Beyond Banking Using Cryptocurrencies to Facilitate Transactions

In 2017, cryptocurrencies began making regular headlines for the tremendous growth in value and popularity. Led by Bitcoin, the first and most famous cryptocurrency, the entire crypto market exploded in value.

By now, most people are familiar with Bitcoin’s rise from relative obscurity to a digital currency that reached $20,000 at its peak. Of course, Bitcoin was joined by many other alternative digital currencies that followed Bitcoin’s lead and also gain significant value throughout the year.

Unlike the stock market, which is primarily comprised of large, institutional investors, crypto markets are dominated by individuals. In fact, there were so many individual investors flooding the market that popular cryptocurrency exchanges were inundated with new users and were forced to halt new registrations temporarily. As the developers of Kraken, a favorite crypto exchange, wrote to their customers, “the recent unexpected explosion in demand has been overwhelming.”

Because crypto markets were so successful, many of these investors are now sitting on a wealth of cryptocurrency that can be hundreds or even thousands of times more than their initial investment. However, for this to be more than just a fun fact, crypto investors have to be able to actually use their currency, which is often much more difficult than buying it.

For instance, you can’t take your family out to a restaurant and pay the bill in Bitcoin. You can’t walk into a store and purchase a new washing machine with Ethereum, and you definitely can’t take Litecoin to the mall and walk out with clothes.

Until now.

TokenCoin, launched in 2017, is a debit card and mobile app that allows users to complete transactions using their cryptocurrencies. Their platform is surprisingly simple and easy-to-use because it incorporates several of our most common technologies into its comprehensive platform.

 

A Brief Overview

 

TokenCoin connects to a digital wallet that stores a user’s cryptocurrencies. For example, users may hold a collection of Bitcoin, Ether, Litecoin, and Ripple in a digital wallet. Using smart contracts on the Ethereum blockchain, TokenCoin can quickly translate those digital currencies into fiat currency that can be used to make purchases or to withdraw cash.

Using their mobile app, users can manage their account balance, purchase additional cryptocurrencies, and set a spending allowance. TokenCoin even provides users with a physical debit card that can be used at point of sale locations.

Under the hood, the TokenCoin mobile app and debit card are powerful technologies, but their familiarity makes them easy to use and helps bridge the gap between the obscurity of cryptocurrencies and the traditional shopping experience.

Use Cases

 

TokenCard is the first expression of a financial world beyond traditional banking institutions. In the past, big central banks were required to make any purchase, but now people have much more diverse payment options. By incorporating many of the features of a mobile banking app into their platform, TokenCoin presents cryptocurrencies as a legitimate tender for making in-store or online purchases.

In other words, all of the activities listed above – paying at a restaurant, purchasing appliances, and shopping at the mall – can all be conducted using cryptocurrencies and the TokenCard mobile app or debit card.

TokenCard even includes many of the helpful features of a bank. If a user attempts to spend more than they can afford, the purchase will be declined. However, because these transactions are taking place on the blockchain, there is an added level of safety and security to the entire process.

Cryptocurrencies are so much more than just speculative assets. They can be practical currencies that can make purchases in the real-world, and TokenCoin is the intermediary for that event. Their platform gives buying power to the crypto investors who gained so much wealth last year, and it will continue to shape crypto use cases as markets grow and mature.

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By | 2018-02-13T19:11:26+00:00 February 13th, 2018|Cryptocurrency News|0 Comments

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