Where is the cryptocurrency market heading?
Initial Coin Offerings so far this year have raised more than $1.3 billion and this is just the beginning. The whole crypto space is buzzing with new ideas every day and different blockchain innovations are building the internet of value. We are in the early stages of an era of unbelievable technological progress. Our world is changing day by day and we are facing the 4th industrial revolution in our present time. Digital technology is a part of our cultural organisations.
If you want to put cryptocurrencies into four major categories then it should be like this:
1. Speculative digital asset
2. Medium of exchange
3. Payment rail
4. Non-monetary use cases
“Some evidence exists that as of today the main use case for cryptocurrencies is speculation. Estimates of the use of cryptocurrency for payments has varied significantly across different sources. For example, a 2016 report from the Boston Federal Reserve has estimated that 75% of US consumer who own cryptocurrencies have used them for payments within a 12 month period, while the Coinbase/ARK Invest report indicates that 46% of Coinbase users use bitcoin as a ‘transactional medium’ (defined as making at least one payment per year). While a growing number of merchants worldwide are accepting cryptocurrency as a payment method, it appears that cryptocurrencies are not primarily being used as a medium of exchange for daily purchases. This is due to several factors, including price volatility and the lack of a ‘closed loop’ cryptocurrency economy, in which people or businesses would get paid in cryptocurrency and then use cryptocurrency as a primary payment method for everyday expenses.” According to GLOBAL CRYPTOCURRENCY BENCHMARKING STUDY by Dr Garrick Hileman & Michel Rauchs
A new era of crypto payments has arrived.
Unlike processing Visa, imagine that you are able to pay with any major cryptocurrency on merchant sites plus enjoy a low conversion fee or simply No Fee At All if you use your UTRUST Token and above all you have the protection from scams as well — Sounds good?
It is indeed. UTRUST will act as gateways between users and merchants and it is bridging national currencies and cryptocurrencies. Today more than ever, consumers are switching between online, mobile and PoS sales channels.
“I don’t know why a CEO wouldn’t want to make it easier for folks to spend money.” Jonathan Johnson, Medici Ventures President, Overstock Executive
UTRUST will be a transactional payment API that combines the speed and safety of crypto payments with the consumer protection of traditional payment systems and the fraud free benefits of crypto payments (no stolen card details, chargebacks or hacked accounts).
Another key thing to notice is that by time more & more merchants will accept payments in crypto to capture an emerging market of new customers who would love to spend their digital currencies or at least have an option for that. A few big sites have already begun to integrate payment options for Bitcoin but not really for Alts yet. The following websites already accepting Bitcoin as payment for their goods and services.
“The cost of accepting bitcoin is very low. It’s actually cheaper for us to complete a bitcoin transaction than it is to complete a credit card.” Jonathan Johnson, Medici Ventures President, Overstock Executive
Crypto as a payment is a ‘must-have’ update for your ecommerce business or your physical stores if you want to stay ahead of your competition. Merchants have to stay on the top of their game while growing and expanding their client base and sales revenue, on the other hand buyers need full protection of purchases and fraud prevention solutions.
The UTRUST Platform is a payment processor solution that enables merchants to accept multiple cryptocurrencies from buyers as payment methods while receiving in fiat currency, which is revolutionary.