The bitcoin battle for legitimacy and use acquisition has always been one that is being fought on two distinct fronts. The first one represents the wider development ecosystem of the blockchain technology and FinTech in general, where bitcoin is both on its own turf and constantly opposed by some factions, especially those who are currently developing their versions of digital currency.
The second front comes in the form of sheer user number and here, the startups and tech giants are not as important as they are in the first field. Instead, the end users, those who use BTC to bet online, purchase goods or services and do a range of other everyday things, are all that matters. Unfortunately for bitcoin, getting users in the IT domain is never easy and this cryptocurrency is no different.
But, every so often, news breaks that some business venture started accepting BTC as a means of payment. While just a year or two, these ventures were usually small-scale and located in a specialized niche, like for example international modern arts. But, there are also ventures that are employed by millions of users who one day decide that they will throw in their weight behind bitcoin.
Recently, it was revealed that Epik.com, a well-known domain operator, is entering the field of those vendors who accept bitcoin and this news was well received in the community of the bitcoin developers. Here are the main elements of this story and reasons why does it matter for the expansion of this digital currency.
The Epik Move
As a domain name operator, Epik is mostly famous thanks to the fact that it operates as a commission free marketplace for domains. Now, the company that runs it declared that they will accept BTC as a means of payment for website domains. This news was released by thedomains.com, which is a website that is aggregating information about the domain services.
The customers that start working with Epik can now get their SSL certificates, domain registration, web development, marketplace purchases, hosting and many elements from this field, all using BTC. Now, the financial ecosystem of the same vendor has expanded so that it includes regular bank transfers and credit cards, PayPal and Masterbucks, which represents an online currency that was created by Epik.
Those who want to use BTC for any Epik services will be charged using the exchange rate that is active at that moment of transactions. With a promotion in October, the site will provide their customers who use BTC with a 10% matching bonus that will fill their accounts for 24 hours. This is clearly a very strong incentive for anyone who holds bitcoin to think about Epik and what the same company can do for them.
The process of implementing Bitcoin into the Epik financial mechanism lasted quite some time. The company’s director of product management Matheus Leite was in charge of these proceedings. While he managed the implementation of the blockchain digital currency, his team made sure that it works as a full “frictionless currency”.
This means that Epik wanted to keep hold onto the ability of bitcoin to achieve instantaneous payments that do not include any processing fees. Additionally, the same process it completely ex-territorial so it functions in any corner of the globe with equal effectiveness.
Leite believes that the appeal of making banking fees or other transaction levies obsolete will provide a huge incentive for their future users. At the same time, the cryptocurrency also makes the process of using any traditional currency very easy.
With a digital wallet and an appropriate digital address for the cryptographic payments, all can go smoothly. As Leite explained, there is no sharing of data, no filling of forms and no risk of potentially unauthorized charges being made to the customer’s account.
Credibility Gains for BitCoin
Leite said that in the previous seven years, the bitcoin project evolved from something that is used by a handful of people to an alternative to traditional currencies that is used by a large number of individuals and companies. Epik desires to stay in line with the changes in the market and the best way to do it is to use what users want to see in their catalog of services, terms, and conditions.
As a bank for digital website names, Leite said, now it also operates using digital currency. Many members of the blockchain community will certainly agree that this pairing is very natural.
As a free-to-join network, Epik is a very appropriate agent for introducing bitcoin to its operations. With the company, users can track and manage all of their domains with no additional costs, while they can also employ Epik NDS and other domain forwarding services. The introduction of the currency to their offer will surely boost its profits but also add more credibility to the bitcoin network.
Digital Services and Digital Money
Using digital money was always expected to find the biggest pool of first adopters in the domain of the IT. While at the beginning, it appealed to people who were generally into crypto-systems of all types and those who wanted to use their own hardware for mining, now the same base of users has grown exponentially. But, it still covers many individuals from the fields of eSports, tech startups that do not deal with blockchain directly but like its appeal and other digital-first ventures.
Domain name and hosting business is something with which all of these profiles have regular contact. Introducing bitcoin here is a completely adequate decision to all the recent market motions – as bitcoin grows in value, those who accumulate will be more likely to use it for their regular needs.
With purchasing digital services like these ones, the cycle of BTC use can go on unbroken indefinitely. For example, a small online venture makes BTC with its primary service and then uses the same digital currency at Epik to buy their hosting needs. Epik, in turn, can do a range of things with it, all the while keeping it in its digital form.
For those who wish to convert it to traditional currency, the process is equally easy, but the society is slowly going towards the moment when all the needed financial transactions for a business or personal entity will be attainable using BTC and nothing more.