When it comes to cryptocurrency, one of the most underrated features it has is how it can be used as an alternative to traditional fiat money. Even nine years after Satoshi first introduced the world to Bitcoin, most people treat cryptocurrency more like a tradeable commodity, similar to gold, rather than a different way to pay for goods and services. There are many factors that contribute to this, and one of the main reasons that The CafeCoin Foundation has identified is that trading and transacting using cryptocurrency is currently a too complicated, and needs a certain amount of technical knowledge in order to make full use of.
Yes, people can learn how to utilize cryptocurrency after a while, but most people would want to make use of something that is easy to learn, so they can immediately put it to use. When you take into account that people are used to the notion that technology is supposed to make our daily lives easier, you can understand why no cryptocurrency has yet to achieve significant wide-scale adoption. The Foundation aims to change that though. They want CafeCoin to become a true utility token, where users are able to make use of the cryptocoins to pay for goods and services easily and quickly.
In order to make this vision come true, The Foundation has leveraged several experts and professionals in order to create an intuitive mobile application. This application is going to be what users utilize in order to trade CafeCoin. This application will be available for both consumers and merchants, and when it comes to purchasing goods and services, it will be what they use in order to transact. There will also be additional features that will give users even more reason to go with CafeCoin, and these will benefit both consumers and merchants.
The Intuitive Mobile Application
Any two CafeCoin users who wish to transact will make use of the CafeCoin mobile app. This application can be downloaded to any mobile device, and if the user is a business owner, the app can also be integrated into their existing point-of-sale system. CafeCoin can be used as a vehicle of payment for two users anywhere in the world, and the mobile app is where the transactions are done. The primary interface of the mobile application shows a couple of main features, including the current balance and the fiat money conversion rates.
The current balance will show you how much CafeCoin is currently stored in your wallet. The application will also display the current value of CafeCoin, as well as some market information regarding CafeCoin. The feature that users will utilize during transactions, however, is the buy-and-sell button. By selecting this, consumers will trigger the exchange process with the merchant.
In the app, there is also the settlement feature, where users are allowed real-time access to market liquidity by being able to connect to third-party liquidity providers. Users can also see their transactional history, along with the details of these transactions. One of the unique features of the CafeCoin mobile app, however, is the ability to share your transactional history with a merchant.
With this, consumers can share their history on a per-merchant basis. Consumers who agree to share this information get to take advantage of certain promos and discounts that some merchants may set up. Consumers have full power over whether they do share this info or not, though. But if they do allow the merchants access, the retailers will be able to glean certain consumer trends and analytics, which they can then use for their marketing efforts.
The Transaction Process
When a user buys something from a person who also supports CafeCoin, the whole interaction will happen between the CafeCoin app on the consumer’s mobile device and the CafeCoin app on the merchant’s side. When entering a transaction, there are two entities, namely the seller and the buyer. The seller, in this case, the merchant, will be able to manually input the costs as well as the description of the product or service that is to be sold into the CafeCoin app. Another option is for the CafeCoin app to determine the amount through being integrated with the existing point-of-sale system. A QR code can then be generated, which encodes the details of the sale, as well as a public key for the wallet of the merchant.
Then the buyer, in this case, the consumer, can scan the generated QR code, and afterward the CafeCoin app on the buyer’s side will reflect the transaction and its details on screen. The buyer will have the ability to confirm or reject the transaction. Until the moment the consumer agrees to settle the transaction, no CafeCoins are exchanged. After acceptance of the price, the transaction will be sent for validation on the CafeCoin blockchain. A confirmation screen will appear when the transactions are recorded, and both consumer and merchant will have visual confirmation of the transfer of funds.
Merchant and Consumer Benefits
CafeCoin’s custom business model gives both consumers and merchants with plenty of benefits when making use of the CafeCoin token to exchange goods and services. For the merchants, they no longer have to pay for credit card payment processing fees when leveraging CafeCoin. Most credit card companies usually charge businesses an average of 1.5% to 2.5% in transaction fees. Although this might seem like a paltry amount, it is still money that could have been added to ROI. With CafeCoin, though, the payments that merchants need to hand over for payment processing will be significantly reduced, or even virtually eliminated.
Settling of payments will happen at a near instantaneous speed as well. There will be no uncertain waiting for third-party payment processor like banks or credit card companies, because CafeCoin makes use of its unique architecture to ensure transaction settling happens almost instantaneously, or a few seconds at most. Consumers will also be able to replenish their CafeCoin at any participating merchant, which will increase acceptance by traditional businessmen around the globe.
Consumers, on the other hand, will also get a multitude of benefits. One of the main things, however, will be immediate savings. The Foundation anticipates that goods sold through the CafeCoin transactions will get substantial price discounts at participating merchants. Users will also know exactly how much they have saved through the CafeCoin mobile app. CafeCoin will be easily convertible to traditional currency as well, which means users will have an easy time purchasing goods and services from non-participating merchants as well.
As users make use of the CafeCoin mobile app for transactions, everything is private and secure. Consumers will have full control over who sees their data, and unlike credit or debit cards, consumers no longer need to input sensitive information like their address. CafeCoin can also be spent, purchased, and exchanged at fractional units, which benefits both merchants and consumers.
The Foundation has made certain plans in order to make sure wide-scale adoption is possible for CafeCoin. When the plans of The Foundation go through, CafeCoin may very well be the first cryptocurrency to achieve wide-scale adoption in the café sector, as well as other industries as well.