"Cryptocurrencies and their future in micro payments"

Assalam O Alaikum

Hello dear friends! Well come to my post. How are you all? I hope you will be doing well by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to share my knowledge with you about the topic "Cryptocurrencies and their future in micro payments" in this Steem Alliance community. So let's start without any more delay of time.

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In the digital landscape of finance and digital currencies, the cryptocurrencies are emerging as a great force for both micro payments and for large scale transactions. Micro payments are the low budget or the transactions which are composed of a very little amount which often get prone to a high fees when they are transfered from one digital wallet and another. But now a days, these micro payments are revolutionized by the crypto currencies.

In the upcoming years, the micro payments will become a very crucial part of our to meet with the financial needs across various digital payments methods and platforms. However, in digital finance, the challenges for micro payments are prominent and need the attention of people which are related to them. Among them, the gas fees i.e the transactions fees has a great negative impacts on them.

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This is because, sometimes a user have to pay a high amount of fees even on a micro payment like through the, credit cards, debit cards and through digital exchanges also. That thing has created various problems for the people who want to validate their transaction digitally and across the borders. For example, if a YouTuber want to monitize his account and he has to pay for it.

Then in this regard, if the amount is very low which he has to pay, eventually, he has to pay a high amount of fees to validate that transaction. Furthermore, the other people who are associated with the gaming platforms, developers or digital content creators, they also have to pay a significant amount of fees to validate their transactions smoothly and seamlessly across borders.

But, the cryptocurrencies has brought a revolutionary change in that aspect due to the presence of blockchain technology and decentralized nature. In that way, they have made a lot of things easier and reliable for people, connected to different digital platforms. One of the great advantages of crypto currencies is that, they have reduced the gas fees on micro payments.

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Yes, the transactions which requires a high amount of fees can be validated quickly within a very little amount of fees as compared to others. The transactions through the digital currencies like Bitcoin, Ethereum, trx and USDT will be more reliable, faster and charge a very low amount of fees even on smaller transactions as compared to other traditional financial systems.

Furthermore, these transactions will be secure and transparent as each of these transactions are recorded online due to the presence of blockchain and decentralized technology as the cryptocurrencies operate on them. Also these transactions reduces the needs of any central authority just like traditional exchanges required to perform different activities.

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Now, we can say that the use of digital currencies in the form of micro payment can be found across various digital platforms including the digital content which are present in the form of different digital assets and projects. For example, if you want to watch your favorite content on Netflix in the form of videos, than definitely you have to buy Netflix screen after paying a amount. You can pay that amount through digital currencies with a very low fees.

Conclusion

In conclusion, we can say that, the rise of micro payments has a crucial role in our lives as they bring significant benefits to us in the form of seamless and cost effective transactions. But the challenges which we face during that process are prominent and if the blockchain networks and decentralized technology have been improved through different tools, these platform will become more reliable for people in upcoming years.

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Written by @abdullahw2

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