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The road for merchants wanting to shift to cryptocurrency has not been easy. Merchants - who traditionally use fiat currencies for internal expenses - find it challenging to accept clients' payments in cryptocurrencies because of all the costs they still have to bear in fiat currencies. Cryptocurrencies, thus, need to be converted into fiat currencies and vice versa for payments, and that involves a host of problems - like a time delay in currency conversions, transaction fees, volatility, the risk associated with crypto prices, and whatnot. We see many people who understand cryptocurrencies' potential and want to use them in everyday life get stuck in this endless fiat and crypto conversion cycle and can't bear their costs because of thin margins.
But now, with the tremendous interest in cryptocurrencies of late, the situation is no longer the same. There have been considerable investments in cryptocurrencies, and with the rising market cap, prices also seem to have mostly stabilized, making them viable payment instruments. With the large-scale adoption of cryptocurrencies by businesses and users alike, the risk associated with them right now is minimal. And for instant conversion of fiat to crypto and vice versa, the Bytus crypto bank, with the support of more than one million retail stores already using it, is making significant progress.
The Bytus crypto bank uses its one-of-a-kind graphene chain to break free from the cycle of conversion of fiat and cryptocurrencies for digital payments instantly. With the experienced team at Global Digital Payments help, the Bytus crypto bank charges no commissions, conversion fees, transaction fees, or any other additional fees for any transactions. Because it runs on a private custom blockchain, it can support hundreds of thousands of transactions co-occurring while ensuring that all identifiable information is encrypted and your data is safe and secure.
The Bytus crypto bank is a part of the Bytus ecosystem that uses its own Ethereum based ERC20 utility token BYTS as the medium of exchange. This token represents the user's channel width within the ecosystem, so a user with 10BYTS can make up to ten transactions in 24 hours anywhere on the Bytus ecosystem. What's also interesting is that you can mine the BYTS token from within your Bytus wallet app itself and automatically increase your width in the system as time passes.
While using the Bytus Crypto Bank is as easy as scanning a QR code on your phone and making a payment online with any of its one million-plus retailers, don't mistake it for just another cryptocurrency wallet! The Bytus crypto bank is a complete virtual financial institution equipped with all features that modern banking needs - from transaction insurance to overdraft facilities. It supports a wide variety of cryptocurrencies through its multi currency exchange. Users also gain access to a virtual credit card to make payments in both Bytus tokens and fiat currencies.
If you're planning on making the switch to crypto, there is no better time. With Bytus and its wide array of services, shifting to cryptocurrency has never been cheaper, more accessible, or convenient.
Altug Tatlisu is the Founder & CEO at Bytus, Inc., and a member of the British Blockchain & Frontier Technologies Association. Accomplished software developer with 25 years of experience in the development of applications. Excels in every stage of the life cycle of software development, including design creation, coding, debugging, testing, and maintenance. Expert in devising innovative and tailored solutions to assist businesses achieve their goals in a variety of industries. Advanced skills and knowledge of leading programming tools with a strong background in mathematics, algorithms, and data-processing logic.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.