We are in an exciting period of time when it comes to crypto currencies today. Like the early days of the Internet, nobody is quite sure about how it is going to develop. On one hand, it is a completely cryptographic and secure payment system. Yet on the other hand, the learning curve is steep and as it is still early days, nobody is quite sure as to how it is going to pan out.
Despite this, payments are already being made in crypto currencies worldwide, with hundreds of businesses across the globe accepting Bitcoin as a form of payment. This is still a far cry from mainstream adoption. In order for crypto currency payments to become integrated into everyday use, the learning curve must be made as gentle as possible and the consequences of purchases being compromised effectively removed.
A few projects have already begun creating solutions to make cryptocurrency more accessible. For example, Monaco and TenX have taken the “Crypto credit card” approach, where a user can load crypto currency onto a prepaid card and then spend it as if they are using a regular credit card.
One way that Colu is taking the first steps to making everyday payments with crypto a reality, is by creating crypto-based community currencies. These community currencies act as a type of reward for purchasing within your local community. Anyone making a purchase within their local community will receive a small amount of the community currency. This can then be used to redeem goods at local businesses which accept the currency, meaning that you can buy a coffee or grab a pint with crypto.
While this is not currently a fully decentralized payment system, as the payments are made in fiat currency and the crypto is stored on Colu’s own wallets. We believe that it is the first steps in creating a completely open community based financial system.
Users in Tel Aviv, Haifa & Liverpool are already familiar with how to use Colu for everyday payments. By adding in a crypto based rewards system on top of the current, familiar app, we can ease-in people to the idea of crypto currencies effectively kick-starting the process and paving the way for every day payments with crypto.