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
Before you start filling up your calendars with conferences to spark your business innovation and personal growth this year, add CXI 2018 conference to your wish list! For its 12th year running, PSFK is hosting an intimate conference where emerging pioneers and established experts will take the stage to discuss all things innovation around the new consumer experience.
Juliana is co-founder and executive director of Ushahidi, a technology nonprofit established in Africa that develops free and open-source software for information collection, interactive mapping and data curation. Ushahidi builds tools for democratizing information, increasing transparency and lowering the barriers for individuals to share their stories. Through Crowdmap.com, Swiftly.org and accompanying mobile applications, Ushahidi is making crowdsourcing tools more available and useful. Juliana is originally from Kenya and attended the University of Missouri where she received a degree in information technology.
At PSFK 2017, Peloton Co-Founder and COO Tom Cortese discussed how the company aims to utilize the power of Web 2.0 to marry the comfort of home fitness to the high-energy engagement of celebrity-run classes.