(Newswire.net — October 15, 2017) — Cryptocurrencies are quickly becoming the hot technology of the decade, expanding in popularity and usage. Even so, despite the rising popularity of Bitcoin and its spread to more mainstream applications, use cases for cryptocurrencies have remained limited. This is not directly the coins’ fault, but rather a limitation of the technologies used to buy, store, and trade them.
These hard limits on Bitcoin and its crypto contemporaries mean that people who want to buy Bitcoin must sign up with an exchange, open a digital wallet, and convert their fiat currency into Bitcoin, a process that can take up to several days or even more than a week in some cases. More importantly, however, is the process going the other way. Most businesses and retailers still do not accept transactions directly in Bitcoin, meaning holders must convert their coins back into fiat currency to purchase goods or services.
With such a convoluted process, cryptocurrencies ran the risk of being dead in the water before actually having a chance to succeed. Nevertheless, innovative solutions have emerged that could simplify the process of using Bitcoin for everyday transactions, and thus help expand the cryptocurrency’s usability along with accessibility.
Simplifying the Digital Wallet
Until now, the biggest problem with mass adoption of Bitcoin is the complicated process users must go through to use their currency for normal purchases. While some retail outlets and services have begun facilitating Bitcoin transactions, they remain more an exception than a rule. For most Bitcoin holders, using cryptocurrencies to pay for goods—even online—involves exchanging their existing coins back into fiat currency, and then paying. It’s only made worse by the fact that to hold Bitcoin at all, most customers must first sign up for a digital wallet, then create an account in a Bitcoin exchange, and only then purchase coins.
This lengthy series of steps discourages many users from adopting Bitcoin at all as their interest is more practical than speculative. However, a new solution could turn the current model on its head. Established wallet and payment provider CryptoPay has created a system that could expedite the use of Bitcoin for payment as well as the process of buying bitcoins.
The company has constructed a digital wallet that users can install on their mobile devices and receive a contactless debit card. They have also simplified the process of changing money to and from Bitcoin significantly. Users who want to buy Bitcoin can simply link a credit or debit card to their CryptoPay account and use it to purchase Bitcoin with a single button.
More importantly, wallet holders’ Bitcoin can easily be exchanged back into US dollars, Pounds, or Euros. CryptoPay holds customers’ Bitcoin in a FLEX account, which lets users quickly convert the crypto currency to and from fiat. The underlying technology allows customers to keep their funds in separate currency-denominated accounts to avoid market volatility. If users want to avoid a particularly rough period for Bitcoin, they can keep their funds in Euro, Pound, or Dollar accounts, and only transfer them back when Bitcoin prices have stabilized.
The most important innovation, though, is the practical one. The simplicity of the exchange process is underlined by the company’s contactless debit card, which allows customers to use their Bitcoin to pay for goods and services anywhere the cards are accepted. These transactions are also handled in fiat currency, meaning that Bitcoin can be used for everyday transactions without worrying about Bitcoin acceptance at a store.
Could This Be a Bitcoin Game-Changer?
Despite its rising popularity, Bitcoin remains a niche technology for now. The cryptocurrency has gained mainstream recognition, but its limited usability means the coin remains relegated behind its fiat competitors. A solution such as CryptoPay, which looks to resolve this complexity problem, could mean a jumping-off point for similar technologies.
The company already has its eyes on expanding its ecosystem to offer a much broader array of bitcoin-based systems. Through their token presale which runs until the end of October and their upcoming initial coin offering, the company is looking to build on their solid foundation. Based on the success of their ICO, CryptoPay plans to offer bitcoin stock brokerage and banking services, alongside an eventual peer-to-peer platform for users.
The upside is creating a system that opens Bitcoin up to a much larger population. More importantly, this expedited transactability would give Bitcoin a much broader appeal. If customers can quickly and efficiently move their funds between fiat and cryptocurrencies, one of the biggest roadblocks to adoption suddenly becomes a thing of the past.
While CryptoPay is not a silver bullet that will massively accelerate Bitcoin adoption, it does show value. If users can easily manage Bitcoin conversions and have a clear use case for the cryptocurrency, the entire market might be approaching a major turning point. With wider adoption and increased recognition from regulators and broader markets, Bitcoin may have a very bright future after all.