More and more businesses are turning to cryptocurrencies for payments of their goods and services. Some say it is a speculative move that is fuel with greed of some business owners looking to gain from the surge of the cryptocurrencies. True or not, the trend is certainly gaining a lot of momentum. Just recently I stumbled on Coinmall which seeks to eventually become the EBay where you can buy stuff with you cryptocoins.
Coinmall says its users will be able to conduct transactions using both litecoin and bitcoin on their site with further additions of other cryptocurrencies in the coming time. The site sells purely digital goods such as eBooks, software license keys as well as other digital services.
Bitcoin in particular has been targeted for criticism in the past for being too costly as a means of making micropayments due to its high transaction fees. This has forced many businesses who have tuned to the cryptocurrency in the past to turn their back on it. It therefore remains to be seen if Coinmall’s venture in to the sector will last.
The Coinmall Dream
The founder of the company Youssef Abdul-Hassan remains bullish about its prospect, saying the company has embedded several innovative mechanisms into the site to make it competitive and attractive to customers. One of the ideas he pointed out was that the site has an option of community escrow service, where users on the site can act as mediators in disputes between buyers and vendors. As well as stand as the escrow in such transactions. Cryptocurrency in it initial stages was the mainstay of the dark web and its sinister markets for drugs and weapons, but surge in value and rise in acceptability has seen them become more mainstream, as more businesses embrace them as means of payment for their goods and services