Do you know that you can get the lowest gas fees when transferring Bitcoin with Tectum? This article will show you how to spend less than the price of a cup of coffee when sending thousands of dollars worth of BTC. Before understanding how the low cost of cryptocurrency transactions is vital, it is important to examine why the problem exists.
As you all know, Bitcoin is the first cryptocurrency and still paves way for the adoption of blockchain tokens. The founders of this crypto thought it wise to use the proof of work consensus mechanism when adding new blocks to the chain. While this structure ensured security, it came at the expense of efficiency.
The proof of work consensus affects the cost of sending Bitcoin via its native network. First, transactions taking place on the BTC network itself consumes an insane amount of energy. For context, gas is the required amount of computational power necessary for completing a blockchain transaction.
Meanwhile, the proof of work consensus demands that miners solve a complex mathematical equation. Furthermore, other miners have to confirm that the first miner who provided an answer did provide the correct one. All of these efforts are possible through mining machines that use an insane amount of electricity.
This means that the average Bitcoin transfer costs an arm and a leg in terms of fees. Furthermore, the network was very slow and could not even process 10 transactions at once. This made the whole system quite inefficient.
As though the original structure of the network was not demanding enough, other factors are making Bitcoin transfers more expensive. For example, slower transactions means the network congestion will occur frequently whenever traffic is high. In turn, individuals have to pay more for the same amount of transactions.
Tectum SoftNote.Cash is a product that enables people to spend cryptocurrencies like fiat. They work like mini-wallets, which individuals to split their portfolio into smaller denominations like $1, $2, $5, $10, and so on. This product enables people to spend crypto seamlessly.
The best part about using SoftNote Bills is that individuals do not have to own the regular blockchain wallets that are usually cumbersome. These Bills are very intuitive, and anyone who can use a phone or computer can easily use them for transactions. The interface is user-friendly and seamless, as people can mint, fill, send, receive or burn these digital notes seamlessly.
On the other hand, SoftNote Merchants are enterprises that accept SoftNote Bills as payment. To enable people to spend Bitcoin more easily, Tectum partners with entrepreneurs, producers, and service providers who want to scale their businesses. We provide them with an ePOS machine that works as a crypto payment gateway just like a regular point-of-sale.
Instead of using complex wallet addresses, these merchants simply scan the SoftNote meant for payment. After scanning the bill, the customer just has to input a unique code to verify the transaction.
Think of it like using a credit card, with the unique passcode having the same protective functionality as your credit card pin. The best part about SoftNote Bills is that this unique passcode changes after each transaction. Therefore, the previous owner cannot access the funds or reverse them after payment.
SoftNote.Cash and SoftNote merchant are products that extend beyond spending crypto in simpler ways. These intuitive solutions are very efficient ways to save cost when sending Bitcoin to other people. SoftNote Bills offer the lowest gas on cryptocurrencies transactions through the Tectum BTC sidechain.
Tectum processes the transactions through the sidechain, before broadcasting the new information on the BTC native network. This method is far more efficient, as users only need to pay minimal gas fees.
These are the steps to follow when to get the lowest gas fees when sending Bitcoin with Tectum SoftNote.Cash:
On the other hand, you can get BTCSn (Bitcoin SoftNotes) from XT.com exchange. The process is very much the same.
With your SoftNote Bill in hand, simply visit a merchant who accepts Bitcoin for payment. Give them the SoftNote Bill to scan and the passcode to complete the transaction. The process is seamless and users only pay 0.5-1% in gas fees.
In this regard, anyone who sends $1,000 worth of Bitcoin through SoftNote.Cash will only pay $10 is transfer fees. This is arguably the cheapest prize anyone can pay for sending Bitcoin. Especially when compared to the average BTC gas fee price that is $38 at its lowest in recent years.
While it is a major advantage, there is more to SoftNote.Cash than offering the lowest gas fees with Tectum. Tectum’s crypto cash offers the best features, when compared to the competition. Some of the benefits of SoftNote.Cash include the following:
