A Bitcoin payment system is developing in Canada
A company in Canada called Glance has recently announced that users of the platform will be able to use Bitcoin as a payment method across all existing merchants and services around the globe. According to a press release issued on November 29th, 2018 the company explained the new feature that will be used is called Pay “With Bitcoin”.
In order for an individual to use the Glance Pay feature, users will have to first convert any amount of Bitcoins on their balance back into a platform-specific cryptocurrency. In a report released by the company, they said:
“Pay with Bitcoin enables Glance Pay users to pair their cryptocurrency wallet with their Glance Pay account, and then purchase Glance Dollars with Bitcoin. Glance Dollars represent a credit that can be spent instantly at participating merchants within the Glance Pay ecosystem.”
The convergence of bitcoin back into the Glance Dollar will be able to make users of the platform make payments quickly. This decision was taken on the fact that the Bitcoin Blockchain can sometimes take a few minutes to a few hours to settle depending on the specific payment provider in this case. The cryptocurrency is being used directly for retail purchases and can be impractical if that user is not aware of how best to use and secure cryptocurrencies. The company thinks that merchants will be able to accept cryptocurrency payment methods without having to participate in the setting up or managing any digital wallets.
While the Glance has not explained the reason for this kind of process any further, the company also expects this to bring about a great move while giving cryptocurrencies a hedge in volatility. The company thinks that if cryptocurrencies go through this much price volatility again it would lead the two transacting parties to be affected with the changes. The Glance Dollars have made this crypto similar to the stables coins such as Tether.
The Blockchain and cryptocurrency competition is becoming more frequent in the industry, according to Glance Technologies CEO, Desmond Griffin:
“We are continually building out new payment features to ensure our platform is at the forefront of technology. Pay with Bitcoin will allow Glance users to be able to unlock the value of their crypto assets for use in their everyday lives while seamlessly opening up a new cutting-edge payment method for merchants.”
This company will be focusing on Glance Pay together with the Bitcoin feature that will be competing against BitPay and Square, both of these companies have been serving the cryptocurrency community for a long time. Companies like Square reported that they facilitated more than $43 million worth of bitcoin transactions in the third quarter of 2008.
Bitpay has been able to enable bitcoin transaction payments to various online merchants since its inception, of which included huge giant software companies like Microsoft and the game distributing platform called Steam. More recently Bitpay has partnered with companies in the Ohio region to become the first U.S state to accept tax for the payment of Bitcoin.
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