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When Bitcoin debuted in 2008, the only people who seemed to have paid attention to it were geeks, programmers and cryptographers. In the original document by Satoshi Nakamato titled Bitcoin: A peer-to-peer electronic payment system, Bitcoin has been described as " a purely peer-to-peer version of electronic money would allow online payments to be sent directly from a part to another without going through a financial institution . "Over the past 10 years, Bitcoin has opened the proverbial Pandora & # 39; s Box on the benefits that cryptocurrencies offer on legal currencies.
Unfortunately, cryptocurrency has not yet gained mass market approval as a means of payment even though it is able to solve some of the major problems of legal currencies such as chargebacks, brokerage costs, incorrectly for micro transactions and actual frauds. The transactional use of cryptocurrency in payment delivery is unavoidable; This article gives an overview of the current possibilities for using cryptocurrency for payments.
The current state of cryptocurrency payments
Cryptocurrency summoners, traders, users and governments seem to be dissonant about the best way to push mass market transactions to use cryptocurrencies. Of course, there are a handful of cryptocurrency projects like Ripple being built as a cross-border payment infrastructure powered by enterprise-grade blockchains. TOSBlock (T.OS) is another interesting blockchain project that attempts to activate the transactional value of cryptocurrencies. T.OS uses a two-coin approach of two different coins built on two different blockchains.
The first currency is TOSC, built on a public blockchain, accessible and negotiable in an exchange like the others, and its value increases and falls in relation to the general dynamics of the cryptocurrency markets. TOSC is inherently faster than other major cryptocurrencies because it has an average block time of 1 minute and processes 70 transactions per second while Bitcoin has an average block time of 10 minutes and processes only 7 transactions per second. TOSC is fast, but is still subject to volatility.
The second currency is TOSP is built on a private blockchain, can not be extracted, is not tradable in exchanges and you can only buy it by exchanging your TOSC for TOSP in your wallet. TOSP is exponentially faster with an average block time of 4 seconds during the processing of 1000 transactions per second. The utility of TOSP in payments, however, hinges on the fact that cryptocurrency is immune to the volatility of the general cryptocurrency markets and is anchored in the local currency of holders on a 1: 1 basis. In effect, 1 TOSP would be worth $ 1 in the Member States. United, while the same 1TOSP would be worth € 1 regardless of the USD to Euro exchange rates in the global forex markets.
Some other players are trying to facilitate the use of cryptocurrency in payments include Utrust who wants to allow buyers to buy things with any cryptocurrency that is immediately converted into fiat for the seller. PumaPay is also trying to take advantage of blockchain technology to reinvent daily payments by integrating cryptography into existing billing systems. CoinPayment is another platform that allows merchants to accept up to 880 altcoins through an integrated gateway paying only 0.50% commissions.
Big brands are wary of accepting cryptocurrency payments
Last month, there was news that Samsung signed a partnership agreement with an unknown Lithuanian blockchain startup called CopPay. According to the story, the use of CopPay will allow Samsung customers in the Baltic region to use cryptocurrency for in-store purchases. Many cryptocurrency fans have seen the news as evidence of the start of cryptocurrency in the mass market. However, Samsung was quick to deny rumors about the alleged collaboration. In fact, Samsung has emphatically supported that it was not in any partnership with the startup.
At the beginning of this month, another piece of news emerged that Starbucks is getting ready to start accepting Bitcoin as a payment for cappuccino and other food products in its stores. The true story was that the Intercontinental Exchange (ICE) announced that it was creating a "global platform and ecosystem for digital resources" called Bakkt – corporations like Starbucks, BCG and Microsoft were some of the high profile customers that would have used the platform.
However, cryptographic media have gone on to create news suggesting that it is possible to purchase lattes with Bitcoin. One of these titles read " The new Starbucks collaboration with Microsoft allows customers to pay for Frappuccini with bitcoins ."
However, Samsung wasted no time in denying reports noting that they were nothing but misleading new stories. A spokesperson for Starbucks revealed that "customers will not be able to pay Frappuccino with bitcoins". The coffee chain, however, notes that it will continue to involve regulators, customers and stakeholders in the cryptocurrency sector while space continues to evolve.
