Multi cryptocurrency payment gateways have been described as decentralized platforms that allow users from all over the world to not only send but receive payments in various or multiple cryptocurrencies. These platforms were created and launched to ensure that the payment process is enhanced by reducing the number of third parties or intermediaries involved. Aside from the reason mentioned above, these platforms were created to ensure that more individuals use digital tokens or assets on a daily basis.
Image Source : https://pixabay.com
To ensure that these platforms are well encrypted or coded, the blockchain technology is adopted and used. The use of the innovative blockchain technology makes these payment gateways much faster and more secure than regular or conventional gateways. Another interesting fact of these platforms is that the platform supports transactions across countries in multiple cryptocurrencies between distributors, suppliers, consumers and businesses at a small cost. Also, these platforms make use of smart contracts which helps to close the agreement between individuals.
If an agreement between individuals has been established, smart contracts will help to verify the accuracy of the payment as well as accelerate it to the relevant parties involved. The use of smart contracts allows for a high degree of automation without necessarily needing any human intervention. Smart contracts are also used for other purposes like audits. It increases the transparency level of these payment gateways. It also adds security to the network as security is one of the most sought-after features of any payment gateway.
The difference between multi cryptocurrency payment gateways and conventional or traditional payment gateways is the fact that the former comes with certain restrictions and high risks. Another difference is the fact that decentralized platforms offers users 100% control of their affairs and also provides added security compared to traditional payment gateways. These decentralized gateways offer users more currencies, a safer and faster network that is free from all threats and eliminates all third party and human interference meaning that fraud of any kind is reduced to the barest minimum. Also, these decentralized platforms offer users a safe network without restrictions and also offers fast cross-country or border payments for merchants and customers alike. Most importantly, these decentralized platforms charge little for all transactions that are carried out.
Benefits of These Decentralized Payment Gateways
1. Fast transactions : unlike traditional or conventional payment gateways, these decentralized platforms offer ultrafast transaction speed as well as cheap transaction fees.
2. Security: these decentralized platforms make use of certain technologies that verify the accuracy of all transactions carried out. This is one of the major benefits of these gateways.
3. Lack of restrictions: if you have used traditional gateways, you would notice that they have certain restrictions, and most times they freeze your account. With these decentralized platforms, you can make countless transactions without any restrictions.
4. Convenient: also, these decentralized platforms are convenient and can be used irrespective of your geographic location.
There are several decentralized payment gateways, but the popular one happens to be the "Eroscoin" decentralized payment gateway.
