Coinstirs: Taking advantage of blockchain technology for international payment solutions
In an increasingly globalized environment, the transfer of money across borders is more complicated than ever. The obstacles remain, which include the high cost of transactions and long processing times-in spite of the rapid advancements in technology for financial transactions that allow greater integration between people across the globe. However, the advancements in global financial transactions including cryptocurrencies and financial payment platforms such as PayPal, the overall experience is a little cumbersome and costly.
At Coinstirs we’ve harnessed the potential that blockchain technology can bring to offer practical solutions to cross-border payments. Our complete, integrated platform features a fiat on-ramp aggregator, fiat off-ramp service and a variety of payment channels. We make cross-border payments easier to provide a pleasant and simple experience.
Venmo and PayPal aren’t the only options that offer complete solutions.
Venmo along with PayPal are among the most frequently used payment transfer platforms, particularly for domestic transactions. But, a significant portion of their success in domestic payments is made easy by an established infrastructure.
To complete a transaction Venmo as well as PayPal users must meet the following requirements:
- Bank Account
- Debit/Credit Card
- Mobile Phone/Laptop
- Venmo/PayPal account
- Recipients’ details
The infrastructure that is required to support the business model of PayPal and Venmo is available to the majority of the people which makes it easy to develop a straightforward process.
But the complexity of cross-border transactions means there are several factors to take into consideration prior to trying to transfer. For instance, the charges and processing time for international transactions may be prohibitively costly or complicated to pay using the current payment options such as PayPal as well as Venmo does not offer features that facilitate transactions abroad.
A good example of PayPal’s costly fees is one: If a person wanted to pay $2000 to an account in the UK for personal or wage payments for goods or services the recipient would receive $1940. The fee is $60. If the amount is larger the charges increase significantly when there are multiple payments made to users around the world, this becomes an important problem.
Blockchain-based solutions currently do not have the potential to be viable
Blockchain is a revolutionary technology that could transform the global business environment, eventually leading users on the path of commerce that is more convenient all over the world! It’s exciting in that it gives us access to this revolutionary economy, and also the capability to transfer payments across borders without being bound from the restrictions of traditional institutions.
The world is fast moving towards cryptocurrency and blockchain payments However, there’s an extensive way to go.
Bitcoin and cryptocurrency transactions require a number of steps from the user prior to the payment is completed. This includes:
- The registration process for exchanges is slow.
- The absence of a variety of payment features.
Crypto wallets that are confusing with poorly designed interfaces, preventing simple purchases for people who aren’t familiar with the latest technology or financial jargon like addresses or private keys, these are essential to withdraw money out of an account!
However, with all these obstacles, it is difficult for new users to make payments swiftly and effectively.
Utilizing blockchain technology
The Coinstirs platform employs an innovative hybrid blockchain strategy for creating blocks that have been proven to be affordable, secure, fast and cost-effective. Our key features for encouraging an integrated method of crypto payments include:
Fiat onramp Aggregator: service that sits over all of the fiat off-ramps that exist in crypto, allowing us to source great deals to our clients regarding costs and KYC.
Fiat off-ramp services: A variety of choices for payments made using fiat, such as bank transfer, debit and crypto cards. Our intelligent exchange engine transforms the payment into the currency of the recipient.
Secure Wallet: BitGo is our certified custodian provider of wallets. This means that we have their cold wallet security platform, which is supported with multi-sig encryption protocols.
Internet Virtual Ledger: Immutable payment tracking. It is chain-agnostic and supported by our automatic-balancing liquidity pools.
Coinstirs Token Economic Model
The token $COINSTIRS is the lifeblood of our ecosystem, and will play a significant part in our development. The $COINSTIRS token is one of the payment methods and investing that allows users to enjoy lower exchange costs as well as higher yield rates and additional benefits, such as cashback as well as limited credit card designs.
The tokens of $COINSTIRS utilities are:
- Multiplication yield
- Customization of debit cards
- Better cashback deals/referrals
- Reduced fees
A medium of exchange is a real possibility
The US in the year 2020, Venmo and Zelle mobile applications made payments with a volume of $432 billion and the amount is expected to grow to $1.152 trillion in 2023.
With an increasing number of companies and individuals around the world who use online shopping as well as personal transfers, international payments will only increase. Blockchain is poised to revolutionize the way we do business and is an opportunity Coinstirs can profit from by putting our platform at the forefront of providing consumers with an international scale, without compromising quality of service or security!
Coinstirs is a cryptocurrency alternative to mobile payment solutions. Coinstirs’ platform lets P2P payments simple, straightforward and easily accessible. As we move to an economy based on cryptocurrency, Coinstirs provides the market convenience required to facilitate cross-border payments globally. With our platform, we seek to facilitate global adoption of crypto and enhance the performance in financial transactions.