Frequently Asked Questions (FAQ)
Bitzon is a very secure and inexpensive way to handle payments.
What is Bitzon?
Bitzon is a multi-sided multi-currency marketplace platform built to change the way online shoppers & sellers move money. With the help of Blockchain technology, Bitzon will be able to host quick and secure transactions between buyers and sellers all across the world.
Bitzon will be open to many currencies, but the use of the Bitzon token (BTZ) provides more benefits to consumers using the platform.
Bitzon will reduce transaction times to less than 5 seconds and offer its services for participating BTZ sellers for as low as USD 19.99. Bitzon will provide a secure and trust-less environment for buyers and sellers.
Will Bitzon Become a major payment system?
Can I Trust Bitzon?
Buyers nowadays are having a hard time trusting sellers with the current system in place.
In terms of building trust from its users, Bitzon will be at the forefront of eliminating fraud in the e-commerce industry.
Utilizing Blockchain technology, every transaction will be recorded on the blockchain followed by a picture of the item sold, available for everyone to see.
Each user will be verified by a picture of their ID to ensure no fake accounts are created. Only 1 store can be created per user.
This will prevent the mass creation of fake stores. KYC and AML will be conducted to eliminate money laundering and users living in banned countries to participate.
What Are The Key Benefits Of Bitzon?
Bitzon has the potential to change the way value is transacted around the world. With the help of Blockchain technology and the recent increase in cryptocurrency popularity, Bitzon will be able to quickly build a promising reputation.
Bitzon is designed to be a fast, secure and reliable platform for consumers (buyers and sellers) to successfully exchange value for goods & services. Sellers receiving payment with the BTZ token receive an incentive to sell and buyers receive cashback while shopping with BTZ.
1. Blockchain Infrastructure: Unique & trust reviews, as well as safe transactions throughout your E-commerce journey. Learn more here.
2. Smart Contracts: Cryptocurrency to Fiat on/off ramps to ensure transparency and easy access to funds. Learn more here.
3. Secure System: Bitzon’s efficient global system provides great data security for both buyers and sellers. Learn more here.
What much time does a transaction take with Bitzon?
For the transaction time issue, the Bitzon platform is using the Stellar blockchain, the ledger close time is 2-5 seconds. Each transaction will use the BTZ token when consumers use BTZ to buy items, the money is directly sent to the seller.
Users buying with other currencies such as BTC, ETH, LTC, credit cards and more can buy anything on the platform.
Our backend will automatically trade the used currency for BTZ and pay the seller instantly.
This means sellers are able to receive payments instantly when using digital assets, while the traditional method usually takes 3 days minimum.
If the seller accepts a different currency he will have to wait for the transaction to settle on the desired blockchain or credit card
The first major problem found in modern multi-sided marketplace platforms is the amount of time for the funds to arrive in the seller’s account after selling an item.
Amazon, our top competitor, takes several days to transfer the money to the seller, it usually takes an average of 21 days.
One of the most common reasons for this wait is the long process of third party payment processors and credit card companies. A popular third party payment processor is PayPal, and they can be found on almost every commercial platform. Transactions usually take 3-5 days but can take up to 7 days.
3 Credit card companies like Visa and Mastercard have a significant role in current marketplaces.
They are usually involved in every transaction. The process is prolonged due to the current financial system.
Credit card companies are essential to the movement of money, and replacing them with digital assets or digital assets backed by fiat/gold could fix the current problems.
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