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There are many benefits to be had from using cryptocurrency; fast and seamless transfer of funds, potential profit during market shifts, and so on. There are also, unfortunately, some downsides to using cryptocurrency, one of the biggest being the lack of consumer protection.
While tapping in decentralized currency means that consumers are unrestrained by account freezes and withdrawal limits, it also leaves them without the protection that centralized exchanges offer.
This is most evident when it comes to the permanence of token transfers. If you send cryptocurrency to the wrong address or the wrong blockchain, it is irreversible and nothing can be done. Unlike a debit card, you can’t get a chargeback or dispute the transaction.
This has been a major roadblock to crypto adoption by some people who would have otherwise loved it.
In response to this issue, a number of firms have tried to fill the gap by acting as some sort of middlemen for crypto users. The problem is that this defeats the purpose of cryptocurrency. After all, people flock to crypto to avoid middlemen and if they still have to go through them, what is the point?
Since the initial crop of solutions did not actually solve the issue at hand, HIPS created the Merchant Token (MTO). The token is created specifically for merchants conducting transactions and allows them to send and receive different tokens while still enjoying consumer protection.
For the buyers themselves, this protection is also available because if there is any dispute about what is paid for, their funds are not gone forever with no resolution. On
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