Multiple European Coffee Shops Agree to Accept Crypto
It is no secret that using cryptocurrency for shopping can be a daunting experience. Even though the crypto digital platform is gaining so much popularity, a lot of merchants are still reluctant to go ahead and give it a shot, forcing you to go back to your old ways and pay with cash or card.
Cyclebit, a tech startup, is looking to change that. Their aim is to simplify how things are done in the store in order for them to act as a gateway to easy payment using cryptocurrencies. Crypto enthusiasts everywhere will be able to use their crypto coins in no time at the store and introduce their new assets into the economy.
The idea is taking shape already; The company is currently working with multiple European businesses and also ones in South Korea. On 16 October 2018, it was reported in Expansión that One hundred and thirty coffee outlets all over Spain are already accepting Bitcoin.
An Engaged Network
A network for the project is already in the hands of Cyclebit, designed by Ibox, a platform for payments with a turnover that amounts to $1 billion a year.
The team at Cyclebit have extensive experience in designing such vast networks and the target is to have every POS device able to receive cryptocurrencies.
A simple free app is in the works that will be compatible with Android and iOS systems; it will be developed for merchants. They can customize it according to their needs. Payments will be collected from their crypto wallets or through their regular bank. The company is looking forward to unlocking new revenue milestones with this project as they believe it will boost loyalty among customers. They see integrated protocols being implemented for mobile and online stores as a next step, bearing in mind that every decision is made so that merchants are able to control their transactions easily.
An Essential Solution
Cyclebit mentioned in their whitepaper the problem of volatility seen with cryptocurrencies. This issue will be massively reduced in the coming future because the platform will be transformed into a truly global asset, completely avoiding market fluctuations.
Their aim is to make the usage of cryptocurrencies as simple as possible, because many customers believe the current form to be excessively complicated. Shoppers see the payment process with digital currency to be just as difficult as getting it to begin with. That's why a change is in sight to have a more convenient solution for all parties involved.
Cyclebit explained that their product is currently growing fast. It consists of a network of payments that are compatible with all types of cryptocurrencies. They noted that there are working with many organizations on this one goal. They are united in their dream to have the simplest experience for users and remove any complicated aspect of the process, so the skills are unified for every user. They are looking to make it as close as possible to familiar credit card processes, starting with buying cappuccinos. Looking ahead, a major plan is in place beyond just brownies or lattes.