforms aids in boosting business operations. Utrust has expanded its operations to more than 180 countries around the world with 5 global offices in Switzerland, Portugal, Canada, the US, and the UK.
With a view to enhance its operability and strengthen its network, Utrust entered into a strategic collaboration with an online IT retailer firm, MoreForm. The partnership has been executed to channelize a solution fostering cryptocurrency payments for the retail firm. The MoreForm users got the opportunity to pay via major digital currencies such as Bitcoin, Ethereum, DASH, DigiByte, and Utrust’s native currency UTK.
Also, Utrust joined hands with EZ4U to expand its operations in the SaaS market. EZ4U provides personalized solutions to their clients who hire them to communicate through mass text messaging or WhatsApp.
The Utrust Wallet
The Utrust community has designed the wallet solution for offering a seamless, user-friendly, and economical experience to the customers where they can store, send and buy everyday products. The wallet processes transactions in no time by cutting down the blockchain validation waiting times. The lucrative features offered by the Utrust Wallet are:
- Secured business and purchase operations
- Support to all major digital currencies
- Works effortlessly with other wallets
- Low transaction fees and no mining fees
- No market volatility
Conclusion
The crypto arena is developing and evolving in heaps and bounds in modern times. Platforms like Utrust have paved the way for the success of cryptocurrencies and the blockchain industry in a big way. The lucrative products and services offered by Utrust allow customers to enjoy payment settlement in a secure and economical manner. The dedicated team of Utrust is in constant efforts to build an ecosystem that caters to the requirements of both individuals as well as business solutions.