PAYACCEPT– BRINGING DIGITAL ASSET MANAGEMENT TO THE MASSES
The aim of cryptocurrencies, aka Digital Assets is to create a decentralized payment system in the sense that the power over transactions wouldn’t be left in the hand of the custodians.
Instead, the transacting parties will go about it on a Peer-to-Peer (P2P) basis. Now, PayAccept is hitting it hard on one of the most painful points of centralized transactions.
THE PAYPAL OF CRYPTOCURRENCIES
PayAccept is what I will call the PayPal of Cryptocurrencies because of the way it facilitates cross-border transactions using cryptocurrencies as the basis.
Read on to discover all there is to the opportunities that await millions of unbanked people around the world who are set to become the first beneficiaries.
HIGHLIGHT OF PAYACCEPT
You needn’t wonder about what makes PayAccept better than its perceived competitor – PayPal.
Aside from the centralized control over transactions that it tries to break, PayAccept is also bringing in new features that will reposition the cross-border financial system.
It isn’t out of place to look at how the transactions can be facilitated considering that there are many technicalities involved in the conversion of crypto assets to the fiat variants.
That doesn’t always have to be the case because the blockchain backing of the accounts on PayAccept makes it easier to move funds from different angles. You can easily send Bitcoin to another transacting party that uses Euros.
SEAMLESS ACCOUNT MANAGEMENT
The other benefit of leveraging PayAccept is the simplicity of the account management system. Designed with digital assets in mind, PayAccept later opens up the opportunity for fiat integration.
From the available information, the users are allowed to link up to three (3) bank accounts of theirs.
WORLDWIDE PAYMENT IN SECONDS
At the core of the offers made by PayAccept is to facilitate financial transactions all over the world in a few seconds.
Of course, this isn’t surprising considering that blockchain technology, which backs it, is fast.
MULTIPLE DIGITAL ASSETS
As much as Bitcoin (BTC) is the foremost and most leading cryptocurrency, it isn’t the only in the crypto-sphere. With well over 2,000 variants of cryptocurrencies, it is obvious that the crypto industry is large.
Hence, PayAccept is pushing for an inclusive crypto payment ecosystem that includes as many cryptocurrencies as possible. For a start, it is enabling the use of 50 cryptocurrencies, including Ripple, Bitcoin, Electroneum, EOS, ZCash, Ethereum, and Bitcoin Cash. The other supported cryptocurrencies are Litecoin, Tron, and Neo.
The security of the digital assets and the underlying transactions should be as much concern as the robustness of the PayAccept network. Can PayAccept effectively handle the storage of the assets left in its custody?
It appears that the PayAccept network can do so! Already, the team hinted that it is making use of a Cold Storage to store the digital assets. Hence, a good number of the assets wouldn’t be on the network, as they will be susceptible to hacks. Rather, the assets will be stored offline.
PayAccept has a commendable use case, which I believe when applied, will turn out to bolster global transactions.
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