Real Instances of Decentralized Global Retail Payments using Cryptocurrency

By Steven Anderson May 15, 2019 Off

People are getting a lot of help to spend their Cryptocurrency.  Most of the investors, who have Cryptocurrency as an investment believe that its value would soar.

When talking about how users spend Bitcoin on Flexa, just like they do with other kinds of digital currency, Tyler Spalding, CEO of Flexa stated, “This is the first real instance of decentralized global retail payments, with the power to make commerce more efficient and accessible for billions of citizens globally.”

Flexa does the job of converting the Cryptocurrency of the consumer into equivalent USD in real-time to facilitate payment to the merchant.  The CEO stated that legacy payment systems were complicated and expensive.

Cryptocurrency provides for a way to make e-commerce accessible to billions of citizens globally, thus providing for merchant solutions to facilitate fraud-resistant and inexpensive transactions.

Gemini, founded by Cameron and Tyler Winklevoss, to build a bridge to future Cryptocurrency permits customers to be able to buy and sell cryptocurrencies.  The Gemini Trust Company provides for trading cryptocurrencies like Ether, Zcash, Bitcoin, Bitcoin cash, and Litecoin.

Amy Zirkle, Interim CEO of the Electronic Transactions Association trade group, stated that Cryptocurrency is at a stage where it can be compared to the early stage of photography where people still printed pictures.  She envisions advancements and evolution in digital currency comparable to the advancements in photography.  However, she agrees that this might not take place in 5 or 10 years.  A lot of R&D and deeper examinations are taking place contributing to the evolution of cryptocurrencies.

Large and small organizations are moving towards facilitating cryptocurrency mobile banking.  New generation researchers are helping facilitate conversions between fiat banking and cryptocurrencies.  They help achieve this by using mobile applications and virtual debit cards.

Crypto-banking facilities which are “not a bank, but provides all the same financial services, and also incorporates cryptocurrencies in an easy-to-use and secure manner.”

However, the disadvantages in the attempt have been enumerated by Danial Daychopan, who among several other things stated “Finally, and most importantly, security and trust. Many crypto startups offering banking solutions do not have the security measures in place to be trusted with large volumes of crypto-assets.”

Microsoft has been recently previewing Bitcoin-based decentralized identifier Network which has been built on the top of Bitcoin Blockchain.  This is an open source project, and it is known as “lon,” and it is likely to focus on protocols which will permit different networks to communicate with each other.