BITCOIN AND MOBILE PAYMENTS

With the changing digital space, crypto currencies and ecommerce have revolutionized the financial market. Crypto currencies provide the convenience of decentralization and anonymity at the same time ensuring security of transactions and that is why they have greatly grown in popularity. Bitcoin in particular is the strongest growing cryptocurrency with its value increasing from $350 to $900 within a short time and hence many have invested in it as storage of value. Not only has it been the preferred cryptocurrency for storage of value but has also been preferred for transactions.

With the rise of digital wallets, the use of Bitcoin has become convenient as users only have to use the wallet for the transaction. A Bitcoin wallet is software that acts like the conventional bank account for storing bitcoins and has no limit on the number of bitcoins it can hold. Those involved in Bitcoin transactions are identified using Bitcoin addresses which are stored in the blockchain to ensure anonymity. Every wallet consists of a unique code that helps in increasing privacy and anonymity.

With many people opting for ecommerce, mobile payments play a big role. Most of the major ecommerce stores have mobile apps through which customers can get exclusive deals. A report by business insider indicates that mobile payment value is likely to grow by 80% by 2020 which might increase the mobile payments value to $503 billion assuming that only 56% of the population use mobile payments. Because of the corrupt and insecure conventional financial systems, Bitcoin has gained a stronger fence on this. Not many are keen on exposing their card details and bank account details for online transactions and that is what has given Bitcoin more popularity as a preferred means of payment. With Bitcoin and the blockchain technology, shoppers can be sure they are safe since the system is complicated to hack. Using Bitcoin for ecommerce is also good as it provides anonymity and hence shoppers will not face price discrimination in any way. The fact that the transactions are free makes it even more favorable as we all wouldn’t mind saving a few pennies.

Cryptocurrency mobile wallets

Since mobile payment has a very big potential, there are companies that are committed to give the best cryptocurrency wallets to best meet the rising demand. Some of the current wallets include:

Airbitz

This is a mobile wallet that enables the users to send money using Bluetooth. It is convenient in that a QR code does not have to be used and also one does not have to go type their Bitcoin address to send money. The wallet also contains a business directory of all stores and websites that accept bitcoins.

BitPay

The wallet contains a Bitcoin checkout app where one only needs to scan the QR code to make a payment. The limitation of this app however is that it can only be used on android devices since it is only android that have a NFC feature which is needed in doing the payment.

Circle

This is a mobile wallet for both android and iOS to help users to transactions by scanning the QR codes. It is a digital money platform with a functionality that has traditional mobile tools.

Coinbase

This is a very popular Bitcoin wallet that enables users to transfer bitcoins through email, QR code and NFC. On Coinbase users can have the same account they use on their web browser and mobile since they are a hosted Bitcoin wallet. The money in the wallet is stored in the cloud safely and users have the ability of disconnecting their phones in case they lose the phone.

Coinplug

Through coinplug, users can send and receive bitcoins through NFC on compatible devices. The company is also working on providing a Bitcoin pre-paid purchasing service.

Hive

his is also a Bitcoin wallet that transactions can happen through NFC. Transaction information can also be transferred through Bluetooth. Hive labs have worked on increasing security, reliability and speed by ensuring the app can support payment protocol BIP70.

Mycelium

Just like many other wallets, this also offers the option of doing a Bitcoin transaction through NFC.

Conclusion

As much as Bitcoin mobile payment is the most common in the cryptocurrency digital world, there are other crypto currencies that are also growing though at a slower rate. Lite coins are following Bitcoin closely as it has a higher user base as compared to other alt currencies. LazyCoins, a UK based company is working on a mobile wallet that will deal with alt coins. The mobile wallet is said to be in the final stages of development. Coinbase is also working on a mobile wallet from which one can have several crypto currencies at the same time.

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