Cryptocurrencies can be a lucrative investment if you know the market and have the stomach for it.
When it comes to more practical uses, such as buying a coffee, cryptocurrencies are currently not as handy as they could be.
Whilst blockchain technology has been around for over a decade, everyday payments in cryptocurrencies are still not very common.
True, Some businesses do accept Bitcoin and other cryptos, but Bitcoin ATMs and debit cards are still not what would be considered mainstream.
Crypterium wants to change the game
The co-founder, Austin Kimm, explains that it may not be as far off as one would think.
People are already used to being able to pay for their coffee in Starbucks by using Apple Pay and similar mobile payment systems.
What Crypterium wants to do is to add an extra layer to that process.
When you go into Starbucks and order a coffee, Kimm explains, you will be able to choose to pay with Bitcoin (for example).
You will present your mobile phone, as you would with Apple Pay, and the system will go from Starbuck’s bank to Crypterium.
Crypterium will then verify the transaction, and pay the value of the coffee to Starbucks in dollars.
Crypteirum will then charge you, the coffee-drinker, the equivalent amount in your chosen cryptocurrency.
There is an extra layer of security
Kimm goes on to explain that as opposed to a traditional bank, Crypterium’s solution will be much safer.
Why? Because the bank can do whatever they want with your money once you have deposited them in your account.
They could lend it out to someone else for profit, which you will never see a penny of.
With Crypterium, however, your money would be protected in your wallet and not accessible to anyone but you.
The only thing standing in the way…
Kimm expresses some concern for the current state of the cryptocurrency market, however.
A factor that could make the Crypterium dream harder to achieve is the volatility of the many cryptocurrencies and the general feeling of instability of the market.
Another factor would be the sheer number of different kinds of cryptocurrencies in circulation.
A recent estimate said there is over 1658 different cryptocurrencies on the global market, which would make a practical solution considerably more difficult to implement.
What does the future look like?
Whether or not ICOs like Crypterium will take off and become a success remains to be seen.
The premise is definitely good, and it would see a lot of use if implemented properly.
But as is rightly pointed out by Kimm, there are a few obstacles to get through if being able to buy a coffee in Starbucks with your cryptocurrency wallet is to become a reality.
On a final note, Kimm mentions that several companies will be switching to cryptocurrency tokens in the near future.
Among these are airline companies and gaming companies. Airmiles will become crypto-tokens, and in-game rewards will also be converted accordingly, he predicts.
What do you think? Leave your comments below!