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Cryptocurrency Solution Allows Retailers To Accept Bitcoin For Payment

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A new solution from Virtual Crypto Technologies, a startup founded in January 2018, is designed to give retailers the ability to accept cryptocurrencies — such as Bitcoin — in real time. The NetoBit Cash product is a tablet device that enables brick-and-mortar and e-Commerce retailers to securely receive cryptocurrencies. The solution offers protection against exchange rate volatility and guarantees transactions up to a $3,000 value, according to the company.

Retailers can decide whether to receive the payments in a cryptocurrency or immediately convert it into regular (fiat) money that can be transferred into the recipient’s account.

Virtual Crypto uses a validation algorithm that predicts if a cryptocurrency transaction will be approved immediately by a blockchain at the moment of the transaction, before the block is digitally “signed.” This allows approval of the transaction in seconds or minutes, rather than the 20-minutes-to-24-hours span that has made cryptocurrency impractical for retail operations.

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According to a March 2018 report from Transparency Market Research, the market for cryptocurrency hardware and software will expand at a compound annual growth rate (CAGR) of 31.3% from 2017 through 2025, climbing from $574.3 million to $6.7 billion during this time period.

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