Ziftr Talks Increasing Merchant Adoption of Cryptocurrencies

Caleb Chen @bitxbitxbitcoin
November 9, 2014

Ziftr, a cryptocurrency company dedicated to expanding the use of Bitcoin and cryptocurrencies in every day life, is preparing for the launch of their own Ziftrcoin. Ziftrcoin “was created to give hundreds of millions of Ziftrcoin to the public.” The new coin features technological advancements including a new Sign-to-Mine (S2M) Proof-of-Work algorithm which uses the ingenious two-stage POW to limit mining centralization. Ziftrcoin will serve more as a reward system for using and accepting cryptocurrencies than as its own altcoin.

Also read: Ziftrcoin to Make Online Crypto-Commerce Mainstream

More Ziftrcoin Details

Ziftrcoin will always be redeemable at Ziftr partner merchants, even when paying in other cryptocurrencies. When the price of Ziftrcoin on the open market is less than $1, Ziftrcoin can be redeemed at a “full value” of $1, but only for 5% of the purchase price. In essence, this creates a constant 0-5% discount to drive the use of cryptocurrencies, no matter what the exchange rate is. Speaking with CCN at the Money20/20 conference, Ziftr’s Robert Wilkins clarified Ziftr’s mission and the API they have already created:

We created an easy to adopt programming interface that allows any merchant to come in without any help and sign up to accept cryptocurrencies. So that is done, that’s out, and we are signing merchants up to it now. Unlike PayPal or Coinbase where when you click buy with bitcoin it takes you to a different site, this will all happen seamlessly inside the shopping cart experience.

Ziftr uses multiple exchanges on the back end to give the customer the most bang for their buck whenever they spend their cryptocurrency. Wilkins believes that ease of use is crucial at all points and that Bitcoin adoption will not grow without said ease of use. For now, users can keep zifting the best deals with Ziftr while awaiting the 11/18 launch of Ziftrcoin.

What do you think about Bitcoin merchant adoption methods? Comment below!

Images from Shutterstock.

Last modified (UTC): November 9, 2014 03:34

Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.