Cryptocurrency payments are slowly making their way into markets, but there is a multitude of challenges that they have to overcome. The first thing is the integration or implanting of cryptos into the digital wallets. This becomes a major challenge for many crypto payment portals. For processing a crypto payment, various entry points of transactions have to be passed through.
Other than this, banks have already been non-cooperative with cryptos and haven’t integrated crypto payments in any of their applications. Their fear is losing control over the currency and revenue generation abilities. Along with this, lack of infrastructure and regulatory support thwarts the efforts of crypto payment platforms. All these factors make crypto payments very difficult to take place.
The conversion of crypto to fiat or vice-versa is another issue impedes the spread of this technology. There are exchanges which facilitate the conversion of one crypto to another, but no such application which could do the same for fiat to crypto or crypto to fiat conversion. With a few exchanges that provide this service a very long time to process the conversion due to a tardy process of registration.
Compromise in users’ data
There have been a couple of incidents when services that offered conversion from fiat to crypto or vice-versa were infested with malicious programs. They rendered users’ data vulnerable to cyber threats and some of them were started with the very intent of using the information mischievously. A few industries which have started taking payments in cryptos do not provide the facility of conversion.
All in all, there is no option left for the crypto users but to turn to fiat for easier payments. All the existing exchanges just provide the option for exchanging one crypto into another. Those who avail this facility levy a high amount of commissions and also involve third parties to execute conversions. Therefore, a platform is desperately needed for crypto users that could make this conversion easier.
Bytus- Conversion and Payment both
Bytus has become the first cryptocurrency payment portal which helps users convert their cryptos into fiat and fiat into cryptos. This platform has not only introduced this functionality but has also made it easier and faster. It has implemented the use of private keys without the possibility of outside intrusion. This particular functionality has made the conversion safe as well as widely adaptable.
Bytus has introduced its proprietary and one of its kind function, which is CryptoBank. This particular functionality comes with multiple features such as mobile app, insurance protection, secure storage, exchange service, credit card use and multicurrency wallet. All these features combined with the pathfinding solution that Bytus provides make this platform a must-have for all the cryptocurrency users.