Bitcoin Global News (BGN)
October 11, 2018 -- ADVFN Crypto NewsWire -- In every case, we caution you, as investors or simply as parties who are interested in the Blockchain and Crypto spaces, to make sure to differentiate between true journalism about industry projects and sponsored pieces.
This case is no exception, though it bears mentioning in an unbiased fashion for a very specific reason. One Blockchain company appears to be trying to rival PayPal, at least over the long term.
The press release, on the subject, which you can easily view with the link above, begins by mentioning a problem that any of you with any experience in the Cryptocurrency space have heard before.
Crypto is not easy to spend. It is not pegged to everyday items on a scale that it anywhere close to where traditional currencies currently stand.
Even though CNBC claims that in 2017, $190.2 million was spent in Bitcoin on real items, think about how much we as a global society spend on everyday things in fiat currencies, even on a daily basis.
The answer is, in a simple sense, much more than this.
Backing up this assertion that Crypto prices for everyday items just do not match up is a study that was published by the Bank of Netherlands in February of this year, which indicates that only 2% of all online retail sellers accepted Crypto.
Because of all of this, it would seem logical that a solution with the aim of turning Crypto’s status as a currency in a more positive direction, truly has a place in the world.
That is where UTrust comes in, which is in the company with the goal of changing the world in this respect. In general, Utrust is a company that wants to provide APIs to individual investors and merchants alike, which will make the entire experience of transacting and investing in Crypto less risky, in terms of market volatility.
Cointelegraph’s claim that UTrust is trying to rival PayPal, related to their merchant API, which says that it will basically free merchants of all risks related to accepting Cryptocurrencies for payments.
Due to one particular fact about what it does, however, it does appear that Cointelegraph’s press release is somewhat misleading. On Utrust’s landing page, they literally mention that every payment received using their merchant API is instantly converted back to fiat.
Therefore, in the end, the solution barely involves Crypto directly, at all, which is why we caution you against such sponsored content. Even so, due to the fact that for now, transacting fiat is less risky than doing so in Crypto, this could be a step in the right direction towards more adoption from previously reticent parties.
By: BGN Editorial Staff