Payment System

The exchange of goods and services for money is one of the fundamental aspects of human existence. Thus, payment systems were established to facilitate funds transfer from one entity to another. Payment systems have undergone several changes since their establishment. Unfortunately, none of them has been perfect, with each presenting its unique setbacks. This was one reason blockchain and digital currencies were established; to facilitate a more effective payment system for the entire world. The adoption of blockchain and cryptocurrencies…

Facebook’s Libra is still facing barriers as it is trying to come up with a new international payment system and financial infrastructure. Recently, Binance Research released a report which noted that the cryptocurrency project may turn things around in the payments industry similar to the transformation within the space travel industry by SpaceX. Last year, Facebook said it was planning to launch Libra, a digital currency to be managed by the Libra Association, a Swiss-based consortium of independent members. The…

Nimiq is a decentralized and censorship-resistant payment system in which the NIM token is used as a transfer of value and a medium of exchange. In other words, NIM is intended to be used as digital cash. A bit like many other cryptocurrencies, for example, Litecoin. The market for payment coins like this is exceptionally competitive. However, NIM users enjoy some of the lowest transaction fees, less than a cent per transaction. To put that into context, Bitcoin has a…