Benefits of Cryptocurrency in the Payment Industry

Getting into the Cryptocurrency Industry

One of the challenges of Cryptocurrency is that it is a new industry.  Bitcoin, for example, is getting more popular because the price is going up but it is still a very new industry and there are challenges for businesses to get into this industry.  We at Wirex offer companies interested in cryptocurrency a one-stop solution where you have cryptocurrency wallets as well as Fiat wallets with enhanced security, different permissions, and available via API.  Therefore, basically, you don’t need to spend resources, money, time, on developing everything yourself.  What you can do is use our solution.  So we are one of the pioneers of the cryptocurrency market, we started 4 years ago and we’ve built it already.

Cryptocurrency is still new and for most of the people, it is more of an alternative investment instrument.  Most people do not actually know what kind of benefit cryptocurrency has as a technology.

Benefits of Cryptocurrency

One of the benefits of cryptocurrency like Bitcoin is that it is the most traceable currency in the world.  People new to Bitcoin might think it is totally anonymous but all transactions are recorded on a blockchain and publically available to view online which is excellent for tracking where this money is spent.

The second benefit is that cryptocurrency is great for micropayments.  Microtransactions are an essential part of the Internet of Things.  As we slowly move into the era of IoT, by 2020 there will be 25 billion connected devices.  If you want these devices to be able to do micropayments, we need something like virtual currency or cryptocurrency.  We can’t do it with traditional banking instruments because it will be very expensive.

Another benefit of cryptocurrency is with cross-border international payments.  Bitcoin is great for transferring value, I can send money to anybody in the world and it will be cheaper and faster than traditional banking instruments.  I can also send money to people that don’t have bank accounts.

Wirex Solution

So if cryptocurrency is that good why don’t people use it in everyday life?  If they are good for micropayments and for remittance, why don’t we use it?  The answer is very simple, we just can’t use it.  I can’t just go to Starbucks and buy a cup of coffee with my Bitcoins because Starbucks doesn’t accept cryptocurrency.  This is the main problem.  So instead of convincing all the shops and merchants to start accepting new cryptocurrency, we use existing merchant network of VISA and Mastercard.  We instantly have access to millions and millions of shops and restaurants everywhere.  So if you have cryptocurrency you can use it right now everywhere.

Pavel Matveev
Pavel Matveev

Pavel is the CEO of Wirex Limited. He is a blockchain entrepreneur with substantial financial/trading knowledge and more than 10 years of Investment Banking experience.

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