A cryptocurrency is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently from a central bank.
The Rise of Digital Currencies
The digital currency system was created on October 31, 2008, by Nakamoto's "proof-of-work" consensus. The use cases include payment for goods and services on both physical and virtual markets.
Cryptocurrencies can be used as an investment vehicle to diversify portfolios or as an economic store of value with high volatility against fiat currencies. Cryptocurrencies' value fluctuates relative to fiat currencies but with higher volatility than stocks, commodities and sovereign currency.
Volatility will gradually decrease over time when scam projects are filtered out and genuine crypto companies offer an easily adoptable blockchain ecosystem with top-notch and highly-secured products.
Furthermore, cryptocurrencies are secured by the blockchain, which is a decentralized ledger that can be used to record transactions between two parties efficiently and in a verifiable and permanent way. It is independent of any central authorities, governments, or banks.
A company that accepts cryptocurrency is usually more optimistic because they don't have high transaction fees. Plus, they offer faster transactions than the traditional payment methods.
Small businesses that accept cryptocurrency can reduce the risk of privacy, security, and transparency as there is no need for a bank to hold the purchased cryptocurrency into another currency.
How will Elite Cash payment processors work?
The Elite Cash payment processor processes payments for merchants who accept ELC (Elite Cash) tokens. This payment processor can be used by any person or business who wants to receive ELC from anyone without an intermediary like banks or credit card companies. They can convert the ELC amount into their preferred crypto or fiat currency.
How will Elite Cash affect the remittance industry?
Elite Cash is a cheaper means of transferring money from one country to another or from one person to another. The crypto business payment is easier with blockchain technology and decentralization.
As the crypto business payments have grown over time, so have the challenges to process them efficiently. The challenges of crypto business payments are especially tough for companies that need to make international payments. Blockchain technology and decentralization are helping businesses save money, get faster settlements, process transactions in a decentralized way and more.