NetworkNewsWire
Editorial Coverage: Cryptocurrencies and their underlying
blockchain technology continue to grow in popularity. To make the
most of this, a variety of tech-based companies are racing to put
blockchain in the hands of ordinary businesses and consumers.
Virtual Crypto Technologies, Inc. (OTCQB: VRCP) (VRCP
Profile) is a technology company providing
cryptocurrency payment solutions for retailers and consumers.
BTCS, Inc. (OTCQB: BTCS) is creating a portfolio
of companies that will bring cryptocurrency to a wider arena
through ATMs and support for crypto in business. Others, such as
British-Canadian company BTL Group, Ltd. (TSXV:
BTL), are using blockchain as a basis for differing forms
of software, with BTL’s platform providing extra speed, security
and resilience to the work of programmers. International
Business Machines Corporation (NYSE:
IBM) offers a business blockchain that provides a
permissioned network with known identities and no need for
cryptocurrency exchange. And Daimler AG (OTC:
DDAIF) has launched blockchain-based digital currency
MobiCoin to encourage eco-friendly practices among drivers using
its cars.
The Future of Money?
Until a decade ago, businesses had been tied to one methodology
of payment solutions in the form of traditional banking processes.
Even as the world entered the electronic age, banks were weighed
down with processes born out of habit, tradition and regulation.
The inefficiencies of the system slowed payment processing and
introduced risks through single points of potential failure.
Cryptocurrencies have provided an alternative, but utilizing
them requires innovative new payment solutions. Though
cryptocurrencies fix and improve upon the current limitations of
conventional payment methods, they are not currently integrated
into the average person’s life. Until a few changes take place,
businesses working with financial transactions will have to deal
with extra complexity and risk. Companies that provide solutions to
these complexities could profit from being the first in an
important niche and, in doing so, empower both businesses and
consumers.
Making Cryptocurrency Accessible
Virtual Crypto
Technologies (OTCQB: VRCP) is among the few companies
working in this area. Its NetoBit range of products offers an
innovative option for those wanting to access cryptocurrency
payments both as businesses and as consumers. A bridge between
exchanges, wallets and payments — the three main elements of the
cryptocurrency sector — the NetoBit products make it easier for
anyone to take advantage of the potential offered by alternative
payment systems. The foundation of NetoBit is a proprietary,
algorithmic technology that can confirm cryptocurrency transactions
in real time. This makes it easier to make transfers between
cryptocurrencies, as well as to and from fiat currency.
The cryptocurrency market is huge. As of mid-April 2018, it was
worth a total of $320 billion. The chance to tap into the wealth of
this market is one that many businesses seek. Accessible through
ATMs, tablets, mobile devices and computers, NetoBit makes that
simple. It allows retailers and businesses to take payments from
customers using cryptocurrency.
Many potential customers have proven their forward-looking
outlook by acquiring cryptocurrency early, and many have made
substantial earnings off that decision. As cryptocurrencies
continue to grow in value and popularity, companies that don’t
accept them risk being left behind. Services such as NetoBit offer
the exciting opportunity to access this technology at an early
stage.
Managing Risk
For many companies, the biggest thing holding them back from
investment in cryptocurrency is risk. Like any new technology, the
cryptocurrency industry is going through a period of rapid change.
It has only existed for a decade, and already thousands of
currencies have sprung up.
Though prices have generally risen, particularly for the most
famous examples such as Bitcoin and Ethereum, they haven’t always
been stable. Earlier this year, Bitcoin saw a huge crash in value,
only to enter a fresh period of growth in the aftermath. In
addition, the threat of scammers leaching off the hype around
cryptocurrency has tarnished the reputation of the effective
underlying principles, making businesses even more hesitant to take
advantage of the opportunity to make the most of the
technology.
One of the advantages of Virtual Crypto’s system is that it
reduces the risks associated with fraud and market mood swings.
Businesses are less vulnerable to cryptocurrency market fluctuation
because Virtual Crypto’s system allows them to accept
cryptocurrency and then, if they choose, change the cryptocurrency
on the spot to real-time local currency. That customization
provides businesses with power, flexibility and customization.
Another element to Virtual Crypto’s system is security. System
software provides businesses with real-time confirmation of
cryptocurrency transactions, as well as the ability to monitor the
trading market of any cryptocurrency. This ability protects Virtual
Crypto’s subscribers from delay, double spending and fraud.
Cryptocurrency for the Masses
In its early days, cryptocurrency was limited to a small number
of online traders. Now its use is expanding to the masses with a
growing adoption around the world. People are interested in using
cryptocurrency, and all that’s standing in their way is access to
it.
Virtual Crypto is tapping into that demand by making
cryptocurrency payments easy. The company’s ATMs and apps allow
two-way trades between crypto and local currencies, unlike 70
percent of current cryptocurrency ATMs. What may truly
differentiate Virtual Crypto from other cryptocurrency payments
solutions is that its software allows customers to make trades or
payments through the system using any crypto wallet; other
companies require customers to use an in-house cryptocurrency.
This means that customers can use the system wherever they are,
integrating cryptocurrency into their everyday lives. All of this
is achieved within seconds, unlike many other systems, which can
see delays of minutes or even hours while trades are carried out.
And recent updates have made the company’s offerings more
accessible than ever.
“Our primary objective is to make cryptocurrencies accessible to
everyone, and that was the motivation for our redesign,” Virtual
Crypto CEO Alon Dayan said. “The updated content provides real
value for our customers, shareholders and employees, showcasing our
products and services, in an intuitive, easy to navigate way.”
A March 2018 study, published by Transparency Market Research,
predicts a compound annual growth rate of 31 percent for the
cryptocurrency hardware and software market, increasing from $574
million to $6.7 billion between 2017 and 2025. As an early entrant
into that market, Virtual Crypto is tapping into an expanding
sector and supporting its continued growth.
Bridging the Crucial Gap
One of the big challenges facing cryptocurrency is integration
with regular financial markets. The two currently exist as separate
entities, with cryptocurrencies being traded separately from other
currencies, stocks and shares. As cryptocurrencies rise in value
and acceptability, the divide between the two will start to break
down. Adena Friedman, the CEO of Nasdaq, recently said that the
exchange would consider trades in digital currencies (http://nnw.fm/GuGi3), which is a huge step for the
world’s second largest stock exchange.
By supporting two-way exchange between crypto and fiat
currencies, Virtual Crypto is already at the forefront of this
integration. As the markets collide, the company may be
well-positioned to seize the moment and become a major player in
the world of commercial cryptocurrency payments.
Building a New Financial Ecosystem
As the popularity of cryptocurrency grows, companies are
springing up to work with it. Together, these companies are
creating an increasingly integrated ecosystem of financial and
support services.
BTCS, Inc. (OTCQB: BTCS) is the first American
publicly traded company focused entirely on cryptocurrency and
blockchain, the technology underlying these digital assets. Its
strategy is one of financial growth, creating a portfolio that
features digital assets including bitcoin and other tokens. It has
invested in companies that will bring cryptocurrency to a wider
arena, including through ATMs and support for the adoption of
crypto by businesses. As with Virtual Crypto, this will put it in a
position to profit from consumer adoption of cryptocurrencies and
their integration into the wider commercial sector.
British-Canadian company BTL Group, Ltd. (TSXV:
BTL) is a technology platform provider using blockchain to
deliver innovative software solutions. It has recently made
Interbit, its next generation blockchain platform, available for
testing and feedback. Easy to use and build upon, Interbit uses
blockchain to provide a more secure computing environment that
ensures data privacy. Users can employ multiple blockchains to
build fast, resilient, scalable applications that make the most of
the cutting edge of programming technology.
International Business Machines Corporation
(NYSE: IBM) offers IBM Blockchain
Platform, which allows companies to develop in a quick, easy-to-use
local environment that has been created to build blockchain skills.
The extensive, lightweight platform leverages open-source
Hyperledger tools and includes everything needed to code, test
locally and then deploy on the IBM Cloud. The platform simplifies
the blockchain journey of developing, governing and operating a
network.
Automotive giant Daimler AG (OTC: DDAIF)
presented what has been called the MobiCoin project at the Mobile
World Congress 2018 (http://nnw.fm/Jsn46). The virtual currency is in its
testing phase and will be awarded to those who care about
eco-driving. The new coin is designed to reward drivers who drive
safely and smoothly at low speed. The initial group of
participating drives can receive MobiCoins by reaching a high
“environmental score,” which would take into account things such as
smooth acceleration and braking. Drivers will receive the MobiCoins
on a mobile application.
The growth of cryptocurrency and the underlying technology is
currently limited by accessibility. As companies create a whole
ecosystem of blockchain products, they will draw more users towards
this exciting, innovative technology. By empowering others, these
companies are also placing themselves to become leaders in an
exciting and important field.
For more information on Virtual Crypto Technologies, please
visit Virtual Crypto
Technologies (OTCQB: VRCP).
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