Shopping with cryptocurrency still has a long way to go. Several factors such as price volatility, lack of adequate infrastructure and legal framework continues to hamper adoption of cryptocurrencies. Many merchants are still in dilemma about accepting cryptos. This means shoppers have no other go but to use the traditional payment options such as card or cash.
To change the prevailing scenario, a tech startup named Cyclebit is planning to ease the process of spending cryptos at retail outlets by enabling stores to act as “cryptocurrency gateways,”attracting crypto enthusiasts to come forward, spend their cryptos and bring fresh funds into the economy.
The idea is already receiving warm response and Cyclebit is in discussion with businesses in Europe and South Korea. The Spanish business newspaper Expansión has reported that the crypto payment technology is being implemented by Nostrum, which is a 130 shop coffee chain based out of Spain. Nostrum has already started dealing in Bitcoin.
Making use of a working ecosystem
In contrast to other startup firms in the crypto space, Cyclebit states it already has entree to a proven environment offered by Ibox, a cross-channel payment platform that has yearly revenue of $1 billion. At the end, Cyclebit trusts to turn every point-of-sale system capable of receiving crypto payments, and its development team has gained experience in creating large disbursement networks.
Vendors would be provided a “ready-to-install, free configurable app for iOS and Android” which is able to receive payments from crypto wallets as well as traditional banks. Cyclebit hopes this will open up new revenue channels for them, and boost loyalty. Integration software for online and mobile shops would shortly follow, with each device offering an effortless method for vendors to organize and analyze the crypto dealings they have completed.
Need for the solution
In its white paper, the team backing Cyclebit contend that its framework could eventually assist to decrease the volatility seen in cryptocurrencies. This is because simple methods to disburse using crypto would assist in making the changeover from an enthusiasts’ pastime, to a huge financial asset, with mass possession avoiding substantial price variations.
The firm also believes that the crypto currencies, in its present structure, are extremely complicated for the majority of shoppers. Cyclebit says most consumers find the idea of using cryptos for payments as “prohibitively complex as obtaining crypto in the first place,” but fervently contends that this must undergo a change.
Cyclebit stated as follows
“Our experience says, that at the heart of any successful solution is always simplicity and usability. This is how our approach is meant to change cryptocurrency – make it simple, convenient and accessible for both merchants and mass customers.”
Momentum increases
Work is progressing to advance Cyclebit’s main product: a total ecosystem for crypto possession and disbursement that assists a series of cryptocurrencies and well-known altcoins.
The startup elaborated as follows
“Many companies are working to provide a much easier way to buy and spend cryptocurrencies. What unites them all is the intent to simplify the user experience and bury every complicated detail in the backend, removing the skill gap for users. The idea is to make the purchasing and payment experience close to already existing well known procedures for credit cards or contactless payments.”
Cyclebit trusts that utilizing crypto for cappuccinos will turn into a thrilling beginning point. As time passes by, it plans for the technology to broaden past trading Litecoin for lattes and Bitcoin for brownies.
