Bitcoinus is a new cryptocurrency model looking to revolutionize the online payment processing industry.
There is plenty of room for a crypto disruption in the digital retail business model. This market is expected to reach a $3 trillion valuation by the end of this year. Part of the reason is that shoppers are more inclined to buy from online stores now more than ever. It offers utmost convenience and allows them to look beyond their physical surroundings for good deals.
Challenges in the Current Model
But this business also comes with its fair share of challenges, foremost being the execution of financial transactions to close deals. Buyers have to tread with caution when it comes to uploading personal and financial details online.
Every time information such as credit card details, shipping address, phone number and email address are uploaded online; individuals set themselves at risk of hacking and identity theft.
This explains why e-commerce businesses are opting to join the cryptocurrency hype. With crypto payment processing platforms, business persons get access to tech-savvy customers who prefer the innovative payment system.
It also sets a business apart from the competition since it offers more options to their customers regarding payment procedures. And most importantly, these systems do not require personal information that would place shoppers at risk of becoming cyber-crime victims.
The Bitcoinus Approach
Fast transaction processing
Bitcoinus is a new cryptocurrency system designed to offer buyers and sellers the distinct advantages of the blockchain technology and its digital currency framework. It offers fast transaction processing which takes only two seconds for transaction approvals.
Merchant Reputation System
Additionally, the network will offer a merchant reputation system that will allow buyers to evaluate available traders and make an informed choice. This will limit criminal activity on the network and could lead to higher transparency. It will also guarantee honest reviews from customers due to the immutability of the blockchain record.
Merchants will also enjoy the distinct advantage of free transactions whenever they receive payment using the Bitcoinus (BIU) token.
Bitcoinus will have to compete with legacy institutions in the online payment system industry such as the likes of PayPal. This will be no mean feat considering the popularity of such platforms. In 2017 alone, PayPal recorded a turnover of more than $11 billion.
These legacy institutions have long enjoyed the advantage of offering a simple and straightforward system when it comes to making online payments. The cryptocurrency world, on the other hand, is still the domain of innovation-driven users. It is still laced with complexities and inconveniences that make many users opt for the systems to which they are already accustomed.
But the Bitcoinus model is designed to overcome such challenges and make crypto transactions more appealing. It is designed with a flexible API that will allow developers to create their own business solutions and integrate the crypto payment service option with ease.
E-commerce platform plugins
It also has plugins for most of the popular e-commerce platforms like Shopify and WordPress among others. The platform will also offer low transaction costs of 0.5% unless they are using BIU, in which case it will be free as mentioned above.
The Bitcoinus ICO is scheduled to start on January 22 and will offer a 47% discount to contributors on the BIU token. The pre-sale aims to sell eight million BIU tokens. The project’s supporters will in future get discounts when shopping at Bitcoinus partner outlets.