Use crypto everywhere

We live in a world in which all the power is centralized. We are forced to believe that we have been granted financial freedom as is our right. However, the reality is that the current centralized financial organizations actually control our money.

We all went through the flaws the current system has during the biggest recession ever recorded, in the year 2008. We all had to pay a hefty price because these financial organizations messed up.

Thus, cryptocurrency came into existence. However, this technology is yet to replace the way we transact every single day.

The reason why cryptocurrency has not been able to replace fiat currency:

Even after the financial crisis caused by centralized financial organizations, we still continue to use the old financial system itself. This is because cryptocurrency is not very convenient to use on a daily basis. Fiat money, on the other hand, is easy to use.

• For someone to use cryptocurrency, they need to find merchants who accept virtual currency payment. This is a very hard job as most merchants would not have even heard the word. Additionally, the numerous ill-written articles about Bitcoin being used to fund illegal activities does not help the cause either. Thus, ultimately limiting its usage.
• Cryptocurrency transactions are not instantaneous and take some time to get verified. During this time, the price of the crypto asset can vary rapidly. Thus, many merchants prefer not to endure a loss because the transaction took too long to confirm.
• Lastly, cryptocurrencies are virtual, and many people cannot understand the value of a virtual currency.

Attempts to make cryptocurrencies more user-friendly:

Due to the various advantages that cryptocurrencies have to offer, there have been numerous attempts to make it more user-friendly. There are many cryptocurrency payment processors who provide cryptocurrency payment gateway services to the merchants. However, in this case, the funds usually stay in an escrow for a longer duration of time before being transferred to the merchant. Thus, failing to please him.

Many companies have also attempted to create prepaid cards to pay at any store. The cryptocurrency in your wallet would get converted into fiat money and would be used to pay any merchant. While this idea seemed to be the ideal solution, it failed to attract many people because the conversion fee that the prepaid card company imposes on you is extremely high and it would be more convenient to pay using fiat money itself.

The bullseye:

With all the previous attempts failing, things did not seem very good for the cryptocurrency. Now CoVEX, an all-in-one crypto exchange is trying to revive the goal of using crypto everywhere. CoVEX provides a cryptocurrency payment gateway to all merchants and any payment made will reflect instantly in the merchant’s account. To take this attempt further, CoVEX is also providing a prepaid card which you can use for Bitcoin withdrawal. This means you can use the card at any place that has a POS machine. The card also allows you to pay using any alt currencies. Thus, helping in the mass adoption of cryptocurrencies.

Cryptocurrencies have been around for nearly a decade now. By far they are the only form of currency capable of giving us the financial freedom that we were initially promised. CoVEX’s attempt is still in its infancy and as more people start using it, cryptocurrency will create a world that is unified by the currency we use.