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Fungibility Is Where The Value of Cryptocurrency Really Lies

Cryptocurrency was born from the idealistic notion that currency could be wrenched free from the institutions that exert enormous control and influence over today’s modern economy.

 

The ideas of combining advanced cryptography and money are by no means new. However, the concept of completely decentralizing this activity, reducing costs, and expediting settlement were the additional pillars that made cryptocurrency stand out as a viable application to resolving many problems associated with classical financial services.  Whether it was high fees, sluggish cross-border fungibility, or security, cryptocurrency in its purest form was designed to tackle each of these challenges head on. Cryptocurrencies were lauded as the ultimate leveler of an imbalanced system.

Nevertheless, since inception, cryptocurrency has not yet achieved its earliest ambitions. One of the main constraints facing cryptocurrency is its actual use, or fungibility.  While advantageous, the ability to deploy cryptocurrency in situations experienced in everyday life is still tricky.  The primary hurdles preventing more widespread adoption are limited acceptance and the highly technical nature of many existing solutions. Most importantly, however, is the inability to spend it, which presents a two-pronged problem.

The Spending Dilemma

Cryptocurrency certainly has advantages over traditional forms and means of payment, but it is by no means ubiquitous.  The universal nature of cash and credit cards still makes them the default method when it comes to small payments.  This domination has made it exceedingly difficult for crypto to penetrate the micro-payments space with a high degree of success.

Although cryptocurrency by nature was designed for a high degree of fractionalization, transaction costs and latency mean that buying morning coffee with crypto is an expensive proposition, both for merchants and consumers. Besides these considerations, the high degree of volatility exhibited by cryptocurrencies makes it a perilous payment method to accept if merchants have no means to convert payments to more stable currencies swiftly.

These factors make it especially difficult to see beyond the challenges and eventually recognize the value proposition of cryptocurrency. Fortunately, Eurocoinpay has developed the ecosystem that is designed to capably deliver the full extent of cryptocurrency’s benefits. By building an inclusive platform that addresses all these concerns while merging the fungibility of existing currencies, Eurocoinpay has developed a far-reaching solution that intends to promote greater accessibility and usability, two of cryptocurrencies’ most often cited hurdles.

The Inclusive Approach

Instead of billing cryptocurrency as an exclusive club for the tech savvy, Eurocoinpay is putting the power of cryptocurrency in the hands of ordinary individuals and SMEs attempting to find more frictionless payment solutions. To this end, the company has developed an inclusive ecosystem that facilitates every aspect of the payment chain.  This means covering every activity from purchasing, sending and receiving cryptocurrency, and even converting it to and from fiat currency.

Eurocoinpay has developed a disruptive payment solution that empowers users to make and receive micropayments in the currency of their choice, either crypto or fiat, in real-time without associated mining costs. This model represents the first platform to combine technologies designed to eliminate confirmation wait times and transaction costs. Moreover, Eurocoinpay is the first exchange where balances can be used on a daily basis thanks to an integrated payment application. However, Eurocoinpay serves as much more than a payment gateway, instead acting as a global service provider for cryptocurrency investors.

By bridging the classical financial ecosystem with the advantageous characteristics of cryptocurrency, Eurocoinpay seeks to organically grow the entire ecosystem by providing a stable and sustainable means for all consumers and companies to embrace the technology. To accomplish this marvelous feat, the platform draws upon two of the most effective blockchains; Ethereum and IOTA. Ethereum is known predominantly for its tokenization capabilities while IOTA’s tangle is a blockchain designed to help IoT devices communicate seamlessly.

Taken in tandem, these two systems help deliver a frictionless ecosystem that benefits consumer use of cryptocurrency in micro-payments by eliminating fees and helping merchants experience a steep decline in fees commonly associated with payment processing.  All payments are confirmed cleared within 10-15 seconds, making the Eurocoinpay model competitive with credit cards and cash in terms of speed and fungibility. Whereas other cryptocurrencies like bitcoin may require a lengthy confirmation time of upwards of 10 minutes, Eurocoinpay’s nearly instantaneously payment clears the way for widespread use without fearing about the erosion consistent with volatility.

To deliver the most functionality possible, the ecosystem breaks down the activities into five components that operate together harmoniously.  It begins with the EurocoinToken (ECT), which is designed to unlock the functionality of the ecosystem by enabling micro-transactions at competitive rates and serve as a counter-currency in the exchange.  From there, EurocoinBroker enables users to convert and exchange currencies, both fiat and crypto, while serving as an e-wallet solution simultaneously. 

To build upon these first two components, the company will also introduce EurocoinCash (ECH), which is intended to act as a stable coin with a value pegged to the Euro. Each ECH coin is treated as the equivalent to €1.00, helping merchants and consumers avoid the omnipresent volatility that faces cryptocurrencies.  To add fungibility, the company will introduce a payment application titled EurocoinPay that enables crypto payments direct from an iOS or Android application. Finally, for consumers wishing to use their wallets outside of participating merchants, the company is introducing a Eurocoinpay VISA debit card to enable spending anywhere, anytime.

Crypto Participation Made Simpler

Eurocoinpay prides itself as the first payment platform bringing everyday usability to cryptocurrencies, providing an excellent business opportunity and a valuable competitive advantage by demonstrating that market innovation is capable of boosting the real economy.

The Eurocoinpay initial coin offering is currently in its pre-reserve period, with 10,000,000 ECT coins available for €0.50 apiece before the second phase of the sale commences on November 1st.  The ECT token will begin trading that same day, with the company intending to use the proceeds of the sale to finish the development and introduction of multi-token wallets capable of supporting the most popular cryptocurrencies.  Eventually, the plan is to roll out a smart contract initiative designed for improved private sector transactability to advance greater corporate adoption.

With scalability, flexibility, and fungibility in mind, Eurocoinpay is approaching cryptocurrency with an all-inclusive approach that is designed to categorically address each and every point of friction that cryptocurrency users and merchants currently face.

Learn more about Eurocoinpay Click Here

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