How will we go to pay with cryptocurrency? In a nutshell
Despite all the advantages that cryptocurrencies have to be used as a means of common payment, these are usually rejected for this use due to the difficulty involved. They were created with the aim of changing the financial system, however, the objective was wrong, more than the currencies, are the means of payment that will make us free of banks and other intermediaries.
Nowadays, for people and businesses, working with these currencies can be very cumbersome, indecipherable keys, hot or cold wallets, exchange, an immense variety of currencies with different values and procedures each, in short, so many terms and difficulties make the entry barrier very demanding.
Imagine a world, where we can pay with our cryptocurrencies from tickets to the cinema to drinks with our friends, without paying commissions, in a clear and simple way, making direct use of all our crypto-assets, without losing money for fees in exchanges.
Imagine a world, wherein the same device, we can charge debit/credit cards and cryptocurrencies, with fees much lower than those we are used to, having our cryptos in a few minutes and protected from the volatility of the market.
Well, we will not have to imagine it anymore, because, with Global Real-Time Authorizations and Funds Transfers (GRAFT), it is possible.
"GRAFT is a retail-oriented payment blockchain and a decentralized alternative payment processing network that brings cryptocurrency to the point of sale and beyond. GRAFT Blockchain is an Open source, Open-platform, Non-for-profit, Community Project."Source.
What does this mean? That we can trade with cryptocurrencies without the disadvantages of the already known methods, even having, combined advantages not available anywhere else, such as:
• decentralized system
• private, untraceable, and instantaneous transactions
• native multi-cryptocurrencies wallet
• cryptocurrency debit card
• decentralized credit card
• make transactions without any commission (special cases)
"Bitcoin, Litecoin, DASH and Monero, are to the dollar, the pound and the yen, as the Graft network is to the Visa and the MasterCard network."Source.
Therefore, all barriers that make it difficult for us to adopt cryptocurrencies en masse will be overcome, so we can start dreaming about that world where we will buy what we want with STEEM, Bitcoin, Litecoin, etc.
But Julio, it won't be more complicated for the sellers to accept, in addition to the traditional means, cryptocurrencies? It will be a mess in your stores.
That GRAFT has it fixed since it has created technology that allows adapting the system to traditional means of payment, being able the sellers to accept in same device payments with credit/debit cards and a great variety of cryptocurrencies.
How? For that we must understand the traditional payment systems:
"There are two steps to every credit and debit card transaction, these are called: authorization and settlement."Source.
The authorization happens when you pass the credit card, it is where the transaction is approved or rejected, it takes around 3 seconds. The settlement takes place behind the scenes, it is the transfer of your funds to the vendor, it takes a couple of days to complete.
The GRAFT technology borrows this model, how? With a system of real-time authorizations (RTA), using innovative technology in this sector. It uses supernodes so that the authorization time does not exceed 3 seconds and, in the settlement, it's even faster than the old systems, will use miners and will not last more than a few minutes.
What if the sellers simply distrust cryptocurrencies and want their usual money? GRAFT also has it solved, how?!
"Utilizing what they call Service Brokers, which will allow merchants to not only receive payouts in their cryptocurrency of choice,but also in their local fiat currency."Source.
Not only can you use traditional payment methods, but the system allows you to trade with cryptocurrencies having all the benefits of debit/credit cards, such as different types of transactions or various tools to handle payments.
In addition, another unique GRAFT service is that you can transfer funds in 3 different ways, not just the typical "send" –in which the sender pays commissions– but two special options for the platform: pay –in which the one who receives is the one who pays for the transaction– and transfer –in which there are no commissions, this to compete against the other payment services–.
In the case of inexperienced users who do not know how to deal with passwords and others, the platform has several security methods, with the objective of easy and simple access to the account, also fulfilling the double purpose of avoiding fraud –it includes a reputation system– and other undesirable situations.
Advance authentication features. Source.
With GRAFT, it will be possible to have a single purse for all your coins, make smart contracts, connect all your stores –or family– to the same system (V-Chain) and even obtain or grant credits to the other members of the platform.
This powerful tool will allow sellers to create gift coupons, loyalty programs, among other marketing maneuvers, attracting new crypto-world clients and influencing others to enter it.
At this moment, I think that the great advantages that GRAFT has, not only for consumers but for merchants and the general public, are very clear, allowing the use of cryptocurrencies to stop being speculative or a hobby, becoming our favorite choice for its benefits and convenience.
With this tool, the cryptocurrencies will be used more often, they will be in many more hands and, it will no longer be necessary to exchange it for the old money so often, therefore its value will stabilize, growing steadily with respect to the dollar –because it lacks inflation–.
Even, it will be possible to acquire goods and services at a better price, this because merchants will want to acquire cryptocurrencies over traditional money, that way they will be protecting themselves from the fierce inflation caused by governments.
With GRAFT, I can finally dream of a world in which we are not dependent on fractional reserve banking.
Venezuela, a special case
Currently, this country in the north of South America is going through hyperinflation –prices are increasing twice daily– which has made people totally distrust the local currency –Bolivar–, this has caused many to choose to acquire cryptocurrencies to overcome the crisis.
In this context, some businesses have decided to accept payments in Bitcoin or Ethereum, however, operational problems –inexperienced users for example– coupled with high commissions –here a few cents are valuable– make working with cryptocurrencies very cumbersome.
Therefore, GRAFT would be extremely useful for us, allowing us to pay with comfort and security, as well as consolidating the cryptocurrencies in the country, laying the foundations for a future extensive use of these in our economy.
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Bar of my city Barquisimeto, where you can pay with cryptocurrencies. Source.
Reference:
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GRAFT has solved the major problems involved in the adoption of cryptocurrencies as a means of payment, it is truly incredible that his team has achieved so many results, now it's up to us to act. Let's promote the use of this service so that we can benefit from it. In addition, we can be remunerated for that, enter here.
Author: @julioccorderoc
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Amazing News for Cryptocurrency pay
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