Popular cryptocurrency ATM and POS company Cryptobuyer is putting things in place to further encourage the mass adoption of Bitcoin and other cryptocurrencies. The company, whose platform is popular among merchants for enabling crypto settlements has exceeded 40,000 registered users, with over 50 large retailers making use of its POS system, including Samsung Experience stores and Venezuela’s largest department store chain, Traki.
Cryptobuyer’s Zero-Fee Merchant Solutions
In a recent podcast, the CEO of Cryptobuyer, Jorge Farias made known of his company’s intention to provide a zero-fee system for merchants that will enable them enjoy Cryptobuyer’s services at no cost. According to Farias, this implementation is geared towards promoting mass crypto adoption by merchants across the globe.
Farias said:
“The merchant receives 100% of the transaction. This is one of the things that makes this proposal more attractive to the merchant because we are not charging any kind of fee for installation, maintenance, or any other kind of fee. If a merchant processes a Dash transaction of $100, they are going to receive $100 the next day in their bank account. We are making the charge on the user, and the user is happy to pay the fee because they don’t need to go to an exchange, don’t need to lose 5, 6, 7%, which is the average cost to make the conversion here in Panama, for example.”
Cryptobuyer is also known for the multiple financial services that are made possible by using the platform. Services such as buying and selling of digital assets, mobile phone top-ups, purchase of gift cards and money transfer are all possible using the cryptobuyer solution.
Could We Have A better Implementation Than “Zero-Fee”?
As attractive as Farias’ prescription may appear for merchant adoption, it seems to contradict the opinion of Ryan Taylor, the CEO of Dash Core Group, DCG. Taylor’s recommendation faults the implementation by Cryptobuyer which shifts the fees to the user instead. This is a development that could backfire and become counterproductive in the long run.
Rather than shifting the responsibility, Taylor’s recommendation suggests a direct opposite, where merchants are meant to bear the cost instead. However, it should be fast and cheap in comparison to the available alternatives. An area where Bitcoin has failed to deliver.
In his response to Taylor’s opinion, Farias was in total agreement. Although he noted that the focus of his platform for now is on encouraging mass adoption, and the possibility of modifying the system in the future.
Farias clarified that the “merchant pays nothing” strategy is a mass adoption strategy meant to entice large retailers to take Dash:
“I totally agree with Ryan, it’s unacceptable to make some kind of charge for the user. But on the other side we are in pursuit of mass adoption, and the only way to do this is to get big players in there. And the only way to convince big players is offering something where these guys aren’t going to spend anything. They don’t need to pay a single cent for your integration, at least, not at this moment. But, my idea is that in the future, maybe in one or two years, when these guys make 100,000 transactions monthly, and they’re happy with us, then it’s time to pay. Maybe we can split the model where they have to pay something.”
Dash Evolution Will Solve Crypto Adoption Problem
Considering these complications, the ‘soon to be released’ Dash evolution appears to be a very essential tool for the industry in promoting mass adoption. The app will remove the existing complications surrounding cryptocurrency transactions by encouraging faster and easy onboarding. It will make participation seamless by removing all the present complexities that are associated with cryptocurrency transactions.
This is another development that Farias is excited about and believes that it will make it easier for his company to achieve their mass adoption and expansion goals even quicker.
He said:
“For us it’s going to be a killer app, because one of the first things we always think is: how can we make this process more easy? How can we deal with the address, the different wallets, all this kind of stuff. Obviously for us this is something that we’re very excited about because Evolution is going to handle this problem very, very well. It doesn’t only make the payment fast, it also makes it easy to the final user, and also to onboard new people that don’t want to deal with private keys, don’t want to deal with addresses. This is the only way to make this thing mainstream.”
What Dash is doing in the area of simplifying the use of cryptocurrency and making it more accessible as a payment method is not matched by any other project in the industry. With the relentless efforts of the DCG, more products are being developed on the Dash network that focuses on satisfying the needs of the end users, customers and merchants alike.
With platforms like Cryptobuyer and other POS and wallet providers implementing the Dash protocol and its evolving products, adoption of cryptocurrencies may just be around the corner, even faster than we have imagined.
