The Crypto Boom is here. Cryptocurrencies are here to stay. There are those that are skeptical about digital assets and there are the excited lot, enthusiastic about the prospects of digital assets. The skeptics are concerned about the practicality of digital assets. Can crypto be used in the real world? How efficient is it? Is it secure? Are the transactions safe? Is it another internet scam? These are the types of questions that run through the minds of skeptics and even some enthusiasts. Their concern is genuine however, prompting a team of creators to come up with the Paygine platform which aims to make operations with virtual currency efficient.
Most outlets are still not accepting virtual as a form of payment. However, the acceptance of cryptocurrency around the world is growing as more people come to terms with the fact that they are here to stay. In places like Tanzania and Kenya, developing economies in the East African region, there are outlets that have started accepting payment in the form of Bitcoin. Such advancements show that virtual currency has a future in all markets.
The excitement Bitcoin gave investors in late 2017 and early 2018 also fueled the growth and acceptance of virtual currency. More people are now investing in digital assets and getting great returns on their investments. The appeal for virtual currency has penetrated deeper into economies as a result of these investments.
Hindrances to crypto penetration
Part of the reason why virtual currency use is not universal is due to the different laws governing financial practices in different regions of the world. Some economies are pro crypto while others are trying to shut every door that would allow cryptocurrency to evolve. There are also technicalities such as fiat exchange with crypto especially on which banks would handle such transactions with matter of regulations and financial laws also coming into play. Governments are cautious due to the reported cases of hacks and other types of frauds that have shone the virtual currency light in a negative way.
In good light
Paygine is aware of the need for safe and productive transaction system. It plans to work closely with the banking institutions in pro crypto jurisdictions such as Switzerland in Europe by purchasing two banks in such regions to ensure stability and credibility in their operations worldwide. Through obtaining these banks, it will have provided an open platform where its users can operate without any hassle using their cryptocurrency.
Obtaining these banks will be a positive step by Paygine towards showing commitment to the various paws placed in the jurisdiction where these banks will be operating in. This will allow Paygine to offer their financial services to anyone in their platform as they will have a legally recognized body which operates within accepted financial laws. The virtual currency world and the traditional fiat system will have been connected through Paygine’s strategy. This will also allow Paygine to offer solutions that are similar to the traditional financial system which will make it easier for the platform to attract users. Familiarity and convenience sits well with the mainstream majority as human beings generally love to stay in their comfort zone.
Paygine will also work with institutions that generate cryptowallets. They are likely to increase their user base if they can attract cryptoholders within these companies.
A familiar feel
Exchange services, account-linked cards, currency transfer service, deposits and withdrawals are al going to apply in this platform. An electronic wallet will also be available with Paygine. Ultimately, operating using Paygine will have no difference with fiat financial system however, it will come with the added advantage of extra security, privacy and immutablity of transactions.