According to research by blockchain analyst Larry Cermak, currently there are over 13,000 venues all over the world that accept BTC payments. But it still seems like its impossible for one to spend their BTC as they please. The issue however isn’t finding venues that accept BTC, users are complaining that even if they do find venues that accept micro payments using BTC, the transaction time and fees are crazy.
One project has seemed to found the solution to this problem. According to Marco Lavanna, the founder of Monetum, in an interview he said ‘’ Very little usage of cryptocurrencies for payments is what we see as our biggest opportunity: crypto adoption is not going anywhere unless there is everyday usage, and everyday usage is not increasing because of several factors, which we are addressing with our solution.’’ It doesn’t seem that long-ago users believed that the virtual based currency backed by math instead of the government might replace cash to pay for simple things like coffee of groceries.
Now it seems that there is a lot of issues before one can go and buy their morning coffee using their BTC instead of credit card. However, Marco Lavanna continued ‘’We are not asking consumers to move over to crypto and forget about their existing bank relationships. Rather we have created a solution that is bridging legacy payments with crypto, so the transition doesn’t have to happen overnight and users can familiarise and get used to the solution while still keeping their funds in their existing bank accounts.’’
So it looks like the dream to replace traditional currencies all together is perhaps not yet possible, but platforms like Monetum seem like they have found a solution of best of both worlds. Monetum offers a centralised crypto-fiat and fiat-crypto exchange and gateway. The wallet manages the flow of funds between crypto and fiat so that users can complete a purchase regardless of the currency they or the merchant holds. This solution gateway will make sure that the buyer is debited in the currency of their choice and the merchant receive the funds in whichever currency they please. It looks like Monetum has created a solution that makes it possible for those who are not that technical when it comes to cryptocurrency to spend their cryptocurrencies on anything they please.
‘’Another factor is ease of use. Our solution is built to be extremely simple and user-friendly, with mobile and desktop access, with very low fees that will act as an incentive to merchants to adopt the system.’’ Continued Marco Lavanna, shedding some light on those who are still holding on to hope that one day they can actually spend their fortune without the need to go through different platforms trying to sell their BTC to buy some Christmas presents.