Payment Solution Using Artcoin

Crypto-currencies bob and weave around the challenges on blockchain registry through decentralization. An art dealer just needs to set up and maintain a relatively simple digital infrastructure, called a cryptocurrency wallet, to accept blockchain payments. Without putting your head in the swamp of jargon, cryptocurrency exchanges can be software or hardware that connects users to the computer networks that manage the general ledger for different cryptocurrencies. It is common to compare these portfolios with bank vaults or virtual safes. Instead of old school locks, users access a password called private key. To simplify transactions, portfolio owners issue a public address (essentially an account number) to customers who want to pay in cryptocurrency. From there, the rest of the transaction plays out in broadly the same way as a wire or ACH payment, with the blockchain ledger updating the new token exchange based on matching keys.

However, the crucial difference with these traditional payment methods lies in the fact that the exchange takes place entirely between the buyer and the seller, Totally free of intermediaries and central supervision. No bank slows the exchange and charges exorbitant rates, such as the usual three per cent of the cost of currency conversion. (For cryptocurrency transactions, fees are sometimes charged, but most may cost between a few cents and a few dollars, and many others are free.) No state regulator prevents funds from changing hands. This allows transactions to be processed faster and cheaper than traditional channels and market benefits in the art market.

Artchain.ai
Artcoin.ai