Graft Making Crypto & Everyday Purchase

Let's face it if you're reading this post and you're on Steemit you have some or rather a large affinity for cryptocurrency. You realise this is where the future of money and trading is heading and you've bought into various cryptocurrencies as an investment. It's a wild ride investing, day trading and hodling cryptocurrency but this only serves a select few and isn't the real purpose of what the industry hopes to achieve.

To many, it all seems like magic money and in order to make it real to the rest of the world we need to showcase its tangible value in everyday life and this means shopping. How can I shop with cryptocurrency? Well unless you're a pretty skilled internet user and willing to put in the time it's very unlikely you'll find places that will accept your cryptocurrency and when you do, will they sell you what you want? Are they even in your area?

Online shopping with cryptocurrency is great but what if you want to buy a cup of coffee, get your laundry done and the normal everyday purchases? Well, chances are you'd be out of luck finding any service providers like those in your area willing to take your Bitcoin or Ethereum as payment.

Making use of cryptocurrency everyday

So how do we overcome the current market trend and popular use cases for cryptocurrency and bring it to the people, effectively making it a currency of the people? Well, Graft has a pretty comprehensive plan on how to achieve just that.

A brief intro into graft

Finding vendors

So issue number one was finding vendors to spend your cryptocurrency. Graft is looking to drive a community-based geolocation service via its app to help users find vendors and contribute to the service. GRAFT CryptoFind allows users to find locations that accept crypto and if allows them to submit requests should information be incorrect. It also allows vendors the opportunity to market their service to a new crypto audience and attract new business.

Graft also encourages users to drive acquisition by offering in currency rewards for helping add new businesses and even updating and adding new information regarding vendors.

How Graft rewards system works

So now that the vendors are being added and customers are encouraged to use the app how will Graft help point of sale? It's all good and well helping the consumer meet the business but we know crypto payments aren't always reliable and they can be a bit clunky with current hot wallets available.

How the Graft CryptoFind App will work

Receiving cryptocurrency payments

Credit cards typically charge merchants large fees for every transaction a customer makes. This makes them costly, and that cost is carried over to the customer making your goods and services more expensive and you cant be as competitive as you would like to be with your pricing as margins are thin. GRAFT does not charge the customer, as the fees are paid for by the merchant. These fees are a fraction of what average credit companies charge helping merchants have more control over how much their customers pay and can reduce transactional costs.

Transaction Fees

• Credit Cards: Typical credit cards charge merchants somewhere around 2~3% for every transaction.
• GRAFT: For RTA based GRAFT transactions, the fee is a constant 0.5% across all volumes, plus 0.25% to 0.75% for SLA & services.

This means that GRAFT costs the merchant about half of what credit cards are charging them, which may not seem like much but as you add that up over the years it can help you turn a pretty nice profit at the end of each year!

Graft is not stopping there and they will also be offering point of sale terminals to help streamline purchases and make the payment process smoother for both merchants and consumers.

Point of sale systems for merchants

Payment Systems for merchants

Paying with cryptocurrency

Now that we've seen how Graft will help merchants what about conusmers? I mean how can we ask a consumer to part with their crypto especially with all the variations we have available with POS or POW and decentralisation issues with scalability transaction times can be anyones guess on any given day. Well, Graft is currently working on RTA(real-timeauthorizations) in order to get consumers sorted in an instant.

GRAFT's RTA ensures that payments will be authorized and processed in near real-time and that the buyer can pay in the currency of their choice while the merchants receive settlement in their preferred currency. Giving both consumers and merchants peace of mind that accounts are settled and no one will be left out of pocket due to a transfer issue.

What I think of Graft

I think Graft have a solid well thought out plan and creating the ecosystem to support it will take some time, winning over the adoption of both B2B and B2C clients but doing so in a way that allows word of mouth to be rewarded can help it gain traction by vendors and consumers on the ground. Graft still has plenty of hard grafting to do in order to win over both sectors and then bring them together but if they can effectively do so they will end up being a largely profitable and powerful payment ecosystem.

This post is written as a submission for the @originalworks writing contest found here

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• GRAFT
• GRAFT WhitePaper

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