AdviceFinancesIdeas

The Payment Processing Revolution: The Second Chapter in the History of Bitcoin and Other Digital Currencies

In the grand, still-to-be-written history of Bitcoin and other digital currencies, we have an oral narrative about the actualization of a theory into a global phenomenon: The international acceptance, by merchants, independent retailers and financial institutions alike, of a valuable alternative to fiat money.

We have, in words and actions, proof of the ascendancy of the most powerful, disruptive economic force in a generation.

The first volume of this tale about the union between an idea and its validation, by way of a combination of applied mathematics and sophisticated technology, is now complete. Its pages, stored in the cloud and traversing the planet at the speed of light, a nonstop, instantaneous orbit of transactions and commands and encrypted messages – this is our shared reality.

And yet, the second chapter in this story – the one that will further strengthen the daily use of these currencies, and be a permanent stamp of economic legitimacy – involves the innovation unfolding among developers, on behalf of a transformation in the design and flexibility of payment processing solutions, for the good of users worldwide.

Which is to say, if the inaugural section of this multivolume collection is a study in abstract formulas and complex academic models – if these initial pages contain symbols, coding and technical shorthand – then we are at a new beginning that is even more auspicious (and far more accessible) than the preceding era of mining equipment, servers, algorithms and all the assorted materials that form the infrastructure of this new economy.

Think of this portion of the record as the Preeminence of the Payment Processor, a period where speed, simplicity and security reigns supreme.

I write these words from experience, as an executive with Coinvoy.net, which accepts a multitude of digital currencies, manages transactions with ease, and brings a much-needed sense of automation and personalization to this activity.

In other words, the linchpin concerning the sustained growth of Bitcoin and other peer-to-peer currencies rests with superior types of payment processing, yes; but these options must represent a milestone of undeniable significance, and irrefutable substance. Or: Simplicity must be, well, simple; it must eliminate redundancies and annoyances (like completing registration forms), while offering escrow-enabled features and the freedom to create invoices within seconds.

These advantages deliver the peace of mind users deserve and expect to receive, along with improving the back-end – the very structure – of a multi-billion dollar exchange of goods and services, executed and certified by payment processors of every conceivable format, fee and complimentary set of free services.

The critical variable in this discussion, the one that will influence the triumph of one API (application programming interface) versus another, rests in the hands of the developers who can translate the seemingly indecipherable matter of this environment into an intelligible point of universal acceptance.

Developers in Concert with Users: The ‘Build It and They Will Come’ Philosophy of Business

The overriding theme of this piece, the core principle responsible for the success of an enterprise like Coinvoy.net, emphasizes the role of developers who understand the influence of – and will design a monument to – the practical needs of users.

In this case, a developer’s most persuasive example of his or her brilliance has everything to do with reducing complexity into a simple experience, which enhances transactions, earns the trust of users, and, because of its retention of only the most essential things – the absolute necessities – does a better job than all existing alternatives.

This ‘Build It and They Will Come’ approach to business leadership is the fulfillment of every developer’s ambition, every merchant’s dream and every user’s plea: To have a safe, reliable and resilient standard by which people can judge the worth of one payment processor against all would-be competitors.

By this benchmark, we, the developers, executives and staff of Coinvoy.net, welcome the dawn of a new era in our industry.

Infused with optimism and motivated by excellence, the future is bright, indeed.

Michelle Tilman is a marketing assistant for Coinvoy, which is a leading payment processor for users of multiple types of digital currency, including: Bitcoin, Litecoin and Dogecoin. She specializes in identifying emerging market trends for merchants and consumers, who choose to execute transactions with one or any of three currencies mentioned above. Michelle is based in Hong Kong.

CEO Blog Nation

This is a post from a CEO Blog Nation writer. CEO Blog Nation is a community of blogs for entrepreneurs and business owners. Started in much the same way as most small businesses, CEO Blog Nation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice. CEO Blog Nation provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

eleven − 2 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button

Get a FREE copy of the I AM CEO eBook . Also, get the latest from CBNation including the news, information, our weekly TOP5 and more from across our community delivered to your inbox. 

Subscribe
We're 20,000+ CBNation Members Strong & GROWINGJOIN FOR FREE
+ +
Close
Close