How blockchain can change the payment system

Bitcoin was created to reduce the costs of banking transactions by eliminating middlemen and decentralizing payments between users.

it soon became clear that Bitcoin transactions are even more expensive than regular bank transfers.

One of the existing blockchain-based projects that could potentially change the way we pay for things online is Fluzcoin

– For example, someone pays for food in a restaurant using Fluzcoin. The payment is first converted into local fiat by the merchant’s POS (point of sale) system and then, taken to an exchange that supports Fluzcoin transactions.

– Exchanges match the order and take a 0.01% fee for each transaction. Once converted into Fluzcoins, it can be transferred to the merchant’s personal Fluz wallet, which would allow them to pay for goods in any participating store that supports Fluzcoin.

Every transaction is recorded on the blockchain and merchants are paid directly by consumers with no intermediaries involved.

The result is that both buyer and seller save time and money by avoiding fees associated with credit card and bank transfer payments and merchants receive the money faster (in a matter of seconds in most cases).