Pyrofex Launches Cryptocurrency Payments Solution

Cryptocurrency firm Pyrofex released a statement on Thursday saying that it has launched a new Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term solution.

Called Numifex, the new service can be integrated with merchant websites and used to accept customer payments in cryptocurrency.

Numifix has not fully launched yet, with Pyrofex saying in its statement that the payments solution is in ‘beta mode’ still.

Nonetheless, merchants can already use the product.

Currently, they will only be able to accept payments made in ethereum - arguably the second most popular cryptocurrency after Bitcoin. Pyrofex said they plan on adding a bitcoin payment option in the near future.

More security, no chargebacks

The cryptocurrency company justified its decision to launch crypto payments by pointing to the large number of digital asset holders who are willing to make purchases with cryptocurrencies.

On top of that, the firm said merchants can gain a number of benefits by switching to cryptocurrency payments, as opposed to those made on credit cards.

Along with removing data harvesting processes, credit cards are also subject to transaction fees, which can often be very pricy and unpredictable chargebacks.

“As consumers continue to wake up to the data privacy and security risks involved with credit card payments, attraction to cryptocurrency will increase,” said Pyrofex founder and chief executive officer, Nash Foster.

“Numifex offers an easy solution for merchants seeking to serve this growing consumer base by offering payment processing in cryptocurrency that is owned and operated by the merchant.”

That Nash’s firm has moved to cryptocurrency is also somewhat unsurprising given its main focus.

The company is building a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term which, it claims, will be able to handle 50,000 transactions per second when launched.