Startup Company Releases Bitcoin to Fiat Payment Devices
One of the largest barriers to overall adoption of cryptocurrency has always been the difficulty with which users have to struggle with if they want to use their cryptocurrency to pay for everyday items. Usually, it requires that consumers either find one of the very few establishments that accept Bitcoin or Ether or that they quickly convert their crypto to fiat cash, a process which can take several days.
The cryptocurrency community has a vested interest in appealing to more people and contributing to the mass adoption of their currencies. In addition to simply making it a more functional and easy-to-use investment, mass adoption would surely positively affect the price of major currencies, and maybe even the overall worth of leading altcoins. But the problem is difficult; converting from Bitcoin to USD is a lengthy process due to identity and financial regulations surrounding the industry.
FitPay may have found a solution to the functionality problem faced by cryptocurrency owners. This startup company is known for its role in adding contactless payment methods to IoT devices. Their work has helped to bring IoT tech to the financial world by revolutionizing the payment system for the modern user. But their latest project seeks to release a new product that would effectively quickly exchange Bitcoin for USD, giving users the ability to use their cryptocurrency in any establishment that accepts traditional modes of payment.
How it Works
The product is known by the name “Flip,” and it will be loaded with a set amount of U.S. dollars on it. These dollars are exchanged with an account of cryptocurrency money which is held by the user. When the owner of the Flip wants to make a purchase, they simply access the money which is pre-loaded onto their account.
Of course, there are a few questions which are still unanswered. It does not appear to be clear exactly how the exchange process works. However, it should become clear after the initial release of the first products how, and how effectively, the service functions for the average consumer.
According to those in charge of this particular project, it seems that the Flip is almost ready to roll out to eager first customers. They are conducting presales at the moment, and the company plans on releasing the product to the general population in the next two weeks.
The company is currently partnered with upcoming rapper Lil’ Flip. The rapper will be doing the cover work and designs on the device, and is heavily promoting it to his followers. Although many popular social media services are cracking down on cryptocurrency advertising, FitPay has deliberately taken this route to promote their product to gain access to a valuable base of potential users brought over by the rap community.
FitPay has also expressed their interest in developing technology for other cryptocurrencies besides Bitcoin in the coming years. But for now, Bitcoin appears to be the test currency simply because of its popularity. If the company is able to successfully navigate the complex legal waters and find a user base capable of sustaining profit, then it becomes more likely that they will experiment with different digital currencies down the road.