How Bytus is Speeding Up Cryptocurrency Transactions

Would you wait even 5 minutes to pay for any product using credit cards or cash? Obviously not, which is why cryptocurrency transactions also need to be fast

Thanks to its underlying blockchain technology, cryptocurrencies offer a faster mode of completing payment transactions. Also, cryptocurrencies are decentralised, meaning as compared to other digital bank payments, it does not require a central authority to approve the transaction – thus making it fast to complete.

Do Cryptocurrencies enable faster transactions?

As compared to traditional fiat currencies, blockchain-based cryptocurrencies do have better transaction speeds. Cryptocurrencies like Ripple and Stellar have an average transaction time of just 4-5 seconds – while Ethereum, the second-largest cryptocurrency after Bitcoin can clock a transaction in 6 minutes.

However, when it comes to the number of transactions per second, cryptocurrencies still lag behind Visa that can handle over 24,000 transactions per second. For instance, Bitcoin can only handle 7 transactions each second, while Ripple can manage around 1,500.

Slow transactions are also a result of unfair practices by cryptocurrency miners through the selling of the same coin multiple times. This can cause a single transaction to take up to 30 minutes to be completed. This often causes cryptocurrency supporters to lose interest and switch to faster payment modes.

How Bytus Can Increase Transaction Speed

With the introduction of its Cryptocurrency payment platform, Bytus enables you to pay for products using any cryptocurrencies. Instead of carrying out transactions on multiple cryptocurrency exchanges, Bytus provides a one-stop payment solution for both cryptocurrency users and merchants accepting this form of digital payment.

Here is how Bytus improves the overall transaction speed using cryptocurrencies:

  • The Bytus cryptocurrency ecosystem comprises the Bytus Crypto Bank, digital wallet, tokens, and a private blockchain – that allows any user to purchase any product from a variety of retail stores using their cryptocurrency tokens.
  • Bytus Crypto Bank facilitates easy and quick conversions of cryptocurrencies into fiat money – and can be installed as a user-friendly mobile app.
  • Backed by Ethereum, Bytus utility tokens are a convenient mode of exchange in the Bytus ecosystem. The higher the number of owned Bytus tokens, users can perform more transactions. For instance, 10 tokens allow you to perform up to 10 transactions in just 24 hours.
  • The Bytus Private Blockchain is powered by advanced Graphene technology that is modular in structure and can perform hundreds (or even thousands) of payment transactions each second.

Overall, Bytus is revolutionising the world of cryptocurrencies by enabling the next generation of digital payments. Apart from making crypto transactions secure and faster, the Bytus ecosystem is bringing payers and merchants together by eliminating all hassles associated with middlemen.

Bytus is the perfect payment gateway for cryptocurrency enthusiasts who want to embrace this form of digital payment without facing challenges like high commissions, slow transactions, and unsafe or insecure platforms.

