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:

Inexpensive

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.

More transparent

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.

Reliable

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.

--

--

--

A Comprehensive Blockchain Payment System for E-commerce Businesses.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Stray Friends NFT collection will be selling on Liquidifty.io!

Community's Choice: Week 8 Winners of Nebulas Incentive Program

Welcome to Starport, SpacePunks

Weed and NFTs: Here Are 5 Cannabis Related NFT Projects to Keep an Eye On in 2022

Nov 23rd LuckyHash Daily Express

CRDT: International networks with the CryptoDaily payment card

Thoughts on ‘Cryptoart’ and Tokenization

How NFT Aggregators Can Change the NFT Buying & Selling Industry

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Libra Ecosystem

Libra Ecosystem

A Comprehensive Blockchain Payment System for E-commerce Businesses.

More from Medium

Riverboat NFT: Captain’s Combos

FrogFam Discord POAP

Structural Unemployment? Welcome to the Metaverse jobs!

Technology photo created by rawpixel.com — www.freepik.com

WaykiChain Making a Comeback in World Cup