Small Chip Makes It Easier For People To Spend Bitcoin In The Real World
With the Flip chip, shoppers can quickly exchange Bitcoin for U.S. dollars and store them in their digital wallet to use at physical retail stores
The contactless payment technology company Fit Pay Inc. has stepped into the world of Internet money by creating Flip, a device that allows people to pay with cryptocurrencies in regular stores without scanning QR codes. Flip doesn’t actually take crypto for goods, but what it does is instantly exchange it for U.S. dollars and store them on a contactless payment device that can be used at millions of retail locations nation-wide.
Right now the Flip chip works anywhere that accepts contactless payment, but it takes Bitcoin only. Nonetheless, it’s definitely making the purchase of real goods with digital currency more accessible in the still non-standardized climate of crypto: With countless websites selling different currencies at different prices, it’s hard to tell if you’re getting ripped off. Flip, however, requires you to first exchange any crypto like Ethereum or Ripple into Bitcoin before being able to use it as cash stored on your chip. Basically, the chip functions as a tool that allows for the quick exchange of Bitcoin for real cash as well as works as a pre-paid payment device, but it is not a way to pay directly with crypto money.
Flip can be pre-ordered online for $29.
Lead image: courtesy Facebook