VegaWallet Contributes to Turning Cryptocurrency Into Mobile Payments Fodder
One of the biggest problems of cryptocurrency is that it really doesn’t have a lot of utility beyond the speculative investor. Sure, Overstock.com will take bitcoin, and there are some other examples out there of non-criminals who will accept crypto as payment. These examples are sadly few and far-between, and that’s what makes VegaWallet’s new move so particularly noteworthy.
We’ve heard about a few services similar to VegaWallet in the past, but VegaWallet—built around the VGW Token that recently started public sales—is set to effectively give users who want to actually spend cryptocurrency like normal cash an option.
Effectively, VegaWallet allows users to rapidly sell cryptocurrency, and then use the resulting cash from the sale to pay for the things they want, making it essentially like buying with cryptocurrency. VegaWallet accomplishes this by creating a one-time-use credit card number, which acts like a universal gift card that can be used as normal.
VegaWallet has already been spotted working with healthcare firms like AscellaHealth to allow customers to pay for services with cryptocurrency, so it’s clear that there should be plenty of use cases for the service by the time it’s all said and done.
The VegaWallet system will be a multi-phase operation, starting as noted previously with the VGW Token, followed by a point-of-sale system for businesses to use who want to take advantage of the cryptocurrency market. Then, at the end of the second phase, VegaWallet will roll out VegaPay, the consumer-facing side of the equation to handle the actual transactions.
Services like these are a smart idea, even though right now they’ll only be of limited value. Mostly, this is because there aren’t that many people who even hold cryptocurrency, let alone have a need to use it. Still, for all those HODLers out there who want to get rid of a little, this could be just the way to go. It could also serve a valuable function in terms of drawing more users into the cryptocurrency market in general, once it becomes clear that the cryptos bought can be comparatively easily turned into cash.
This could be the start of something great, and as more firms get into the universal conversion market, the competitive effect should drive a lot more interest in the market overall.