Worldwide usage of cryptocurrencies is continuously growing as more technological advancements emerge. Many people now realize the countless benefits digital coins hold, especially as a payment method.
A study further recognizes approximately 101 million crypto-asset users, increasing 189% as of 2018. The increase indicates lively thrill users have to invest in the crypto space despite the current mistrust on digital currencies.
However, even after earning the coins, we still need a system that supports transactional services. For that reason, Knox World Pay comes into place as a mobile banking system based on blockchain technology. How cryptocurrencies will thrive in the market even more through the Knox World Pay protocol is our main area of focus.
Challenges Faced When Making Digital Currency Payments
Currently, many individuals prefer using fiat money over virtual currencies. Numerous myths circulate the internet concerning crypto payments. In the end, it leaves people with doubtful thoughts of whether to venture into it or not.
Despite a portion of the population paying for goods and services quickly via virtual currencies, others still find a problem navigating it. The most common issues could be as a result of the following:
A majority of cryptocurrencies lack the proper operational architecture to suit everyone. Scalability refers to the functional capabilities of the digital currency or the company behind the currency. Therefore, if developers create a coin without the proper tools to initiate payments, the system won’t handle the growing demand for services. Technical limitations can push away potential clients and businesses from using blockchain technology. At the end of the day, the goal of attaining mass adoption dies away.
Low Usability Levels
It may not be easy to change an individual’s mind about cryptocurrency payments as they are already accustomed to paying with physical money. As mentioned earlier, the myths about a specific digital currency can be a significant cause of the common usability issue. Additionally, not everyone adds the crypto payment option after purchasing a commodity, maybe due to volatility concerns. As a result, the virtual currencies lose their value as well as their liquidity levels.
To some extent, crypto scams are also a significant contributor to digital currency payments. It happens when users get some duping information urging them to send their contributions to a particular address. A lot of money is lost in the process, creating a bad reputation for the crypto community. Furthermore, deploying less advanced security features could also be a reason why fraudulent activities like scams occur. Therefore, anyone can access the coin’s database and manipulate the entire system.
Knox World Pay Empowering the Success of Digital Currencies
The development of Knox World Pay comes from Apollo Fintech, the most advanced and future rich platform. Essentially, Knox boasts of the first blockchain-based mobile payment system. Below is a description of how Knox will help elevate the current status of cryptocurrencies to accomplish global mass adoption:
At the core of Knox World Pay, they must attract as many users as possible to their system. One unique implementation that makes this possible is through the use of offline mobile transaction services. Not everyone is privileged enough to buy computer devices or smartphones or even access a quality network. Therefore, designing Knox with offline mediums of payments can boost the trading volumes of cryptocurrencies. Other offline means of payments it seeks to use are QR codes and physical blockchain bills. Every single person will be able to use Knox World Pay despite the remote nature of some regions. In a nutshell, Knox will function even without an internet connection, eventually profiting the crypto space.
Harnessing the power of blockchain technology gives Knox users a safe environment to make their digital payments. No one would want to lose all their funds from malicious activities. Accessing or manipulating blockchains is nearly impossible. Hence, Knox safeguards a user’s digital assets. Security features ultimately attract more users to Knox World Pay and eliminate the current mistrust faced by cryptocurrencies.
Easily Available Agents
Knox World Pay has another mission to establish agents on a global scale. Introducing agents to the Knox system accelerates the payment platform to another level. Agents introduce users to the payment system and engage them on how to deposit funds to their accounts. We can view agents as financial institutions providing financial services in a decentralized setup. Users can also withdraw their money in cash. Locating agents in various regions of the world expand the operational knowledge of cryptocurrencies to a global scale and, in the end, have the potential to replace traditional currencies.
Solving the usability and accessibility issue is genuinely going to change the current payment systems by far. Knox will automatically bank everyone despite the rising number of unbanked people.
Transaction speeds are extremely fast, completing transactional operations in seconds, due to its scalability power. Furthermore, anyone can become a Knox agent and be part of the most advanced payment network.
When Apollo puts the plan into motion, Knox World Pay will positively impact a whole economy to migrate to the digital currency world. In turn, the crypto space will receive the well-deserved boost bringing its unprecedented growth.