 |
April 23, 2018, 03:02:09 PM |
|
In 2017, cryptocurrencies blew up on social-media. From celebrities to neighbors — everyone was talking crypto. Claims of Bitcoin taking over as the world’s preferred currency by mid-2019 radiated through Facebook and Twitter. Half of the population knew nothing about cryptocurrencies, let alone the underlying technology that allows it to function and be transacted — blockchain.
So if everyone is so infatuated with cryptocurrencies, why aren’t they actually accepted as currency?
Short answer: It doesn’t make sense. From a consumer’s point of view, the added time and cost it takes to make a transaction with let’s say Bitcoin, will have you pulling out your debit card faster than you can blink. Bitcoin takes a lot more time to be transferred from one wallet to another than a credit card does because transactions need to be validated on the blockchain instead of by a centralized entity. And from a retailer’s point of view, the volatility of Bitcoin will have business owners looking elsewhere. So what’s the solution? If volatility is indeed here to stay in cryptocurrency, how do we plan to eventually use it as a “medium of exchange?”
Zeex's Case
Zeex is creating a protocol that allows for users to exchange their cryptocurrency, like Bitcoin, for gift-cards and visa versa. Since the market is so volatile, Zeex will have live prices from the leading provider so that you get a reasonable exchange rate into whichever corporate currency (gift card) you choose. Zeex incentivizes both the consumer and the retailer to give and receive crypto. Retailers love gift cards because usually all of the money on a gift card doesn’t get used. Additionally, people are two and a half times more likely to pay full price when using a gift card. Consumers, in this case, love gift cards because you can purchase them using Bitcoin.
Zeex uses the relationships built by its sister company Zeek, which is essentially Zeex with fiat. Zeek was founded in 2013 by Daniel Zelkind who is an advisor for Zeex. Zeek has relationships with over 350 retailers including Amazon, Nike, and Starbucks.
How do I go from Bitcoin to coffee?
First off, open the application on your smartphone then click on the Starbucks icon and pay with your choice of crypto (Bitcoin). Behind the scenes, the ZIX tokens(think of this as a security deposit on a hotel room) are held in escrow (momentarily) in order to confer benefits like priority and discounts, and the transactions occur within Zeex’s smart contracts. Once the transaction happens you will see a ‘confirmed’ alert and then receive a code for your corporate currency immediately, which you can then spend on whatever mocha latte frappa-whatever thingy your heart desires. You can even do this inside the shop- as it is a mere 3 tap process on your smartphone! Tap, tap, tap, and scan.
Why should you pay 9 dollars for a drink that costs 5? You shouldn’t. And now, thanks to ZEEX — you don’t have to.
|
