PayCo is the new solution to real-world payments with cryptocurrency

PayCo is a payment solution interface that allows clients to pay with crypto and the merchant to receive the payment in fiat
11 January 2018   1112

There is a dream for every crypto enthusiast out there – being able to use crypto in daily shopping. But there are always problems with implementation of such payments in everyday life.

Two main hurdles to overcome are volatile exchange rates and vendors' single-minded focus on bitcoin. First of all, even when the shop takes payment in crypto, they risk not having the same exchange rate to convert to fiat to pay off the bills and salaries. The digital currency market is volatile like that, you can gain a lot, but there is a fair chance to miss out equally spectacularly.

And the second problem mainly revolves around Bitcoin being the most popular crypto. Lots of people prefer altcoins, be it for the chance at sudden surge, or for some other benefit, like transaction speed or increased security. So lots of enthusiasts end up locked out from real-world use of their hoarded coins.

But there is a salvation coming in the form of PayCo. They intend to implement an interface between customers and shops, so the latter will be able to receive payments in fiat directly to their bank account, without worrying about exchange rates and whatnot.

There are two options avaliable to merchants. First – the moblie harware interface as an all-in-one solution to the problem, or the second variant - an API to integrate into existing payment system already in place.

Also, the promised killer feature is the support for multiple cryptocurrencies. So now lots of altcoin adopters wouldn't feel left out. And it should eliminate the quite common scenario of $2 order consuming another $5 for transaction fees.

US Presidental Candidate to Accept BTC Donations

OpenNode payment solution allowed fans of Andrew Yang to show support by sending Bitcoin donations using the
25 July 2019   360

Supporters of the US presidential candidate from the Democratic Party, Andrew Yang, launched the independent political actions committee of the Humanity Forward Fund, realizing in particular the possibility of bitcoin donations from Lightning wallets. It is reported by CoinDesk.

Technical integration of the solution was made possible through the OpenNode payment service.

The super PAC obviously wants to receive donations as large as possible. But at the same time, individuals who want to donate just a bit to Yang’s platform now have that opportunity. It allows the donors to have all of the amount go toward the actual donation rather than miner fees.
 

Afnan Rahman

CEO, OpenNode

According to representatives of the Humanity FWD, donations will be accepted exclusively in Bitcoins for 21 days after the launch of the committee. After this, it will be possible to support Young with fiat means.

At the same time, whether the Humanity FWD will store the received bitcoins or immediately convert them into Fiat, they have not yet decided in the committee.

Potentially earning or losing money creates additional regulatory requirements.
 

Seth Cohen

Founder, Humanity FWD 

He also stressed that the OpenNode commission of 1% is much lower than similar fees for processing services processing credit card transactions.

It is worth noting that one of the promises of Andrew Young, who is running for the US presidency, is “promoting legislation that provides clarity” for cryptocurrencies.

Young became the first participant in the 2020 race, who proposed a specific cryptocurrency policy. In particular, he intends to contribute to determining the status of a token [with recognition of the existence of utility tokens], powers of federal agencies, ensuring consumer protection in the field of cryptocurrency, developing a clear tax policy and creating a unified regulatory framework.