Many factors make it hard for people to use cryptocurrency for everyday purchases. Businesses find accepting crypto risky because there aren’t consistent standards like in regular finance.
We cannot also overemphasize that traditional payment systems also have their limitations, and businesses need better systems for more efficient running of their platforms.
SpacePay has put all this in place by providing solutions that could put an end to many of the problems that have been disrupting crypto adoption in various areas of the world.
Some Problems That Have Affected Crypto Adoption and How SpacePay Solves Them
Let’s look at some of the problems that cryptocurrency and many of the traditional systems have and how SpacePay solves them.
Problem 1: Price Volatility Issue
One of the major challenges of using crypto for payment is that it changes in value a lot.
If ETH is $3,000 when you start a transaction, it might be higher or lower by the time you finish. This sometimes makes it challenging to use these cryptos for payments.
This is where stablecoins come in; they are created to be 1:1 correlated with stable assets or currencies like USD. However, many people will have to go through the stress of converting their money to stablecoin anytime they need this, making it an inefficient method.
SpacePay Solution: Volatility Protection
SpacePay is solving this by allowing merchants to receive their money in local currencies.
The solution ensures that the amount sent in crypto will be the exact money the merchant gets in their local currency, regardless of the price fluctuation during the transaction. This could increase people’s confidence in using crypto for payments.
Problem 2: High Cost of Transactions and Settlement Delays
Many current payment solutions have high fees that discourage people from using them for high-volume transactions.
They also have settlement delays or must go through a series of confirmations before settling a transaction. This could be discouraging and also not efficient in fast-paced environments.
SpacePay Solution: Low Cost and Zero Waiting Time
SpacePay offers a static 0.5% transaction fee, no matter the volume, making it easy to determine the exact price that users pay during payments. There are no hidden fees, as the platform ensures transparency as much as possible.
In addition to these, SpacePay ensures that there are no waiting times during transactions. The platform system is created to carry out instant payments, making it an effective solution for various businesses.
Problem 3: Centralization Issues
Traditional payment systems are centralized and suffer many drawbacks, like security vulnerabilities and privacy concerns, as they are not transparent.
They prioritize convenience over speed, security, and privacy and expose users’ data to risks such as data breaches and identity theft since users have little control over their information.
SpacePay Solution: Decentralized Payment System
SpacePay operates a fully decentralized system that gives users full access to control their finances on their terms.
This promotes security, privacy, and efficiency, as users do not have to depend on third-party organizations to fully secure their funds.
Problem 4: Complex Payment Systems
Many crypto solutions are complex, especially for people already used to traditional payment methods. Various crypto wallets operate differently, and users may have to learn how to navigate their apps to transfer funds.
This could also be a major barrier to crypto adoption, as businesses often opt for easy-to-access solutions.
SpacePay Solution: Compatible with Hundreds of Wallets
SpacePay integrates with more than 325 wallets, so users will not have to download new payment systems to use SpacePay for payments. Also, it integrates with the existing point-of-sale traditional payment solutions.
All these promote easy access to the SpacePay solution, which can also increase the rate people use crypto for their day-to-day payment needs.
Also, transactions can be carried out by scanning QR codes instead of going through long processes to make payments.
Problem 5: Restrictive Crypto Asset Usage
Many popular solutions that allow crypto payments accept only the most popular ones, such as Bitcoin, USDT, USDC, and Ethereum.
To pay with cryptocurrencies, users usually transfer from the less-used ones to the more generally accepted ones. For example, an Avalanche holder might have to swap a token for ETH to make payments, and this can also be stressful, discouraging the use of crypto for easy payment.
SpacePay Solution: Multiple Payment Option
SpacePay, on the other hand, accepts many cryptocurrency options. It allows people to pay using the popular ones and many more for payments.
Holding SPY Tokens Could Be a Major Advantage
The SpacePay SPY token is used to power the ecosystem; it is used for incentivization and development.
Investors who recognize the potential of the SPY token are already accumulating it in this presale.
To join the SpacePay presale, users can visit the presale page, connect their wallet, and purchase SPY tokens using various supported cryptocurrencies or a bank card.
