Cryptocurrencies have come to STAY, we all know and so far a lot of problems, have been tackled with the blockchain technology and its implementation, we've seen lots of decentralized applications developed on the STEEM blockchain and some other blockchains, as well as the introduction of smart contracts via the ETHEREUM NETWORK.
Yet, one of the major problem we've been having in the entire crypto ecosystem is the application of crypto currencies in carrying out day to day real life activities in business in terms of payment of services, buying of assets or consumers goods, shopping, etc... We find it hard to see places where we can spend our cryptos in real life situations and because of this most people tend to see crypto as just a stock of value or merely an asset(currency) for trading (in terms of crypto trading).
Imagine a world where cryptocurrencies are at every point of sale. You accumulate cryptocurrency through work, playing games, exercising and other crypto-related activities. You are able to easily use these earnings to buy goods as well as services. Things like foreign transaction fees are a forgotten concept. Interest rates become negligible because of the competitive market established by p2p lending platforms. Exchanging to fiat is unnecessary. On top of that, the individuals who join the network to perform authorizations, exchanges and maintain gateways are rewarded for strengthening the GRAFT infrastructure.
The problem...
However most people still find it hard to accept crypto currencies in business or as a merchant due to the high rate of volatility,high transaction fees, complexity of the system and delay in transactions, bitcoin takes sometime over 12hours for complete confirmation, imagine trying to pay for a cup of coffee and waiting that long before you get your coffee, or aside that buying a cup of coffee with 10$ and paying almost 2-5$ for mining and processing fees, or a more funny scenario, paying for the cup of coffee at the rate of 10$ and before the confirmation the value drops down to 2$ lol.. i mean if you are the consumer or the retailer you definitely wont take it funny...
These and many more have been a big problem delaying the mass adoption of crypto currencies, its application in real life situations and point of sales in particular for both merchants and consumers, though a lot of crypto currencies have been on the quest to eradicate this problem, however most end up not achieving it or backing out half way across.
Proffered solution...
Taking all these into consideration we would agree that in order to solve the problem at hand, we need a crypto payment system which would be able to process transactions in micro seconds, at a low and affordable fee for micropayment, ease of access for both merchants and users, a means of stability of cash system and most of all no one wants to use a system not legally accepted in his/her jurisdiction, hence the currency must be locally accepted and with full regulation...
GRAFT is what we need..
Now, this is where GRAFT comes in, GRAFT a crypto currency which recently concluded its ICO a few months ago, focused on the universal payment processing in the crypto world, combining the concept of decentralized digital currency , smart contracts , privacy focused, super fast speed of transactions per seconds, simple user interface for easy understanding and ease of multi-currency transactions.
HOW WILL GRAFT ENTIRELY ERADICATE THE PROBLEM FACING PAYMENT SYSTEMS
Considering the fact humans are habitual in nature and sometimes get too conformed in a particular system finding it hard to switch platforms, GRAFT has made it so easy to partake in the crypto integration for all kinds of businesses or users, by revolutionizing the old system of credit/debit cards on POS, the platform was designed to suit all users who previously understand the old traditional concept of Credit or debit cards payment system.
Among the several characteristics of GRAFT below are the most important aspects which are deem necessarily to eradicate the problem facing the utilization of crypto-currencies in payment system.
1. EASE OF ACCESS: With the graft mobile platforms available on IOS (Appstore) and Android (Playstore) Merchants and Users can easily take part in the full utilization of the graft system without the need for much formalities or complexities, users can pay at point of sales via their mobile phones, top up their account and carry out all payment activities with it.
This makes is so easy to carry out payment processing without the hurdles of
oops! i forgot my wallet
oops! i lost my credit card
oops! im out of cash
GRAFT Mobile POS for iOS
GRAFT Mobile POS for Android
We always make use of our phones and what other convenient means of payment can their be than with the use of our mobile phones??
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2. SPEED OF TRANSACTION: With the team focus on payment processing, speed was a concept that was well handled, with the transaction speed of graft, thousands of transactions can be processed in milliseconds as opposed most other cryptos, this enables payment to be carried out in real life time, and without delay for both the merchant and the user.
3. INSTANT PAYOUT IN LOCAL FIAT CURRENCY: This has been a problem for most people as new investors whom are very concerned about with the complexity of cryptos and ease of converting it to a fixed local currency, as most investors or business owners are not satisfied or comfortable with the high volatility rate with crypto currencies.
With the GRAFT payment technology in handling a multi currency wallet, users can make payment via the graft token and merchant can decide to convert part or the full payment to their local fiat currency.
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Lets say MR A a user of graft token tends to pay MR B a merchant for his services, MR A can go ahead and make payment via the POS terminal with graft tokens and after MR B receives payment he can immediately convert the GRAFT tokens to his Local currency, either MR B converts it all or may decide to convert a part of it and leave the rest as crypto.(EUR,USD,NGN,INR.....) this method has made it so easy for business owners to easily integrate crypto currencies in real life payment processing without the fear of the volatility rate of cryptos.
4.REAL TIME AUTHORIZATION: This is the aspect of graft payment processing i love so much, with the implementation of GRAFT RTA payment processing will be as fast, easy and comfortable like never before, users and merchants need not be bothered about currency differences, location, or exchange rates and delay of transaction confirmations.
The GRAFT RTA is a dream come true for all merchants and business owners, as both micro payment can be received and converted in real life time to their desired local currency, this is to say a merchant can decide to set its receiving option on the Local or MOBILE POS terminal to his preferred currency and all transactions would be automatically received without the need of any manual exchange, Additionally, transactions confirmations would be locked on a buyer's account and communicated back to the client, typically within milliseconds to avoid the delays in confirmation. (read more>> on the whitepaper, check link at the end of the post)
Like i said this is a dream come through for the entire crypto ecosystem as relating to payment processing, the GRAFT RTA would be a big boost to the utilization of crypto currency in our everyday life. As it completely solves the major problem of merchants and business owners in the integration of cryptos to their respective businesses.
HOW WILL GRAFT RTA CHANGE THE FUTURE OF CRYPTO
If you've been following me you must have read about my previous article on the future of cryptocurrencies(if you havent please read here for better understanding>>).
In my previous article i discussed my viewpoint on how the future would look like with cryptos and how each respective crypto blockchain tech.. will play their various roles in their respective line of industry.
img src
With the implementation of GRAFT RTA, crypto can fully be more effective in our day to day life, as users and merchants need not wait too long for authorization and confirmations of a transaction, or complexity in converting their cryptos to fiat via exchangers or crypto brokers after business transactions, this would entirely change the future of crypto currency, currently cryptos are seen only as a stock of value, a currency of speculation or merely as a medium for trading, and this as well delays the mass adoption of crypto which we have been hoping for , GRAFT RTA will completely revolutionize this, by changing how people see and utilize cryptos and inturn boost the mass adoption of crypto currencies thereby giving more value to the crypto ecosystem in general.
Every crypto enthusiast is hoping and praying for mass adoption and the usability of crypto in real life situations.
WHAT DO YOU THINK??? WILL GRAFT MAKE THIS A REALITY OR IF NOT WHAT THEN COULD BE A POSSIBLE SOLUTION TO THIS??
Thanks for reading
Best regards
Nicholas Ilechie
Graft2018
Disclaimer: please note, i am not a registered financial adviser, this article was only intended for education and informative purpose as well as an @originalworks contest, investors are advised to do their own research before making any decision and all investors making any investment based on my thesis should do so at their own risk
More Information & Resources:
- GRAFT
- GRAFT WhitePaper
- GRAFT Twitter
- GRAFT BTCTalk
- GRAFT Facebook
- GRAFT Reddit
- GRAFT YouTube
- GRAFT Medium
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#Graft2018
Contest link: https://steemit.com/crypto/@originalworks/680-steem-sponsored-writing-contest-graft
Banks will have to adapt to this new landscape or they face being replaced.
I see the bank's function as being a trusted and regulated gateway on top of the Tangle. For example, my grandma is never going to download a crypto wallet, but hopefully in the near future her bank will let her take advantage of this new tech.
Of course, the option will also exist for all of us to be in control of our money without the banks, the original intent of crypto.
Yeah some banks are already begining to accept them. Some top Major banks use ripple for international transactions.
Litecoin as well recently partnered with a deutsch bank owning about 10% of its share and as well collaborative effort to be used for their foreign transactions and loyalty programme.
Soon banks and financial institution would stop fighting it and accept it generally.
Crypto wont necessarily replace banks both can co run together..
Cryptocurrencies becoming famous day by day.Those days were not far when crypto will be normal and mainstream mode of transaction worldwide
exactly mate, with the implementation of this technologies such as the RTA GRAFT is working on it would be a boost to the entire market, by the way, saw the bitcoin rally today, was fun watching it break out the 6,800 resistance level
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STOPTo support your work, I also upvoted your post!
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Hey nicholasilechie that is a great post/artwork, you have earned an upvote from me ! Did you know about the latest addition to the steem blockchain ? It’s called Artisteem and as you may have guess from the name it is focus around art, you should really check it out ! (http://www.artisteem.com/)
thanks mate ill give it a view and thanks for reading the post..
so many good news coming up for the entire crypto market now
The bull run aint far and mass adoption definitely not far either