Crypto-Micropayments: Issues in Gaining Trustworthiness

Abstract

Conducting businesses over Internet has now turned to necessity rather than just considering it as fashion and in the same context turns into an essential part of financial institutions serving as one of the trusted third parties to process electronic payments. Now a day, crypto-micropayments are playing major roles as world-shattering decentralized, trustless payment systems nevertheless used by many individual entities, as well as, business houses for the benefit of their own concerns. Logically, crypto-micropayments provide a digital alternative to government-issued fiat currencies, and thus, can be used in online marketplaces to buy everything from a needle to flight tickets. Although with the growing number of opponents, cryptocurrencies show fearless traversal over the internet against its challengers who are also gaining grip from such virtual currencies whose presence in this era foretell a matter of great distrust and concurrently all hastening to become the main teller for the upcoming future cashless world. Since, digital currencies are still in a state of flux, this paper tries to target the squashy curves associated with cryptocurrencies, as well as, its frailty in association with societal perspectives due to its anonymity and cross-border features. This paper also focuses on the need for radical overhauling of existing payment-related regulatory framework in India with special reference to crypto-micropayments.