Cryptocurrency Payment Gateway for WooCommerce
The transition from a physical market (central bank currency and online merchant payments) into a virtual one, whereby people solely use cryptocurrency for trade of commodities is what this world truly needs right now.
The gap between the top 5% and the lay public is drastically separating the lower, middle and upper class of societies into two distinct groups, a controlling 'upper class' society, and a 'lower class' one. The point of this is not to discuss dichatomy between the classes, but to help you to understand the free market that is cryptocurrency and how we can all benefit from it. The emergence of bitcoin in 2008 is a direct combat to this situation that is unfolding before us. The benefit of cryptocurrency gives everyone the opportunity to grow wealth through mining or trade in a much fairer environment. As the market for cryptocurrency is exponentially growing at the moment, new currencies are emerging allowing for an open market for anyone wanting to get involved now.
There are things to understand with trading cryptocurrency, as some require you to pay a small fee for transactions and others allow you to send and receive coins without paying a 'third party' fee. This has created the opportunity for development companies to capitalize on this market and to develop new technologies to help both consumers and business owner alike enter this emerging market. One way for this is to allow business owners to start accepting cryptocurrency payments on their website however this creates a need for a payment gateway.
Commonly with payment gateways, there is a fee associated with each transaction to allow the business owner to accept these transactions through their website or eftpos machine. Generally, with traditional online payment gateways, there is a fee of 2.5% associated with each transaction and now with some existing cryptocurrency payment gateways this transaction fee is around 0.5% - 1.5% depending on where you can find this payment gateway. I see this as a contradiction to why cryptocurrency has emerged into our daily lives. The point of bitcoin, a peer-to-peer payment system exists solely to allow payments between the purchaser and consumer and eliminate a third party over each instance or paying taxes/interest on money you already physically own.
There still truly exists the need for a payment gateway that eliminates having to pay this third party a fee...
If you agree please provide feedback, as i have one :)