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Atomicpay, a payment solution provider based in Thailand, presented a non-secured digital currency payment terminal.
Accessible to traders around the world, the new development of the encryption terminal was led by its founder Benz Rif. According to Rif, the platform will initially support payments in bitcoins (BTC), bitcoin cash (BCH), litecoin (LTC) and some other major cryptocurrencies. Similar to how other cryptographic payment processing solutions are designed, Atomicpay's platform aims to eliminate the need for third parties to settle transactions.
Cryptographic services must be decentralized
During an interview with Bitcoin.com, Rif stated:
The cryptocurrency itself is decentralized, but blockchain payment processors continue to be centralized. This has caused the same old problems with high processing costs, hidden costs, slow settlements, hacks, improper games, privacy issues and censorship.
In order to improve the process of transferring payments in digital currency, Atomicpay allows merchants to obtain immediate custody of their funds. Unlike Bitpay or Paypal, Atomicpay's cryptographic payment network never holds funds on behalf of their clients. As explained by Rif, the Atomicpay platform is "entirely" a peer-to-peer payment solution (P2P).
Not a complete solution
Those looking for a complete solution for cryptocurrency payments may need to explore other options since Atomicpay does not provide a wallet service. Atomicpay's digital payment processor focuses only on making payments easier, as it does not offer an exchange service like many other platforms like Waves.
In particular, Atomicpay's cryptographic platform allows users to convert their cryptocurrencies into 156 different legal currencies. Users must scan a QR code or provide their own encrypted address in order to make payments to merchants.
Rif revealed that over 1,700 merchants from countries such as Venezuela, Turkey, Thailand and Colombia were planning to use Atomicpay's cryptographic payment processing services. The payment processor registered in Thailand charges 0.9% per transaction from customers who have not completed the know-your-customer (KYC) checks and 0.8% from those who submitted verification documents to the customer. ;identity.
Non-custodial payment solution. You have immediate ownership of funds every time a customer pays you! Here is a brief bunch on AtomicPay. https://t.co/Gxs2EPbS5i#CryptoInfluencers #cryptocurrencies #cryptonews #cryptocurrencynews #blockchain #bitcoin #bch #btc #ltc #dash #btx #grs
– AtomicPay.io 🌐 (@AtomicPay) 6 January 2019
As explained by Riff, Atomicpay uses a "post-payment pricing model" in which users have to pay usage fees at the end of each month. By clarifying how payments are handled, Riff noted that Atomicpay does not have access to users' private keys at any time during transaction processing.
As reported by CryptoGlobe at the end of November 2018, Bitpay, the main fiat-to-criptovalute gateways, warned its customers that the code used by its Android app wallet could be vulnerable to an exploit, allowing hackers to steal private keys users. However, Bitpay developers have also released a patch after learning about the security issue.
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