Looking at how Satoshi Nakamoto designed Bitcoin after he released the digital asset’s white paper, one would be convinced that it was made to be a peer-to-peer payments system. This easily means that people would send and receive payments online without the need to involve or go through banks to facilitate their transactions.
Even though no one has achieved that dream over the years, one can gain comfort in the fact that crypto has grown exceedingly well over time. Even though people are still flocking into the network as of now, a mainstream adoption looks distant into the future.
BitcoinVend looks at issues that limit the growth of crypto
With crypto easily poised as one means that would suit as payment, no entity or group can come about to be so effective. Even though it looks like most people would generally want Bitcoin because of its value, something that would limit them from adopting it is that it is not easy to spend and cannot just be used to buy goods and services.
One reason for that is the time taken to confirm transactions that are always dependent on certain factors such as the amount paid. Even though we can’t possibly consider the need to buy luxury cars and big houses with crypto, not much can be said about the smaller things like groceries and food items.
With MasterCard and a host of other payments firms trying to get on top of this issue by rolling out support for the assets, their solutions might include converting the digital assets to fiat. Recently in the news, BitcoinVend, which the crypto investor and analyst owned, Christopher Cousins, said they were looking at issues that have limited digital assets’ growth over the years.
BitcoinVend wants to use its three features to sway the market
Christopher Cousins mentioned that even though most crypto sectors are focused on building solutions for users, they have failed to understand that most people do not understand them. He also mentioned that they had taken a new approach to further see people embrace the crypto sector with their new products. Cousins said that in as much as people can make use of their mobile phones, they would be able to buy basic necessary things using crypto.
With this, BitcoinVend would become the first entity that would support various sellers in accepting crypto for payments and help buyers connect to sellers to buy goods and services using digital assets. BitcoinVend says it is hoping to use its three key features to sway traders and sellers to its platform to make its dream achievable.
First is that the wallet that enables users to store their assets till they are ready to enter the market. The market is also another feature that allows people to buy and trade using digital assets and, finally, a peer-to-peer payments section where users can buy and sell digital assets without involving banks.