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Given the mind-boggling heights Bitcoin achieved in 2017, it is increasingly taking on the role of an investment instrument. Despite some turbulence around the holidays, people are hanging on to their BTC. Many see it as speculative, and there is plenty of confusion to go around. It is widely agreed, however, that blockchain technology offers numerous (some might say infinite) possibilities. This territory is ripe for exploration, and filling up with an ever-growing number of altcoins and applications.
An especially promising application of blockchain technology is cryptocurrency payments. In terms of fees, high-priced traditional credit cards cannot compete. Cryptocurrency also wins the security contest. Plus it’s faster. It’s not surprising, then, that cryptocurrency a/k/a blockchain payment processors are cropping up. Merchants have much to gain. Yet for the most part, widespread adoption in the mainstream continues to be elusive.
There is a clear need for greater simplicity, both in integrating payment functionality and in using it. There is also the reality that fiat currency is not going anywhere anytime soon. Cryptocurrency and fiat currency need to work hand-in-hand. One cryptocurrency payment processor, SpicePay, focuses on accommodating the everyday, mainstream merchant by addressing such barriers to adoption.
SpicePay was founded in 2013, and initially dealt exclusively in Bitcoin. Its services included sending, receiving, buying and selling. As the cryptocurrency landscape evolved, SpicePay has as well, making two fundamental changes: It now specializes in merchant services, demystifying blockchain payments and developing a safe, reliable, user-friendly way for merchants to start accepting cryptocurrency. Since many merchants do not have the developer chops to integrate the technology on their own, SpicePay developers make themselves available to help with custom integration solutions.
SpicePay has also expanded beyond Bitcoin to enable payments in Bitcoin Cash, Litecoin and Ethereum, and is adding more cryptocurrencies on an ongoing basis. Monero is coming soon.
Apart from offering a non-intimidating experience for merchants who might be gun shy, SpicePay is different in that it allows merchants, many of whom understandably still deal largely in fiat currency, to easily convert cryptocurrency payments into U.S. Dollars or Euros. Users can put cryptocurrency out of their minds altogether if they want, and set up their accounts to automatically exchange crypto payments from customers for fiat, and have USD or EUR deposited to their wallets.
Users also have greater options in terms of how they make withdrawals, and can opt to receive their funds via PayPal, wire transfer, SEPA or prepaid debit card (the debit card is currently available in the EU only). SpicePay also takes cryptocurrency payments out of the shadows by being transparent. There are no hidden fees, and billing is straightforward. Users know exactly how and what they are paying for. And if they don’t, they can easily find out. SpicePay remains a boutique firm, with close ties to its users. Cryptocurrency payment processing now has a human face.