Minimizing Blockchain Transaction Costs with QuickX

Minimizing Blockchain Transaction Costs with QuickX

Share

Cryptocurrency comes with a wide variety of benefits, so it’s no surprise that many are turning to this decentralized platform instead of traditional centralized platforms, such as those used in banking. The blockchain is transparent, which reduces the risk of fraud. It keeps users accountable for their transactions. Finally, it’s easy to use, which makes it accessible to everyone.

Assessing fees is an essential part of choosing a financial platform. Overall, cryptocurrency fees are substantially lower than credit card fees, according to Investopedia. While credit cards charge a base rate plus a percentage of each transaction, cryptocurrency transaction fees are based on the amount of data transferred.

However, fees are on the rise, a troubling trend for those who use cryptocurrency. Blockchain Luxembourg S.A. reports a sharp rise in fees between December 2017 and now. QuickX aims to solve this problem, while simultaneously tackling other important issues in the world of cryptocurrency.

Why Are Fees So High?

Since blockchain fees have historically been quite low, it’s important to look at trends to understand the increase in fees. A report from Ars Technica indicates that fees are based on system demand, so a growing amount of users drives up the burden placed on the system. Fees are also based on urgency. Those who are in a rush often have to pay even higher fees.

These trends are an issue for business owners and those who pay with cryptocurrency. Delays and high fees can cut into profit margins and impact the availability of services.
That’s where QuickX steps in. Since it’s a decentralized system, there’s no need to confirm transactions with an outside third party. Not only is this faster, it results in fewer fees. Additionally, miners do not have to confirm transactions, shortening the wait time considerably.

How Does QuickX Help?

The goal at QuickX is to drive down fees and make transactions happen instantly. QuickX reports that there is virtually no wait time for transactions. The electronic transfer mechanism works in basically the same way as traditional systems. Pooling facilitators provide liquidity to the network performing transactions instantaneously.

With the easy transaction tracking enabled by QuickX, the network maintains transparency and accountability on both sides of every transaction. There are no exchange fees on the QuickX debit card and no network fees when swapping cryptocurrency. Those who use it as a payment gateway can accept cryptocurrency for payment with a flat 0.5% settlement fee.

Due to its structure, QuickX benefits those who pay and are paid with cryptocurrency, as well as those who take part in both. It has the power to change how cryptocurrency transactions take place by minimizing fees and wait times through the use of ‘pooling facilitators.’

New technology like cryptocurrency is bound to have growing pains–QuickX seamlessly handles these issues, creating an easier way to use cryptocurrency. By addressing these concerns, QuickX enables faster growth of this technology and brings more users into the fold.