The COVID-19 pandemic, without a doubt, has wedged literally every domain of the global economy. However, while in some areas it has managed to cause irreparable damage and brought in waves of dreadful bankruptcy, when it comes to cryptocurrency trading and the cryptocurrency market as a whole, there was a real leap forward. In 2021, cryptocurrencies are thriving and breaking records, as we witness manifold events and transformations.
We are definitely on the verge of new beginnings that define a new phase in an industry anticipated to grow throughout the next year. Credit card payments are slowly becoming a boring slog. In 2021, the main focus is still on Altcoins (like Ripple or Ethereum) and molding new ways of working with cryptocurrency for fast yet effortless payments ensured by the highest level of security. A growing demand in cryptocurrency payments has driven a certain amount of new services to emanate including CoinsPaid, a cryptoprocessing outfit aiming to become the best cryptocurrency payment gateway.
Before we jump into CoinsPaid, let’s quickly tackle two things: what are crypto payment getaways, and why do we actually need them?
This kind of payment getaway lets salesmen receive transactions in crypto. Today, the crypto processors make it easier for bitcoin and some altcoins to be purchased and sold. For instance, bitcoin payment getaways encourage accepting transactions in BTC.
The market price fluctuations indicate that companies of any size have to guarantee that all Bitcoin payments are rapidly exchanged into a fiat currency to prevent causing economic damage.
That’s when the payment processors come into play. They enable bitcoin and other altcoins to be transferred immediately into fiat. In case if the payment processor only allows bitcoin transactions, it is called a bitcoin processor. Generally, crypto processors help businesses program the payments workflow and instantly pay for the entire process, offering a host of instruments and analytics.
Understanding Cryptoprocessing by CoinsPaid
There is a demand in arrangements between CeFi and Defi, and it definitely implies some sort of framework to fill in the gap between the real-life businesses and decentralized ecosystems.
Originally imagined as a cross-bridge budgetary system for B2B and eCommerce, CoinsPaid channels the user-friendly interface and credible functions like White label solutions tailored specifically for the intricacies of the independent businesses. The company’s official website details out all the technological points, but let’s have a closer look at each one individually:
- CoinsPaid aims to boost businesses, aggregating the crypto services of literally any kind in one spot.
- Compatible with BTC, ETH, USDT, and generally feasible digital currencies, CoinsPaid makes crypto payments work in the smoothest way possible.
- Exchange services exclusively for businesses, including the best rate crypto (30+) to fiat (20+) operations.
- The transparency of the transactions. CoinsPaid explorer assists companies in monitoring and managing all the intrinsic CoinsPaid transactions.
- Coinspaid offers white-label cryptoprocessing solutions for those who are inspired to start a digital payment enterprise on their own in just one month.
- Zero risks to all parties. A robust security system for storing and processing your data to ensure the complete confidentiality of all user data. Protection of personal data is reported of utmost importance to CoinsPaid.
- The lack of chargebacks and fraudulent transactions, as well as competitive prices challenging the traditional methods, are undeniable merits that a Cryptoprocessing product can offer.
- CoinsPaid is about to launch a CPD token – a utility that also offers a number of benefits, such as a 50% discount on platform commissions, various kinds of rewards for DeFi-related actions, loyalties, and referral bonuses.
CoinsPaid payment gateway key metrics in a nutshell:
- Processing of 5% of global on-chain BTC transactions
- 1.25 billion of EUR processed in 2020; over 2.3 billion of EUR as of August 2021
- Over 700 merchants with an estimated 6 million customers
- Multiple awards, including the Payment Provider of the Year by AIBC Summit Awards
- Surpassing 9,500,000 transactions as of August 2021
CoinsPaid CEO Maxim Krupyshev’s take on cryptoprocessing
Maxim Krupyshev, CEO of CoinsPaid and CryptoProcessing.com, talks eloquently about the cryptoprocessing business and the global willingness of traditional businesses to switch to digital currency payments. Maxim once mentioned that worldwide demand for fast electronic payments is growing exponentially, and courtesy of this, CoinsPaid has already made 3x – both from the existing clients and newcomers. He develops that the main interest in payments comes from the European Union, but Asia has also become more active.
When CoinsPaid’s CEO was asked whether he is keeping an eye on the competitors, he makes no biggie of it: “By virtue of the fact that the blockchain base is unchanged and open, we can easily see our competitors grow, but not at the same tempo as we do, let’s say, a little slower.” Krupyshev also cites that while the market currently offers different pricing options for similar solutions, one should think twice, and, usually, customers who have chased the “prettier” price admittedly turn back to CoinsPaid.
When asked if the pandemic has affected the company specifically, Maxim explains: “Our clients are in the online entertainment business, including online games. During the quarantine period around the world, their business flourished: people were bored at home and had statistically spent most of their private time online. Now, since quarantine measures are being loosened everywhere, people are patiently coming back to normal life. But habits tend to take over: they are more likely to order groceries, communicate at work and study online, and even work out in the same digital space. They will definitely continue with this kind of demeanor, I suppose – as well as using the crypto”.
Unsurprisingly, many are still unfamiliar with the concept of cryptoprocessing, why it is needed, and why recipients of payments are still willing to delegate them to anyone else. Maxim Krupyshev confidently dismantles this topic: “In general, cryptocurrency can be accepted without any provider. This is the advantage of blockchain technology: you don’t need an intermediary to accept cryptocurrency. Let’s imagine that you put a manager who generates addresses for each payment and sends them to clients while selling cryptocurrency on an exchange at the same time, converting it into dollars, euros, or rubles – then you suddenly realize you don’t actually need a provider. All these roles are performed by this very same employee. And now let’s imagine that you need to make several such payments per minute. You will need to contract a whole team of such people, while in cryptoprocessing, everything is automated: you make 2 or 20 thousand transactions a day – and it doesn’t matter. The program coldly calculates exchange rates, gives out addresses, keeps records, and feeds the client in its interface. The client is exposed to an understanding of how much came from whom, and he can also explore various statistics, upload all the history and pass it to his accountant. We protect people from all possible risks, such as human error, waiting for payment, or conversion into the wrong currency.”
Various sources claim that at the beginning of the decade, the BTC sending transaction fees were at about 2 cents, opposed to the current price of $6. How come they have managed to grow so greatly? Maxim also answered this question: “It comes from the imperfections of the bitcoin network: the number of transactions inside it is limited, so as soon as there are more of them, they start combating each other to get into the blockchain. Priority goes to whoever pays the most. Also, the rise in fees is also linked to the rise in the price of bitcoin itself. Today, any amount in bitcoins – let’s take a million euros – can be sent out for as much as 5 euros. Which is considerably a great price, especially keeping in mind that the transaction is almost instantaneous.”
Krupyshev believes that micro-payments in bitcoins are impractical because there are other, “lighter” cryptocurrencies for that, such as LTC, ETH.
Maxim also expressed his opinion on statistics on how many transactions are made inside the wallet and how many are actually executed through the blockchain. “Right now, we have about 5% of such transactions in the system. We made our own internal explorer, which shows all the transactions that take place outside the blockchain. We hope to increase the percentage of such transactions by promoting our wallet.” – says CoinsPaid’s CEO.
Maxim has also expressed his opinion on the most profitable currency for payment development. He states: “Bitcoin is so immensely popular, that 80-90% of global transactions are all done in bitcoin, but it is the most unprofitable cryptocurrency for business both in terms of overhead and the complexity of dealing with it. Bitcoin is a whale of a currency where it makes sense to move large amounts of value and store it. It is an old cryptocurrency and is, therefore, sloe. Transactions are turned on to the blockchain every 10 minutes. Meanwhile, other currencies have faster transactions. Lightcoin’s transaction takes 2.5 minutes, while Etherium’s take a few seconds. These currencies are great for small and negligible payments in large quantities.”
Conclusion time
Contemplating what has been said above, we feel that 2021 has brought up a spike in the development of services like CoinsPaid and Cryptoprocessing in general. Despite living in not the best of economic times, the cryptocurrency world is backed up by bigger companies, which, following Maxim Krupyshev’s advice, will consequently turn into whales. CoinsPaid is always welcoming new customers, keeping in mind the existing ones.