Companies Race to Spread the Benefits of Cryptocurrency
NEW YORK, May 10, 2018 /PRNewswire/ --
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. (OTC: VRCP) (VRCP Profile) is a technology company providing cryptocurrency payment solutions for retailers and consumers. BTCS, Inc. (OTC: 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. (TSX-V: 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.
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 urrent 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, 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. (TSX-V: 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. 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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