- The CEO of Coinbase had tweeted about facing a similar payment failure problem with both PayPal and Square cash.
- Crypto has far better security than the more popular systems existing today because it uses blockchain.
Imagine you have an urgent payment to make and the happiness of your loved ones depends on it. But when you try to make the transaction, the most used and respected payment platforms fail you. Scary, right?
The problem with the existing payment systems is not that they don’t want to improve or are not working hard to improve their methods; it is not even their fault anymore. The technology that is used is now obsolete, and it is time to switch to the technology of the future.
This is where cryptocurrency comes into the picture; it is more secure, faster and doesn’t let you down because of having a single point of failure. Unlike platforms like Paypal and SquareCash, which have just one way of validating transactions, cryptocurrencies like bitcoin have a decentralized system for validation of a transaction.
Even though Crypto has numerous UX challenges, it gives us the chance to develop an infrastructure that makes the transaction at least work. Crypto also has far better security than the more popular systems existing today because it uses blockchain to validate the transactions, making it virtually impossible to breach successfully.
Even though Crypto has such advantages and is better than the existing systems, most entrepreneurs shy away from it because it is a new technology and developing products in more regulated markets is relatively easier.
No matter how difficult it is to develop products in this field, we have a few brave people who are working hard to overcome the challenges.
One such company is Coinbase, founded by Brian Armstrong and Fred Ehrsam in 2012. The company is a digital currency exchange and offers a platform to purchase and store almost all existing Cryptocurrencies with service in over 30 countries with bitcoin transactions in 190 countries across the globe. The company booked revenue of more than $1 billion. Yes, billion with a B!
The CEO of Coinbase had recently tweeted about facing a similar payment failure problem with both PayPal and Square cash. He also spoke about how switching from the existing platforms to Coinbase and using Crypto will change the experience by the users.
Trying to send money to pay back a friend. Paypal tells me "recipient is unable to receive money" and SquareCash tells me my bank declined the payment. This is in the U.S. where these services work best. Imagine rest of the world. pic.twitter.com/iBPzPtlAy6
— Brian Armstrong (@brian_armstrong) February 12, 2020
The amount of growth in this sector has made a lot of headlines. Such services make us believe that the future is now and it won’t be very long when we are using Crypto on a regular basis for all of our transactions. Cryptocurrencies might save the world from all the pain and worry of transacting our money. It is fascinating to think of what the future of Crypto has in store for the world.