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The role of crypto payment channel

Overview

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White paper
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XSB Distribution
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Evaluation & Strategy
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Terms of use

Payment Protocol, Solareum Wallet and XSB

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Solareum Integrates FIO Send to Simplify Cryptocurrency Transactions
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Solareum Partners with FIO Protocol to Make Sending Crypto as Easy as Sending an Email
Lightning Rewards SDK
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What is a Payment Protocol?
What is Lightning Rewards?
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How to connect to Solareum Wallet?
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Borderless and bankless payment
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The role of crypto payment channel
What role will Solareum play in Web 3?
What role will Solareum play in Web 3?
Simplify: Solareum (XSB)
Simplify: Solareum (XSB)
Solareum aims to push crypto payments go to mainstream in 2022
Solareum aims to push crypto payments go to mainstream in 2022
Solareum introduces a new feature: Syncing users' private keys to the cloud
Solareum introduces a new feature: Syncing users' private keys to the cloud
Solareum x Moonpay
Solareum x Moonpay
How to use Moonpay on Solareum?
How to use Moonpay on Solareum?
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Simplify: Money
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Simplify: Cryptocurrency
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Simplify: Exchanges
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Simplify: Crypto Wallet

Developers

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How to connect to Solareum Wallet?

FAQ

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Upcoming Plans
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Solareum Wallet: How to use safely?
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Solareum Wallet: Terms of use
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Solareum Core Team Q&A
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Solareum: Q&A

Vietnamese

Lightning Rewards SDK
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Làm thế nào để sử dụng trang Explore
LR hoạt động thế nào?
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XSB Distribution 2.0
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White Paper
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Solareum: Định giá - Chiến lược
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Sử dụng Solareum Wallet thế nào cho an toàn?
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Thông tin thị trường XSB/USDC
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Solareum Wallet - Điều khoản sử dụng
Lightning Rewards là gì?
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Giải mã ý nghĩa Logo Solareum
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Solareum - Kế hoạch sắp tới

The role of crypto payment channel

Surely everyone has heard of the term cryptocurrencies (crypto) and in 2021 it was an explosion of this market with many applications of crypto being discovered such as DeFi, NFT, GameFi, … So as a currency, is it really suitable to be a payment method? Let’s find out through the article below!

An evaluation

Financial institutions own and oversee a variety of modern money exchange methods, including paper checks, credit/debit cards, Automated Clearing House (ACH) payments, bank transfers, and digital cash. Nonetheless, the circulation of money continues to shift in the ever-changing world of trade. The last decade witnessed the introduction of Bitcoin, a new paradigm‑shifting innovation where the users control their own money without needing a trusted third party.

However due to high confirmation waiting times, highly disproportional transaction fees, and low through put, the establishment of payment channel networks (PCN) where among many participants and channels the participants pay through others by using them as relays, essentially forming a connected network. A perfect example of PCNs is Lightning Network, and after that is a lot of network that solve that problem such as Ethereum, Binance Smart Chain, Solana, …

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Source: Quora

Let’s take a look of most famous blockchain during this time:

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Source: Coin98

Solana blockchain with 50,000 transaction per second with the trading fee almost 0 can be considered as the appropriate blockchain for payment issue.

Crypto payment gateway

A cryptocurrency payment gateway, like payment processors, gateways, and acquiring bank credit cards, is a payment processor for digital currencies. Cryptocurrency gateways allow you to accept digital payments and quickly get fiat currency in return.

These organizations erase any doubts or qualms you may have about cryptocurrencies, allowing you to offer more payment options to your customers.

It’s vital to understand that payment gateways for digital currencies aren’t required. It’s completely fine to accept bitcoin payments using your personal wallet. Nevertheless, gateways relieve you of the added labor of converting cryptocurrency and storing a wallet.

Hopefully with the development of crypto payment gateway will help more people easily approach to crypto world

Is crypto an alternative to traditional payments?

Despite being a believer in crypto, it is currently very difficult for crypto to become a payment instrument that can replace traditional methods for a few reasons:

  • Popularity of crypto is not high
  • Remarkably price volatility
  • Not any specific rules/laws related to crypto
  • Not many projects focus on this feature yet

However, in the future, nothing can be said. Take a look at what Bitcoin in particular or crypto in general has gone through, from being likened to a bubble by everyone to becoming an important part of the financial market and now even diving into politics when El Salvador, the first country to accept Bitcoin as a payment method.

Thanks

Solareum team