Cryptocurrencies introduce solutions that are upgrades to traditional finance; they offer various advantages and affect how we handle money, but they still have limitations, don’t they?
However, London-based finance firm SpacePay is changing this with its SPY cryptocurrency and payment mechanism.
SpacePay’s Solutions to Crypto Problems
SpacePay is offering solutions to issues that have made wider adoption of cryptocurrencies like Bitcoin, Ethereum, and others possible.
These problems include not being accepted widely, high fees, inefficient solutions, centralization, and limited access. Let’s look at how SpacePay is seeking to solve the current limitations.
Easy-to-Use Solution
SpacePay’s decentralized payment system works with any payment terminal, allowing businesses to accept crypto payments without changing their current setup.
Of course, this makes it easier for them to start using crypto.
Low Transaction Fees
Unlike Bitcoin and Ethereum, SpacePay has low fees and works efficiently. Merchants only pay 0.5% per transaction, which is way less than regular payment processors and other crypto payment options.
Transactions also happen instantly, with no waiting times.
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Protection Against Volatility
Bitcoin and Ethereum prices can change a lot (being very volatile), which might make merchants not want to accept them.
But with SpacePay, merchants get the agreed-upon fiat amount no matter how the cryptocurrency price changes when the transaction happens. This reduces the risk for merchants and helps more people use crypto for everyday purchases.
The SPY Token Advantage
SpacePay system runs on the SPY token, which has many uses on the platform.
Unlike some crypto projects whose tokens have limited utility, SPY has clear ways it helps both users and the whole community.
People who hold SPY tokens get some extra benefits. These include monthly free tokens for being active, the power to vote on important decisions in the SpacePay ecosystem, early access to new services, and a share of the platform’s profits.
So, there are potentially valid reasons to buy SPY and hold onto the tokens.
Integrated Into More than 325 Crypto Wallets
Another thing that makes SpacePay special is that it works with over 325 different cryptocurrency wallets.
Many crypto projects only work with certain wallets or exchanges, but SpacePay works with a lot more. This makes it easy for most crypto holders to use the SpacePay system, which can help more people start using it.
Adheres to Crypto Regulations
SpacePay follows all the regulations, which lets it operate in every country that isn’t sanctioned.
This wide legal reach addresses concerns about the legal status of crypto transactions, which has made it hard for some crypto projects to be used in many places.
Achievement and Recognition
SpacePay has already accomplished a lot, showing its potential to solve problems with regular cryptocurrencies. The company has raised $750,000 from private investors, bought back some of its own tokens to reinvest in growth, and made a basic working version of the platform.
These achievements, plus the company’s award as “New Payment Platform of the Year” in 2022/23, show SpacePay is committed to being innovative and a market leader.
Conclusion
To sum it up – SpacePay and its SPY token are gearing up to solve the problems that have kept people from using digital currencies to a great extent.
The company offers a user-friendly, efficient, and legal platform to connect traditional finance and crypto, which could unlock the true power of digital currencies for everyday use.
Bitcoin, Ethereum, and many other cryptos have set the stage for a digital financial revolution in the past few years, but SpacePay’s new ideas and SPY token are fixing many of the practical problems that have stopped them from being used widely.
The platform could play a key role in shaping the future of digital payments.
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