Unocoin – a cryptocurrency exchange and wallet service in India – is allowing users to purchase goods and services through their wallets using bitcoin.
Unocoin Users Push BTC Closer to Its Ultimate Goal
The process is working a little differently than if one were to simply pay with cash. Rather than utilizing bitcoin directly to purchase everyday items, customers can instead utilize bitcoin to purchase vouchers, which can then be used for whatever products the individuals in question might need. These vouchers are worth various cash amounts equivalent to a specified bitcoin rate.
Unocoin is working to bring bitcoin and cryptocurrency closer to their original goals of serving as payment tools. These assets were initially built as a way of pushing credit cards, fiat currencies, and checks to the side, but unfortunately, this has been an extremely slow journey given that many of these assets – bitcoin in particular – are extremely volatile, and given their constant price swings, many retailers and store outlets have refused to accept digital currencies for payments.
Unocoin is looking to change all that. Once a customer purchases a voucher, a deduction in bitcoin is made from their account and they receive a voucher code that they can use for a set purchase.
This path has been taken before through other cryptocurrency exchanges. For example, Zeb Pay previously partnered with a firm known as Flipkart as a means of giving individuals spending vouchers in exchange for their bitcoin.
The announcement by Unocoin comes at a time when bitcoin is recovering from a series of heavy losses that have plagued it over the past three months. The currency initially hit a new all-time high of approximately $64,000 per unit in mid-April, though from there, the asset began to undergo a string of dips that saw it drop briefly below the $30,000 mark. At press time, however, the currency is trading for about $46,800.
Discussing bitcoin’s recent surge, Siddharth Menon – the COO of crypto exchange Wazir X – explained in an interview:
Bitcoin managed to close above the 200 day moving average, which indicates the bulls are returning back. Also, the on-chain analysis indicates the dip has been bought by long-term holders and we are not seeing any profit booking like we saw in 2018 after the top of $19,600 on bitcoin. All the bitcoins bought during the dip are being held back by the investors. Bitcoin and the crypto markets are showing strong signs of reversals. Ether, the king of the altcoins, is clearly leading the pact to outperform bitcoin in the past week.
More Volatility on the Way?
Edul Patel – CEO and co-founder of Mudrex – also chimed in, stating:
After a significant rally over the past few trading sessions, we are starting to witness some consolidations across the crypto markets. Technicals suggest the coming 24 hours could remain volatile for the crypto spectrum.