The global economic crisis associated with financial institutions has a spiral effect on the economies of nations in general as most of the activities have been plagued with financial irregularities which include exorbitant transaction fees and hidden charges which are at the detriment of the customers.
Using cryptocurrency for payment and purchase of goods and services is a better alternative, especially in this decentralized world that requires swift transactions and lesser fees. As a result of the inefficient fiat system of payment, a lot of people face challenges in carrying out their daily transactions.
Peer-to-peer services don’t always require users to pay for them, but instead allow people to collaborate on projects, share information, or communicate without direct intermediaries.
Users who have to deal with the rigors of transferring funds from person to person and business to business have been adversely affected by this. It is evident that Bitcoin and other cryptocurrencies are being fulfilled by users who carry out their payments in a peer-to-peer fashion on a daily basis. This will eliminate the challenges associated with bank transactions, such as high fees and unnecessary bottlenecks.
Due to the increasing amount of payment thefts and frauds which are quite alarming at the moment in the traditional finance sector, and the increasing demand for the expansion of the e-commerce sector, there are so many opportunities for misusing customers’ information or card details to perpetrate crime.
To ensure that we are not missing the mark, we cannot afford to fail to educate users about peer-to-peer methodology. In this article, we will present a simple analogy of the p2p methodology and how it has helped to change the way people execute their transactions and businesses in a global way.
What is peer to peer (P2P)?
A peer-to-peer (P2P) service is a decentralized methodology whereby two individuals interact directly with each other, without intermediation by a third party.
Apart from the fact that the p2p methodology actually takes away the middlemen or custodians in the financial system like banks, it creates the opportunity to execute transactions at a minimal cost to both parties involved in the transaction at a very fast rate. Thereby making the transaction cheaper.
This has transformed the way business transactions are executed in the global economy in recent years. As a result, many small businesses can become global businesses by leveraging the internet to have their shops listed on a global platform. The creation of online shops allows customers to buy everything from clothes, shoes, books, coffeemakers to toothpaste right from their homes via a mobile or computer device.
Other businesses have drifted into the NFT spaces to get a share of the global market where they can sell their products in form of NFTs in the blockchain due to the level of simplicity of the market space.
P2P Crypto payment has totally changed the way businesses are run and also increased the volume of transactions, as users can rest assured that high transaction fees would not adversely affect their business operations.
At Klever, we have made things even easier by offering a P2P wallet that serves as a means of storing cryptocurrencies, making daily payments, and trading the cryptocurrencies into other forms of money, including fiat.
The Klever team is determined to create more products that would become beneficial to our community and the entire world in general as we hope to empower more people by means of simple tools embedded on the Klever Wallet for small businesses to leverage to achieve greatness. This would help us attain one of our core goals of eradicating poverty in a global way.
It is a Klever thing to do.