It’s become a truism in the bitcoin community that widespread acceptance of bitcoin will come when the background process of selling and buying or paying for something is virtually no more complicated than swiping a contactless card. Money in, money out, trade accomplished.
The second prerequisite, looks like it’s on the verge of happening. It is that behind the scenes more and more merchants are requesting information about alternative coins such as bitcoin, litecoin, and ripple. At which point the whole process of dealing in digital coinage becomes much easier for everyone.
Most of us, including me, don’t walk around holding a directory in our head of all the back-end processors who enable us to operate as financial beings. Unless we were born into the Kaulong people ( a remote tribe off New Guinea) we take for granted the fact that money can be exchanged between businesses and individuals. We forget, though, that the payment processing has its own recorded milestones.
In this context a breakthrough moment is occurring this year. The NCR Corporation, which started off its life as the National Cash Register, is a pioneer in its field: always looking for the NEXT BIG THING. Well, now, the man responsible for dreaming up innovation in the secretive word of the processing of payments believes he’s found it.
That’s to say, he’s in the process of adding bitcoin integration into the company’s vast inventory of the sexy-sounding point-of-sale terminals, automated teller machines and barcode scanners! The roll out means small businesses and merchants, using the company’s NCR Silver processor, can now accept Bitpay as one of their payment options.
And here’s the really fascinating piece of insider information. According to Kimble, Bitpay has so far attracted more attention from merchants than for all other comparable payment options such as Apple Pay and PayPal. Stay tuned: move over Apple Pay and PayPal you may soon seem rather old-fashioned.
Nor is this the only recent breakthrough in the payments’ system universe. Only yesterday Coinapult announced that it had invented a bitcoin wallet that enabled bitcoins to be exchanged by the simple mechanism of writing a text message. The two parties will not even have to leave their own SMS system or sign up to a third party wallet system to do this. Even more useful is that the technology used by Coinapult includes a volatility lock so that the price of bitcoin can be locked in, thereby protecting the party from wide price swings. This revolutionary innovation means that many of the world’s poorest people will now be brought into the payment system even if they are bankless.
There’s a good video explaining how it all works.