From the foregoing, one would be tempted to think that cryptocurrencies are wholly impractical for use as a means of payment. However, there are altcoins that are taking on some of the intractable issues preventing the mass-market adoption of cryptocurrency in payments.
A Volatility-free Coin?
TOSBlock (T.OS) is trying to leverage blockchain to create a kind of digital coin that could become a standard for facilitating payments both online and offline. T.OS has two inherent coins, TOSC a normal cryptocurrency, and TOSP, an e-currency that is pegged to the currency of the user's current country of operation.
Many merchants are reluctant to accept cryptocurrency payments because of the wild swings of volatility in the prices of cryptocurrencies and the painfully long transaction times. Merchants don’t want to wait hours (sometimes days) before they get confirmation of funds in their accounts while running the risk that volatility could have significantly eroded the value of the payment.
TOSBlock solves the problem of slow transaction times with its TOSP coin, which boasts a mean block time of 1 minute and transaction speeds of 1000 transactions per second. For context, Bitcoin has a mean block time of 10 minutes while processing about 7 transactions per second.
Cracking The Crypto Payments Code in China
China has banned ICOs in the country and it is clamping down hard on cryptocurrency trading within its borders. However, the fact that Ripple has built core competencies of working with more than 100 traditional financial institutions across many jurisdictions suggests that it might be able to convince Chinese regulators to at least give it a chance.
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