In the past, Live Bitcoin News has discussed a new program called Flexa, which seeks to make it easier for retail merchants to accept and process bitcoin and cryptocurrency payments. At press time, the company is expanding into Canada, where approximately 7,500 stores and retailers are set to begin accepting crypto in exchange for goods and services.
Flexa Is Expanding
Since the beginning, cryptocurrencies have sought to be utilized as means of payment. For anyone without access to applicable credit or to a proper bank account, getting their fingers on credit cards, checks or even cash half the time can be difficult, which is where crypto can usually take the reins. Digital currencies can be processed very quickly; money moves in and out of a digital account within a matter of minutes.
Unfortunately, the volatility of said cryptocurrencies has often gotten in the way of digital assetsâ€™ true goals. Many stores are reluctant to accept cryptocurrency payments given that these coins are vulnerable to severe price swings that can cause them to drop within a matter of moments.
Bitcoin, for example, is trading for just over $10,050 at press time. This is a major drop from the $10,500 it was holding yesterday, and the $10,900 mark it was at the day before. Just last week, bitcoin was trading above $11,300 and $11,700 respectively. That means that in roughly seven days, the granddaddy of all crypto has lost almost $2,000 in value.
At one moment, bitcoin is doing quite well, while the next, itâ€™s drudging through the gutter. If one were to have paid with bitcoin during this time, they would have walked off with their merchandise regardless, but the store accepting the payment would have lost a lot of money. Itâ€™s not entirely fair to the retailer in question, which is why so many companies are quick to turn their backs on the idea of accepting digital currency.
Flexa is looking to change all this. The company has made a deal with Canadian cryptocurrency exchange Coin Square to boost its presence within the country. This will be its first venture outside the United States, and customers will be able to make payments in a wide array of cryptocurrencies including bitcoin, Ethereum, bitcoin cash, Zcash, Litecoin and the Gemini dollar. The process will begin in the first week of September.
Flexa also has whatâ€™s called the SPEDN app that allows Canadians visiting the United States to make crypto payments at several major U.S.-based retailers, such as Starbucks. The app was developed in partnership with New Yorkâ€™s Gemini Exchange, founded by the Winklevoss Twins of “The Social Network” fame.
Why Crypto Payments Are Important
In a blog post, Flexa explains:
We think that seamless, fee-free, cross-border commerce is one of the most impactful use cases that cryptocurrency can provide.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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