Abyiss?-?Democratizing Crypto: Addressing the Challenges of Cryptocurrency Usability

How Abyiss is Streamlining Cryptocurrency Transactions

Cryptocurrencies have taken over the world of digital finance, becoming a revolutionary force for change, investment strategy, and most recently, political leverage. Over the past decade, the global cryptocurrency market has surged from just $1.5 billion in 2013 to over $2.5 trillion in 2024, signaling a dramatic rise in popularity (CoinMarketCap, Blockworks). Roughly one in five Americans own some cryptocurrency in 2024 (Exploding Topics, Techopedia).?

Yet, widespread adoption remains limited. This is because cryptocurrencies cannot be easily used to make day-to-day payments, which heavily limits their usability. The core issue lies in the complexities of converting cryptocurrencies into cash and vice versa in a fast, cheap, and efficient way.

The Challenges with Current Cryptocurrency-to-Fiat Transactions?

The cryptocurrency ecosystem comprises millions of cryptocurrencies across hundreds of blockchains, creating pockets of liquidity and value that are confined to individual chains.?

The reality is that most crypto users have a variety of tokens in multiple digital wallets on different blockchains. Getting those tokens as dollars to use in their bank account for payments (off-ramping) requires cross-chain swaps, bridging, and ultimately going through a centralized exchange (CEX) such as Coinbase, or Binance. Each step of the process involves a transfer fee on the respective network, waiting time, and security risks.?

An example of an off-ramp transaction involves the following steps:?

1. Perform a cross-chain swap.?
2. Send the tokens to a centralized exchange.?
3. Exchange the tokens for fiat.?
4. Send fiat to a bank account.?

This leads to the following key challenges:?

1. Long Transaction Time due to Multiple Transaction: Converting cryptocurrencies to cash or cash to crypto typically takes anywhere from 3 to 5 days. This delay is a significant barrier for users who seek instant transactions akin to traditional banking systems.?
2. Multiple High Transaction Fees: The number of different transactions leads to exorbitant fees. These fees deter users from making frequent small transactions and hinder the usability of cryptocurrencies for everyday payments, such as buying a coffee at your local cafe.?
3. Safety Risks of Loss of Funds: The more transactions and networks involved in the process of on or off-ramping, the more risks there are that users' funds will be lost or compromised. Nowadays, it is oftentimes difficult to confirm the legitimacy of some platforms and protocols, and nobody is immune to scams.?

As we've seen, it's not easy to pay with funds on your digital wallets involving multiple chains. This leads to cryptocurrencies rarely being used for facilitating payments, whether in person or on e-commerce platforms. This limited usability hampers the potential of cryptocurrencies to function as a viable alternative to traditional (fiat) currencies.?

The Solution?

At Abyiss, we are dedicated to solving these challenges, making it easier to transfer money between bank accounts and digital wallets, thereby paving the way for broader cryptocurrency adoption. We achieve it with the following features:?

1. One-Click Crypto <> Fiat Transactions: Our platform directly connects bank accounts and digital wallets, allowing users to effortlessly send money and transfer assets between the two, optimizing transaction time and fees. One single transaction replaces the four different steps you need to perform currently. With that comes simplicity, one single optimized fee, and significant transaction time reduction.?
2. Bridging Multiple Blockchains: Liquidity and value are often confined to individual blockchains, making seamless transactions difficult. Abyiss solves this with a smart money routing algorithm, allowing transfers across various blockchains and converting assets into real-world currencies like U.S. dollars, all within a single click. This enables smooth transfers across hundreds of blockchains and millions of cryptocurrencies, simplifying the conversion process into U.S. dollars.?
3. Risk-Free Cryptocurrency Transactions: The safety of transactions is our highest priority, which is why Abyiss provides a 100% transaction guarantee, eliminating the risk of loss of funds. Our advanced security measures ensure that your assets are?protected at all times.?
4. Compliance and Regulations: We take compliance very seriously and adhere to all applicable laws and regulations in the regions where we operate. We are actively acquiring the necessary licenses to expand our operations to more regions. Our commitment to transparency ensures our customers' safety and peace of mind.?

Our Vision for the Future?

The ultimate goal of Abyiss is to integrate cryptocurrencies into day-to-day life, making them as easy to use as traditional currencies. We believe that payments represent a significant opportunity within the crypto space. Despite being termed "currencies," cryptocurrencies are rarely used for everyday transactions. Instead, they are mostly used for trading or investment purposes. Abyiss aims to democratize cryptocurrencies by making it easy to use them for everyday purchases, such as buying a cup of coffee.?

By simplifying conversions, reducing transaction times, lowering fees, and bridging multiple blockchains, we are creating a platform that transforms the way people perceive and use cryptocurrencies, making them a vital part of the global financial ecosystem.?

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