Developed by CoinSwitch – a major cryptocurrency exchange platform, CRUXPay is one of the popular decentralized systems that is mainly used for Blockchain naming and easier transaction functions. Creating your account with CRUXPay and getting started with the system is a simple process. All you got to do is create a CRUX ID and get access to its amazing features and advanced security. The moment you create the CRUX ID, your account will be linked to the Blockchain address. Any specific Blockchain address backed by your Crypto wallet can be linked to your CRUX ID.
What are the Common Mistakes Done During Crypto Transactions?
As much as trading cryptocurrency is an exciting and secure idea, its pitfalls are annoying. Crypto users (especially beginners) are likely to commit mistakes when investing, storing, and trading these digital coins.
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One such mistake that crypto users should avoid is the inability to protect their crypto wallets. Everything you invest, deposit, and receive is stored in these wallets. Though they are secure, the users can lose or forget their wallet’s private keys. If that happens, you will lose all your crypto savings for good.
Furthermore, the smartphone or other devices that are storing your crypto wallet can be stolen, lost, misplaced, and broken. Now that your device is no longer active, you lose your access to the wallet and the private keys that your device was holding. The best possible way to retrieve your money from the wallet is by creating a backup in advance. That is exactly what the CRUXPay protocol helps you do. Now that you have linked the private keys of your wallet to the CRUX ID, you no longer need to worry about the wallet lost.
Information on Blockchain Naming Services and How Can They Help in Easier Crypto Transactions?
The main purpose of the Blockchain naming Services (BNS) is to connect the user-selected names to off-state. The process takes place without the involvement of the central points of management. The network does not allow any confusion since the name assigned to each state is different. Furthermore, the name is picked by the individual.
As the popularity and usage of cryptocurrency is increasing at a rapid rate, the token transactions are getting more difficult than ever before. Blockchain networks have failed to solve the “wrong address transaction errors” issues. Basically, this error occurs when the user creates an address that involves too many letters and numbers. If you don’t verify the address before processing the transaction, there’s a good chance all your money will be transferred to the wrong user’s account.
The wrong address errors are getting common as cryptocurrency platforms are occupied by a large number of users worldwide. To recover these tokens, the users need to pay a heavy fee to the exchanges.
To cope with the issue, developers came up with a BNS system that allows users to create their own human-readable address. Undoubtedly, this feature has made it much easier for users to type the address quickly when sending money across different countries.
Wallet to Wallet Transfer Services by CruxPay
Needless to say, users can request, transfer, and receive payment with a valid CRUX ID. In addition to that, individuals can connect to any dApps using their CRUX ID. You can enjoy the benefits of wallet to wallet transfer using CRUXPay.
Being a decentralized protocol, CRUXPay enables users to create a 100% secure CRUX ID. As far as its security and reliability are concerned, you can rest assured that CRUX ID is built keeping in mind the user’s security needs. Your CRUX ID is supported by Bitcoin’s hash power. Moreover, the ID is created using the public and private keys of your wallet.
Pull Transaction – A Modern Crypto Feature by CruxPay
The main feature of CRUXPay is its pull transaction services, a system that has been lacking in recent crypto world. Pull system eliminates the requirement of entering the wallet details, recipients’ address, the total amount, and other necessary information when transferring the money.
With a pull transaction, the service provider can pull your money from the crypto wallet just like how credit card does. You only need to provide your CRUXID to the service provider and the latter will send a request of pulling a certain amount of money from your wallet. Once you approve the request, the money will be transferred.
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