Cryptos were created to affect how we handle finances. They offer individuals complete control over their holdings without any central authority’s control.
The solutions also remove the barriers that come with cross-border transfers and regulatory restrictions.
Although many have tagged cryptos as the future of money, these assets have major limitations reducing their adoption rate, and this is where SpacePay (SPY) comes in. The London-based tech company is fixing major issues that have held the crypto industry back.
The Crypto Puzzle: Barriers to Everyday Use
One of the big problems is that cryptos are complex to use, and they don’t work well with existing payment systems. Potential users are usually required to download new apps and find their way around a completely new ecosystem.
Rather than go through such stress, many prefer to stick to the widely accepted traditional payment models.
Another issue is market volatility; crypto prices fluctuate rapidly, making businesses and individuals hesitant to accept them for payment.
There is a major risk of price changes during or after a transaction that could affect any of the parties involved in the transaction. For this reason, businesses and individuals find using traditional methods of finance more comfortable.
High costs for transactions have made the problem even worse. Some existing crypto payment systems have high fees that discourage both customers and businesses, which ends up reducing the number of transactions and user engagement.
The delays in finalizing transactions and getting confirmations create problems and uncertainty, especially in fast-paced retail where quick transactions are required.
SpacePay Solves the Problems of Crypto
SpacePay has emerged as a game-changer in this field, offering a complete solution that directly addresses these pain points. The solution is a decentralized, flexible payment protocol that smoothly integrates with existing cards and Point of Sale (POS) machines, making it easy to accept cryptocurrency transactions in stores.
SpacePay works with over 325 digital wallets, letting individuals make crypto payments through their preferred wallet. This broad compatibility significantly lowers the barrier for crypto users, making it as easy as scanning a QR code to complete a transaction.
For businesses, SpacePay’s solution is a breath of fresh air. The platform provides instant settlement with no waiting times, getting rid of the uncertainty and cash flow problems often linked to crypto payments.
Additionally, SpacePay’s volatility protection ensures that businesses receive the agreed-upon regular currency amount no matter how the crypto price changes at the time of the transaction. This approach effectively removes one of the biggest concerns businesses have had about accepting cryptocurrencies.
Cost-effectiveness is another key part of SpacePay’s offering. The protocol charges a low merchant fee of 0.5% per transaction. Also, being fixed makes it easy for users to account for every amount spent effectively.
The platform also follows the financial rules and regulations of various countries to ensure that it is not breaking any laws.
The SPY Token: Powering the SpacePay System
The SPY token is the utility token designed to drive engagement and growth within the SpacePay ecosystem. It serves multiple purposes, each contributing to the overall value of the platform.
SpacePay rewards users who hold SPY tokens by giving them monthly bonuses. This encourages people to use SpacePay regularly and stay involved in the platform. Plus, token holders can vote on important decisions, like new features and policies, helping shape the future of SpacePay.
Holding SPY tokens also comes with extra benefits. Token holders get to try out new products before everyone else. SpacePay also shares its profits with token holders, giving them a steady source of passive income.
The platform lets token holders automatically donate to charities, and gives them access to exclusive webinars to talk directly with SpacePay’s leaders, which builds trust and transparency.
Of course, there are also some challenges that need to be addressed before the metaverse becomes a reality. These include issues like;
📱 Privacy,
🔐 Security, and
😵💫 Addiction.— SpacePay (@SpacePayLTD) July 4, 2024
Growing Demand for SPY Could Make the Token More Valuable
The demand for SPY tokens is surging already as investors recognize the value that the token offers. The token presale which started recently has already seen more than $250,000 in investment. The price of the token is also going for $0.00162 per SPY, making it a very affordable option for everyone.
The low price provides a good entry point for those with little funds and it also allows them to potentially ride the price spike that could follow.
As SpacePay keeps solving problems in crypto payments, solving volatility issues and high transaction costs, more people could start using the platform; the increased demand could make the price spike. There’s a fixed number of SPY tokens, so increased demand could potentially make them worth much more.
JOIN THE SPACEPAY (SPY) PRESALE NOW