Interesting things are happening all over the digital currency ecosystem. Bitcoin remains the most prominent cryptocurrency, and the underlying blockchain technology is of great interest to all types of companies around the world. But one issue that still needs to be addressed is how people can use Bitcoin to pay for goods and services, and preferably, using altcoins to achieve that same goal. Forkpay.net might be the answer to this problem.
Forkpay.net – Pay Bitcoins Bills With Altcoins
Even though a lot of people are struggling with the concept of using Bitcoin to pay for real-life bills, there are plenty of reasons to explore this option. The most obvious benefit of using Bitcoin to pay a bill is because the funds wouldn’t be debited from one’s bank account, which is plenty of reason for most people to keep a small supply of BTC around.
But for others, Bitcoin payments are part of a new lifestyle, as various individuals are looking at alternative financial solutions. The world of traditional finance has produced less than spectacular success over the past 50 years, and with little to no innovation, things aren’t changing anytime soon. Bitcoin operates outside the reach of central banks and governments, making it a favorable solution for digital currency enthusiasts.
That being said, there are various alternative digital currencies in existence as well. Granted, not all of these altcoins are useful, nor will they ever achieve much success. The strong will survive, and being able to use those prominent altcoins to pay for goods and services wherever Bitcoin is accepted, would be a major step forward.
Forkpay.net is a platform designed to achieve this goal, as this Cryptoasset portfolio project wants to bridge the gap between Bitcoin and altcoin payments. By using the Coinomat API – and the various altcoins supported by Coinomat – Forkpay will be something entirely different to traditional payment plugins.
According to the thread on the NXT Forum, Forkpay will act like a complete merchant solution for altcoin payments. While this project is still in development, an announcement has been made regarding what type of features the community can expect. One of the more interesting things on that list is the cashback program for plugin users.
But the team is also looking ahead to enable additional features in the future, including an option for merchants to get paid in fiat and convert the money to cryptocurrency. Additionally, the option to pay credit card bills with altcoins is being considered as well, although more research will be needed.
Integration and Revenue Model
Forkpay’s revenue model will be based on transaction fees generated by the plugin itself. Of those transaction fees, 50% will be distributed to shareholders, as there will be an ICO for this project in the near future. The generation of these transaction fees is guaranteed, as all projects in the Cryptoasset.fund portfolio will be using Forkpay for payments.
Furthermore, the upcoming Bitfirm.io project will actively promote the ICO and launch of Forkpay, giving the project additional exposure. By running an ICO campaign for Forkpay, the team hopes to collect enough funds to get the ball rolling. Additional funds might be raised at a later stage, making it an interesting experiment for the NXT community.
Source: NXT Forum
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