Blog by Emils Kragis, Business Development Officer at PayPugs.
With world-known individuals like Elon Musk saying that Bitcoin is not sustainable and two of the biggest cryptocurrencies-Bitcoin and Ethereum- recently seeing a 50% decrease in their price due to China banning cryptocurrency use, the question is asked whether cryptocurrency is still relevant.
Even with the frequently negative media coverage, cryptocurrencies’ use cases and adoption are only increasing as institutional players like banks, insurance companies and governments are adopting cryptocurrency technology.
Why is Cryptocurrency important?
With the rapid development of blockchain technology, more and more possibilities are opening for individuals, businesses, and institutional players to simplify the process of worldwide banking. The blockchain system allows for faster, digital transactions that can be made worldwide without any restrictions.
While some may perceive cryptocurrency payments as insecure, this is usually because of uncertainty and misunderstanding about the technology itself. The reality is that blockchain technology minimizes the possibility of fraud as there is no intermediary which controls and overlooks your data.
Who cares about cryptocurrency?
Even though cryptocurrency has been around for almost a decade, it is really only recently that it has gained much-needed recognition from the media and big institutional players who dismissed the success of Bitcoin and other cryptocurrencies in the early years.
With increasing attention and adaptation, businesses are becoming keener to use blockchain technology to meet their financial needs. Increased acceptance by businesses is driven by the recognition that to ensure their financial operations, businesses do not need intermediaries or their fees for financial transactions and operations. Intermediaries like banks, insurance companies, traders, and others count on their reputation for integrity. But where does this come from, really?
A sense of trust was created over the centuries based on a simple factor: intermediaries provide accurate and certifiable recordkeeping of financial transactions. However, if two parties from different parts of the world could exchange money without needing intermediaries for this purpose, they probably would because they would not have to pay fees for such services. With the help of blockchain technology, such events are possible as records of transactions are accurate and are stored on millions of computers around the world.
Where do PayPugs fit in?
As new Fintech and Payment companies are being developed all around the world to ensure a faster and more seamless banking experience, only a few follows along with the trends and advancements of today’s technology.
Since its beginning, PayPugs has always focused on identifying the newest payments industry trends because our customers deserve the best. It is important to us and to our customers that we provide them access to the newest innovations for their full realization and development.
Despite Cryptocurrency’s mixed reputation PayPugs has taken all the necessary steps to ensure the safety and compliance of your funds by acquiring a crypto exemption license in Colorado, USA, which allows for cryptocurrency payments worldwide.
PayPugs’ strategic partnerships allow all business types to access additional currencies for payments such as BTC, ETH, USDT, RippleNet, and more. To certain businesses, cryptocurrency payments might be the only option for efficient financial operations as many FIAT currencies are unstable, thus increasing uncertainty in the business.
While some perceive cryptocurrency payments as a chance to broaden and improve their financial operations, some see this as a business opportunity. With that in mind, PayPugs has developed a ready-made solution that allows for providing e-wallet services through an API connection. It is a solution that is widely used by Crypto exchanges to service their clients.
The API integration allows for payments, IBAN accounts, and cards. By integrating our ready-made solution, the client’s backend operations like AML are secured and provided by PayPugs meaning that the client can focus on frontend processes like branding and customer service.
Even though blockchain technology has proven its worth, it still has a lot of potential to grow and expand its applications in business in today’s society. If you have questions about the topic, do not hesitate to contact our business development team for a quick intro call or a chat.