SoftNote Bills present an opportunity to improve the average person’s perception of Bitcoin for payments. This is the only way to foster the adoption of this cryptocurrency among regular individuals. Without the active involvement of people, even institutions will be unable to embrace the use of this blockchain token. Therefore, it is essential that BTC ticks all the essential boxes.
Since its launch, bitcoin has pioneered digital payments. Unlike prior centralized solutions, this is the first truly global payment system. It did not discriminate against users in terms of government policies and geographical location. To send and receive this digital currency, individuals only need to have a blockchain wallet. Through this medium, they can transact with people they may never get to meet physically.
Despite its enormous potential and benefits, there are still some significant drawbacks to using Bitcoin. These challenges constitute the major reason why many institutions and most individuals are apprehensive about utilizing this virtual money for transacting.
Below are some challenges facing Bitcoin and its utilization for doing business:
As long as memory serves, there has been an unending debate about the principles of blockchain technology. Many experts argue that the slow nature of the proof of work approval of transactions is part of the security process. Furthermore, the lack of speed is a small sacrifice to make in order for the first cryptocurrency to maintain its principles.
On the other hand, some web3 leaders also opine that the sluggish transaction is a major drawback. In addition to being slow, the proof of work consensus also makes sending and receiving Bitcoin more expensive. Therefore, something has to change.
Whatever side of the argument you stand in support of, there is no denying that the slow nature of Bitcoin transactions is a significant problem. No trader will want to transact in a currency that requires multiple stages of approval to take effect. Even regular bank transfers are received within less than a minute of being sent.
At the moment, one of the major concerns with using Bitcoins payments for business is that there is no uniform exchange rate. Not to worry, I will explain what this means.
If you want to use the US Dollar or British Pound Sterling, you know exactly how much you will spend on specific items. If you are paying in cash, you can also ascertain the amount you will receive as your balance. With Bitcoin, the process is not exactly the same. To make up for the difference, some crypto exchanges interpret the value of BTC against fiat currencies like the US Dollar.
While this is a good solution, it barely solves most of the problems. This means that people have to use crypto off-ramps for transactions. Furthermore, this conversion does not apply to other fiat currencies. In this regard, people will become mathematicians and begin multiple conversions for every transaction.
The paragraph above has already shared insights into the complexity of using BTC for business. Unless you are buying and selling in US Dollars, you have to do calculations manually. Even if you are paying or receiving payments in USD, this is just the beginning of a long transaction.
You have to use the right BTC wallet address for payment. For those who are not familiar, this is a long encrypted text that is better copied and pasted than written down. The reason is that mixing up a single digit can cause you to lose your funds forever. Considering that BTC transfers are irreversible, it is unsurprising that most people do not want to risk it.
Despite the challenges, the potential of Bitcoin as a global form of payment is inarguable. The only thing missing is specific upgrades to enable the currency to scale its current challenges.
Tectum blockchain, through the use of SoftNote Bills, is addressing these issues by enabling the following:
With SoftNote Bills, Bitcoin payments will no longer take ages before people can receive their funds. This innovation is built on Tectum, a blockchain with a speed of 1.3 million transactions per second. In addition, these bills utilize a more efficient approval system that prevents transactions from clogging up. Besides the network, the transfer media also make transactions very faster.
There are several ways to send and receive SoftNote. Users do not always need to own a wallet to receive transfers. People can transact between themselves by using a QR Code and a passcode. Once the receiver scans the QR Code and enters the passcode from the sender, they automatically get ownership of the Bitcoin.
Not to worry, a SoftNote does not alter the value of your BTC. These bills are designed to be actual representations of your Bitcoins. Instead of having to manually calculate how much you need to send or receive for a product or service, the system does it for you. After completing the calculation, the system informs the sender how many bills they need to send to the receiver.
This is arguably the juiciest benefit of using SoftNote for payment. The tokens are held and circulated on the Tectum blockchain. Therefore, users will be able to send these digital tokens for free as long as they transact on our network. This way, buyers are not deterred by the issue of exorbitant gas fees when making payments. It is even more significant, especially if people have to pay for items or services to several people or multiple times in a day.
For ages, the world has longed for a unified payment solution. Over the last decade, Bitcoin has presented itself as the solution to the challenge of sending and receiving funds globally. While it is itself a key to unlocking possibilities, this cryptocurrency has been hampered by certain challenges.
With the application of SoftNote Bills to bitcoin, the world is set to witness the future of digital payments. Secure transactions that are done on a lightening fast network. More importantly, the exchange rate is unified and people do not have to deal with the complexities when sending or receiving this digital currency.
