Why Do You Need Decentralized Payments?
Decentralized Payments are the future. With centralized payment networks like banks and traditional financial institutions being prone to many issues pertaining to security, hacking and lack of privacy, decentralized payments are the best alternative for people and businesses.
Decentralized payments refer to direct, peer-to-peer payments between two people or buyers and sellers without the need to trust any third party or intermediary like a bank to securely process the transactions. Blockchain is a perfect example of a decentralized network that offers a more secure, reliable and scalable medium of payments, giving back the control in the hands of users.
Libra Coin is a decentralized payment network built on the Libra blockchain, which is inspired by the Binance blockchain. It provides a secure, low-cost and global payment system for consumers and e-commerce businesses worldwide.
Here’s why you need Libra’s decentralized payment network.
There are many advantages of decentralized payments over centralized ones. These include:
Though the earlier decentralized networks like Ethereum and Bitcoin were costly, the newer systems are much more efficient and cost-effective. For instance, Libra’s blockchain is optimized to charge a much lower fee per transaction as compared to traditional bank transfers, which is particularly beneficial for cross-border payments. In addition, digital transactions and payments with blockchain are much faster than traditional payment options.
Another benefit of decentralized payments is transparency. Everything, including all transaction records, on the blockchain is publicly stored and can be easily verified in case of a dispute. Moreover, consumers can easily track their payments and know when there is an error.
Global (Prompt access to millions of people worldwide)
One of the biggest benefits of decentralized payments with Libra coin is that it is not controlled by any regional borders or governments and can be used by practically anyone, anywhere in the world. Thus, it provides millions of people in third-world nations with access to basic financial services including money transfers at a low cost.
More secure (less prone to hacks)
Blockchain is a digital decentralized network that is managed through distributed nodes located worldwide. The network is practically impossible to penetrate because it has no single point of control. Moreover, all the data and records are heavily encrypted and are nearly impossible to penetrate through.
Decentralized payments with the Libra coin are more reliable than traditional payments. Why? Because they are controlled by users and are fully transparent. If there is a problem, you know exactly what went wrong. unlike bank payments where any pending transaction can take days to process or resolve.
More control to users
One of the primary purposes of decentralized payment networks like the Libra blockchain is to give control back to users. Unlike centralized systems where third parties and mediators have complete access to user data and private information and can use it as they want, decentralized networks are much more secure and private and users have full control over how and with whom they share their personal data.
Libra coin is the best latest example of a powerful decentralized payment network and its benefits. It’s a digital, global payment system primarily created for e-commerce businesses but can be used by practically anyone, anywhere in the world for fast, low-cost digital payments.