"Is crypto safe?" is probably the first question that comes to mind when people seriously start thinking about cryptocurrencies. And never mind the heights that a few cryptocurrencies are reaching these days, the question even today is a valid concern. With the high volatility in cryptocurrency prices, no proper regulatory oversight, and more than 400,000 crypto scams in 2020 alone, the answer is still "maybe."
While even very tech-savvy people fall prey to online scams, there are ways to validate the identity of people you are interacting with and minimizing the chances of running into a fraudster. But even if you are interacting with a known person, it is natural for customers to worry if the payment platform they are using is legitimate and if the transactions they are paying for will go through. When you choose a payment portal, you trust them to transfer the amount to the address it intended for, and for a lot of crypto payment portals, confirming this can take anywhere from a few minutes to hours.
As more and more people invest in cryptocurrencies, it becomes vital for payment platforms to confirm payment transfers and details like time and cost of payment instantly. Altug Tatlisu, and his team at Global Digital Payments, have developed Bytus, a crypto payment platform, to solve this exact problem.
Bytus offers a multicurrency wallet that supports multiple cryptocurrencies like BTC, ETH, LTC, etc. Once you have verified your identity and linked your account, you can immediately make transactions that get fulfilled instantly via smart contracts. Instead of manually entering the user's details, you can scan the recipient's QR code to complete the transaction.
Bytus also has a utility token (BYTS) based on the ERC20 protocol that you can mine directly from the Bytus wallet. It acts as a user's channel width in the Bytus network. If you have 20 BYTS in your Bytus Wallet, you can freely make up to 20 transactions in the Bytus ecosystem for the next 24 hours. Bytus charges no additional transaction fees, conversion fees, or any other hidden fees from its users.
The Bytus Cryptobank takes care of the banking function in the Bytus ecosystem. It interacts with the mobile wallet and issues an overdraft limit to the user's wallet. It ensures high security for transactions and the safety of funds via Insurance Protection and Credit Card use. As all the transactions are a part of the blockchain, all transaction records are permanent and tamper-proof. The private Bytus blockchain network is highly secure and resilient, and all personal, confidential data of its users is encrypted and anonymized.
With the rising interest in cryptocurrencies, building trust in crypto transactions is essential for the growth of the crypto ecosystem. Bytus and the technologies it has created are paving the way for crypto payment platforms worldwide to become quicker, faster, and more efficient.
Serdar Nurdogan is the Co-Founder & CFO at Bytus, Inc., and a member of the British Blockchain & Frontier Technologies Association. Highly skilled Stock Market Trader has extensive knowledge of markets and how stocks are influenced by current events. Has a strong understanding of fluctuations and engages in careful analysis to determine placing buy and sell orders. Has a Master’s and Bachelor’s Degrees in Finance and 15 years of experience as a stock market trader.