For crypto adoption to be significant, people should be able to spend digital assets for just about anything. However, people cannot still use certain blockchain tokens for everyday purposes. However, tectum is changing the narrative by enabling people to make Bitcoin microtransactions through SoftNote Bills.
This article will examine how SoftNote is supporting crypto transfers in small amounts. It will also outline the possibilities of incorporating this blockchain solution into traditional financial services. Before going into details, let’s examine the challenges of using Bitcoin for microtransactions
When they hear “crypto adoption,” most people think of large corporations accepting blockchain tokens as payment. However, time has proven that the average person using Bitcoin, Ethereum, USDT, etc. for daily expenses is the true definition of that word.
Even with the big companies and governments accepting Bitcoin as a legal tender, nothing will change if people cannot buy clothes, shoes, and groceries with cryptocurrencies.
Before examining how to solve this problem, we must understand why it exists in the first place. Why is the number of crypto users increasing globally? What is the reason for the spike in people sending and spending blockchain tokens? The answer is simple – more people feel more secure using cryptocurrencies.
Security in this context translates to many things. First off is the actual security that the anonymity of blockchain provides. People now know they can send and receive digital assets without looking over their shoulders. Nobody will question you for spending x amount of crypto daily, as no central entity controls it.
Besides literal security, blockchain tokens offer financial security. A good example is the case of Turkey, where the nation’s fiat currency literally turned on its head after several failed government policies. Cryptocurrencies have self-regulatory measures, making them less susceptible to inflation.
This feature has made several individuals consider cryptocurrencies as securities. It is so significant that many people do not see Bitcoin as money anymore. Instead, they now see the token as a financial investment.
Tectum is simplifying Bitcoin microtransactions through SoftNote Bills by reinforcing the principles of blockchain technology. The first method is to make it more accessible (decentralized), such that the average person can access it.
While creating a SoftNote wallet account helps in portfolio management, people must not create one to access and use SoftNote Bills. Tectum created softnote.cash platform to enable people to fill, send, and spend cryptocurrencies without a crypto wallet. Instead, they get a barcode, serial number, and password to a mini wallet holding digital assets.
Even better, people can store SoftNote Bills in several ways. They can keep it as an image on their phone. People in remote areas can print it out like regular fiat currencies. Despite the diverse nature, the process remains largely the same.
After confirmation, the system invalidates the old passcode and creates a new one. This prevents scams and ensures one person does not use the same Bill twice for different transactions. It also secures the new user and guarantees they are not defrauded.
So, how does SoftNote Bill perfect Bitcoin for smaller amounts or microtransactions? Well, the answer is very simple – SoftNote Bills make Bitcoin practical for microtransactions. This practicality ranges from the cost of transactions to the process itself. First, let’s look at the cost.
It can cost $10 to send small amounts of Bitcoin via the native network. This amount is still subject to increase in cases of traffic congestion and priority fees. Imagine buying a chocolate bar from LIDL for $3 and paying $10 in fees. No need to say it, you’ll be livid.
Worse still, you have to do it from a complex blockchain wallet and it takes forever for the blockchain network to process the transaction. In fact, you may probably be done eating the chocolate bar when the attendant confirms the payment. The impracticality of Bitcoin transfer explains why retail adoption is slow.
With SoftNote Bills, you pay no more than $1 or 0.% on transactions – regardless of the amount you are spending. The best part is that you mustn’t know anything about blockchain or crypto to use this product. Just think of it like spending fiat currencies that have a password.
With all that said, we have good news for everyone. Tectum is set to launch the SoftNote Wallet App this September. We have already submitted the applications for review by Google and Apple Play Stores. Upon approval, the beta version of the best crypto wallet will become available for users.
Think of having these amazing features squeezed into a mobile application on your phone. Sounds remarkable, doesn’t it?
