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Startup Wants To Make Cryptocurrency Payments Easier Via Wearable Device

Crpytocurrency.Namecoin/Flickr

Cryptocurrency is a growing market and has become a legitimate way of paying for things in several countries and outlets. However, paying for goods and services via Bitcoin or Ethereum is still problematic in the majority of markets. One start-up aims to change all of that by creating a wearable device that allows for cryptocurrency payments.

One of the biggest obstacles to cryptocurrency becoming a legitimate means of paying for anything in any market is the adoption rate. The vast majority of retailers and service providers and even governments simply do not recognize digital payment options like Bitcoin. If the Irish startup called Bitcart gets its way, however, paying via digital currency could be like paying via ATM cards.

The device in question is called Festy and it makes use of the cryptocurrency Dash in order to pay for drinks or even tickets. Although Dash may be a lesser known option when compared to Bitcoin and Ethereum, it is nevertheless gathering steam and is a viable option for those who want to go fully digital.

In terms of what the wearable would be able to do, it basically allows users to pay for items that are accessible via Visa. Transactions would then be done over the phone or through computers thanks to near field communication (NFC) tags. It could also work through offline payment codes, Futurism reports.

For the most part, it would seem that the wearable and the payment system is geared towards party-goers and concert enthusiasts, hence the name Festy. The wearable could even store concert tickets, which could go a long way towards addressing serious issues such as fraud and even underage attendees.

There is even a huge incentive for retailers to consider, as Bitcart CEO Graham de Barra explained recently to the Bankless Times.

“Our partnership with Dash makes the perfect payment solution for everyday transactions,” de Barra said. “Unlike existing traditional bank payments that take a two to five percent fee, there is no cost on receiving Dash for merchants.”

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