Since the turn of the millennium, the payments industry has been one of the most interesting markets thanks to services like PayPal (PYPL), Skrill, and Apple (AAPL) Pay. On the other hand, cryptocurrency platforms such as BitCoin, BitGold, OneCoin and many others have provided an alternative to what has been for several centuries known to be the primary means of exchange. Money as we know it could be replaced by cryptocurrency payments in the next several years if the trend in the payments market maintains its current course.  So why do people think that cryptocurrency will take over the payments market in the near future?

The main reasons are ownership and control.

There are several benefits associated with using or trading with cryptocurrency. However, there is one that stands out as the most probable reason why the world might be swayed towards the cryptocurrency market as the evolution of the payments industry continues. Ownership and control are the two things that most payment structures cannot guarantee.

Banks, institutions and online payment platforms such as PayPal have very strict caveats, which they can use at any one point to freeze your account or hold your funds. On the other hand, cryptocurrencies, as reseolve.com, a platform dedicated to educating people about cryptocurrency points out, are decentralized, which means that “the holder of the money controls it – not banks, not any other institution.”

Two of the biggest concerns that the cryptocurrency market faces are regulation and security. However, if everyone understood clearly the process involved in generating new cryptocurrencies, most of these fears would be swept aside.

How is the security?

The security of online payments is said to be guaranteed by various encryption and algorithmic permutations that scramble data in such a way that hackers would not have it easy when they attempt to steal your information.

Cryptocurrencies, on the other hand, are not linked directly to your bank account, which means that as far as the risk of losing your money goes, it can never go beyond what you have put in your online wallets.

In addition to this, cryptocurrencies are generated using a process known as mining. This has nothing to do with drilling or blasting tons of earth’s rocky crust in search of precious metals.  Cryptocurrencies are released in batches over a given period. The intervals between which the batches are released are called Blocks, which in turn yields the term “Blockchain” for the exact time taken to release a new batch.

For more information, the company Blockchain recently teamed up with Coinify to improve Bitcoin’s wallet funding options. OneCoin is an all-in-one platform.

Now, in order to release a new batch, it must be unlocked. The process of unlocking these batches involves solving a series of mathematical equations and depending on the speed of the system,  it could take days to weeks as in the case of Bitcoin down to several minutes in the case of the newer cryptocurrencies with more advanced algorithms. However, following the launch of its new Blockchain, OneCoin, which is reshaping the payments market, has found a way to release new batches every minute.

At the moment, it is the fastest in the industry. OneCoin is also the first cryptocurrency to store KYC documents on its blockchain. KYC or “Know your customer,” is the process of a business, identifying and verifying the identity of its clients. This process ensures that anonymous transactions are not allowed and the company strictly follows anti-money laundering policies.

As such, the cryptocurrency market appears to be gaining traction with regard to regulation and security, which means that things can only go from strength to strength. 

So what is the future of cryptocurrency?

Every business now has a presence online, from multinational players to startups; every one of them is trying to capitalize on the impact of globalization. As such, more business transactions are being completed online.

While cryptocurrency is only partially accepted amongst most online platforms, the number of companies and individuals involved in cryptocurrency trading is growing by the day. This has set the market on a path to global greatness that could see it revolutionize the entire payments industry.

In addition, the ease and speed of processing transactions are slowly giving the credit market alongside other online payments platforms a run for their money.

Conclusion

The cryptocurrency market has established new methods of attracting users across the globe. For instance, OneLife is a global network of individuals and corporations composed of multiple subsidiaries among them OneCoin.

All these subsidiaries have memberships and the members have access to various products which allow them to use OneCoin across several online platforms.

In summary, the online payments market has opened many doors that investors and the general public can explore. At the moment, it appears as though the cryptocurrency market will be up there with the rest in a few years’ time.