In Bitcoin description Satoshi Nakamoto pointed out the most vulnerable aspect of the e-commerce - the trust which lies in the root of the system is provided by external regulatory financial institutions.
The mediation of financial institutions leads to extra costs of mediation services, needless problems, associated with identification of currency traders and high risks of fraud.
The solution that Nakamoto saw was to integrate the payment system which would be based on cryptography. That was a brilliant breakthrough in financial system and after some time blockchain technology has conquered the world.
However, Bitcoin just like all other cryptocurrencies never found its practical application in real day-to-day economic life for general public. This objective can only be attained through the integration of a payment aggregator, which would introduce the technologies of digital currencies into the daily consumer microeconomics.
The newest instrument - bpay.io is most sophisticated tool, which allows receiving cryptocurrency at your convenience - any place, any time, while ensuring the speed and security of your transactions.
Trading transactions can be conducted between both classic traders (buyer-seller) and within the scope of virtual platforms (e-shops, online services, stock exchange, exchange oces, etc.) The service is based on the principle of payment aggregation, ensuring the account and exchange of all possible digital assets as a payment method with subsequent conversion (or without, as preferred by the seller) into local currency or transferring to one’s bank account.
Example of a trading transaction: the online retailer MediaMarkt supports only cash payments and credit cards Visa/MasterCard. By integrating the Bpay.io system plagin MediaMarkt will be able to accept cryptocurrencies through the web site, meaning instant payments in local currency transferred immediately to the company’s bank account.
Bpay.io is designed to support as many digital currencies as possible, realizing their internal translation into the currency, which the main seller wants to accept as his/her basic currency.
If, for example, the seller selects EUR as the basic currency on his/her internal account, when the client pays for the goods or services in Ethereum/ Bitcoin/etc, the seller receives the payments in EUR with a possibility of further transfer to his/her bank account.
One of the long-term objectives of Bpay.io apart from serving a payment gateway in the virtual environment is integration into offline economy.
The Bpay.io team sees the future of digital currencies in the expansion of the scope of application of cryptocurrencies, triggering the start of interaction of digital assets and real economy. By setting up this connection we will launch new impulses for a broad-based adaptation of the blockchain technology in any and all fields of life.
Stay tuned to Bpay.io blog to find out more about its details and technology and visit our website: bpay.io