When PayPal started turning the payments industry upside-down with email, it was the only widespread method of P2P payments over the Internet that didn’t involve banks. But with cryptocurrency and blockchain, we now have a lot more options, some of which are far superior than keeping fiat money (EUR, USD, JPY, CNY, etc) in PayPal’s custody.
With blockchain and cryptocurrency, a promise has been made for a fee-free world on any transaction of value between two parties. Eventually, all assets of value are expected to be recorded on a public ledger, or blockchain, meaning transferring these assets will be instantaneous and fee-free. This is also known as the token economy.
However, there are also many challenges with cryptocurrency and blockchain, where we are still sending money to complicated addresses like:
1BtjAzWGLyAavUkbw3QsyzzNDKdtPXk95W or TKT4UESIKTTRALRRLWS4SENSTJX6ODCQ called private and public keys .
Besides these perplexing keys feeling very foreign to first-time users, setting up wallets to send and receive cryptocurrency is not an easy process. And even if you manage to do all that, once a payment is sent, there is no easy way for you to tell who was the recipient.
In sum, despite the many benefits associated with cryptocurrency and blockchain, the user experience is not good and will never achieve mass adoption if intuitive solutions are not implemented.
All transactions are processed on Bitshares Graphene blockchain, which has been running since 2015 and verified millions of transactions and trades in the past. With Bitshares, and the corresponding BitAssets issued, anything really can be sent, received and exchanged on the Graphene blockchain. That is, regardless if you want to transact with fiat currencies, stocks, commodities or other types of asset classes, they can all be serviced on the Bitshares Graphene blockchain! This is a massive benefit compared to dealing with a long list of isolated blockchains, ultimately improving the user experience. And Blockbasis will take advantage of these benefits to the fullest extent!