The cryptocurrency industry is still progressing as the early birds expand their wealth under blockchain technology’s safety. The launch of these digital coins provided a groundbreaking solution to a lagging financial technology. The fintech sector failed to provide practical solutions to the conventional banking system’s challenges until the birth of blockchain technology and digital currency. Today, cryptocurrency-based platforms are providing individuals and businesses with financial service infrastructures independent of third parties.
However, despite cryptocurrencies and cryptocurrency-based payment platforms having exciting features, they are still surrounded by a couple of challenges that need redress. These challenges have seen crypto-adoption grow at a relatively slow pace as populations fear or remain incapacitated to access and use the digital coins. Luckily, Apollo Fintech introduced a new cryptocurrency gateway, Knox World Pay, which addresses these challenges altogether.
Cryptocurrency and Price Volatility
Cryptocurrencies are unregulated, and several countries advocated against investing in them after their introduction. One of the major concerns was the price volatility that made them high-risk investment options. For instance, Bitcoin’s biggest cryptocurrency reached a volatility level of 8% between late 2017 and early 2018. As such, a significant population remains reluctant to adopt digital coins. However, stablecoins came into the cryptocurrency industry, ending the price volatility problems.
Apollo Fintech has now come out to leverage stablecoins in cryptocurrency payments by introducing a stablecoin based platform. Stablecoins backed by fiat currency reserves will power Knox World Pay’s payments. Users can now adopt, invest, and transact using digital coins without the fear of price volatility.
Cryptocurrency User Entry
The inception of cryptocurrencies to the world over a decade ago presented them as financial tools for the tech-savvy people who can understand blockchain technology. Users needed to have online wallets that one could not access without a smartphone and internet connection. Further, individuals had to sign up for trading platforms to exchange their fiat currencies for cryptocurrency. Crypto payments seemed impossible since only a few merchants accept digital currency due to a lack of the necessary infrastructure. Additionally, users needed to remember multiple digits as security for their wallets. The entire cryptocurrency entry process and overall user experience were unfriendly, especially due to the internet and computers.
However, cryptocurrency enthusiasts have a reason to smile following the completion of Knox World Pay. The platform promises not only easy entry into the cryptocurrency world but also a friendly user experience. Knox World Pay eliminates the internet connection, smartphone, and cryptocurrency exchange platforms requirements for users who find accessing these facilities a hassle.
It utilizes alternative technologies, including physical blockchain-backed bills, SMS transactions, and QR codes. New users will easily make their first deposits at any of the agents that will be distributed all over the world, even in the most remote areas. These features make it the perfect gateway into the cryptocurrency world for all populations, including individuals in the most remote regions worldwide. It is opening up such people to the digital coins era and international mobile banking services.
According to an article published on blockchain technology and scalability problems, it is only possible to leverage two aspects from scalability, decentralization and security. Most projects are never ready to compromise on safety, thereby leaving decentralization and scalability at stake. However, Apollo Fintech just completed the first project that leverages these aspects altogether.
The Knox World Pay will operate on a high level of decentralization. Users can carry out their transactions from any locations across the globe, while those requiring assistance will only visit the localized agents. The platform will run on Apollo blockchain, which guarantees unprecedented security as a global leader in providing blockchain solutions. The developers seem to have a way of leveraging all the three aspects together since Knox World Pay will have no scalability issues. For instance, the platform is currently powered by fiat-backed stablecoins, although the developers plan on integrating Bitcoin, Ethereum, and other cryptocurrencies in the future.
Many platforms have, in the past, claimed to provide the fastest transaction speeds, but Knox World Pay outsmarts them all. It is the first platform to support various offline payment options, including coupon codes, MasterCard, and Visa, at unprecedented speeds. For instance, users can wrap Bitcoins into a BTC and send in as little as two seconds. Further, individuals have the closest access to their digital cash reserves since they can withdraw directly in cash from the Knox World Pay agents.
Knox World Pay forms the most user-friendly cryptocurrency project that will boost cryptocurrency adoption and support the global population for wealth creation. It will be the first project to support the creation of local jobs through its agency network program. It allows any user to sign up to become a Knox World Pay agent, and the agents have the freedom to create a network of sub-agents. That way, Knox World Pay will help populations develop sustainable businesses and employment opportunities directly, making it the best cryptocurrency gateway.