NXTER.ORG

Forkpay.net – the imminent future of altcoin payments?

Forkpay.net has just released its first browser extension, making it extremely easy for anyone to make payments with altcoins anywhere Bitcoin is accepted.

But take a deeper look at the new startup and what’s going on around it, and you will see that Forkpay has a lot more to offer. Indeed, Forkpay could very well become one of the stepping stones needed for cryptocurrencies and blockchain based tokens to achieve global adoption.

Why alts?

Altcoins improve on Bitcoin and add features to what is still the King of Crypto. For example, BitcoinDark and Dash offer anonymity features. Litecoin is the best-known fork, with faster block times than Bitcoin and a different mining algorithm (scrypt), just like DOGE. By contrast, Nxt uses PoS and offers, besides a payment system using its monetary unit NXT, a whole financial ecosystem of features.

Still, no coin has yet reached anywhere near the degree of adoption that Bitcoin has. Even though Bitcoin is based on old and (arguably) no longer bold code and the growth of both the Bitcoin blockchain and difficulty of mining has meant more centralisation in the Bitcoin network, Bitcoin’s dominant network effect means that it continues to reign supreme (at least for the time being).

There are already lots of places in which to spend Bitcoin. From small private retailers, like ititch.com (anonymous domain registration and hosting), to larger ventures like Gyft, Overstock, Amazon and Virgin Galactic. They all see the potential of blockchain-based currencies and regard themselves as first movers in the developing cryptocurrency-fuelled economy.

So, if you want your own particular altcoin accepted in stores, you have to get out there and start knocking on doors.

At least, that is, up till now.

Pay bills with altcoins

With the Forkpay plugin, which is available as a Chrome extension, and soon to be released for Firefox, you can now visit any online merchant that accepts Bitcoin and pay for goods with your favorite altcoin, starting with LiteCoin, PeerCoin, DOGE, NXT, BitcoinDark, and Dash.

UPDATE: The Forkpay Firefox plugin is now awaiting approval from the Firefox webstore. As soon as it is available, the Forkpay ICO at NXT asset exchange will be complete, and the project will be officially launched.

ForkPay.net is very easy to use: When the extension is installed, every time a Bitcoin address is shown on a site, you will see a Fork logo next to it. To pay with alts, you simply click the fork, choose your coin from the dropdown menu, and make the payment. Forkpay.net converts your altcoins on the fly, and you don’t have to go through any registration process.

Forkpay.net wants to become “the most versatile payment solution for cryptocurrency merchants”, so this is just the beginning. The Lithuanian-based startup has further plans in the pipeline, which are in the process of being coded even as I write this.

Download the free Forkpay Chrome extension from the Google Chrome Webshop.

Crypto currency volatility

There are several players already in the crypto merchant solution field, but where Forkpay.net stands out from the rest is by bringing a BTC > altcoin exchange to the merchant sites (using Coinomat Instant Crypto Exchange’s API), so altcoin users can buy goods, even if the merchant doesn’t accept their altcoin. It’s certainly a problem solver. But will it be enough on its own to enable Forkpay.net to take a significant market share and succeed as a business?

The current volatile monetary value of Bit- and alt-coins is one of the most significant factors preventing wider adoption; many people, understandably, are hesitant to use a unit of monetary value as a means of payment which they cannot depend upon to be as least as good at storing value as their fiat money.

The price of BTC goes up, goes down, and it goes up again – or further down, and because its market cap changes rapidly, investors move in and out of the market, and yes, speculators also try to make huge profits on exchanges, by running pump and dump schemes.

The race is therefore on to solve the riddle: How to create pegged or ‘stable’ cryptocurrencies?

Front-runners include the Nxt platform which, via its Monetary System, now supports the creation of peggable currencies, albeit none have yet been created so it’s not yet known how successful this solution will be in practice.

Another solution provided by the Nxt platform is the Nxt Asset Exchange where you’ll find fiat-pegged assets like CoinoUSD, CoinoEUR, as well as YAN-pegged assets.

Other cryptocurrencies are also in the race to reach the same goal. One of the truly exciting projects still in the pipeline is PAX, a fully decentralized way to peg crypto to anything, which is currently being developed, along with other supporting features, by SuperNET + BitcoinDark lead developer: jl777.

But how hard would it be in practice to integrate such solutions with ForkPay?

Coming up: Fiat pegged crypto

I asked the people behind Coinomat, the crypto exchange responsible for the API that Forkpay uses, and who also happen to be the issuer of CoinoUSD and CoinoEUR on the Nxt AE. Their answer was clear and to the point.

Coinomat:

We’ll do it very soon, also MS [Nxt Monetary System coins] will be integrated.

Now, as already mentioned, Forkpay makes it extremely easy for anyone who owns and wants to spend altcoins anywhere Bitcoin is accepted. A fine business idea, and it sure works like a breeze. But… Will this ever become a truly useful service for the everyday consumer who doesn’t mine altcoins, or who doesn’t just happen to hold a bag of DOGE, BitcoinDark or NXT crypto 2.0 tokens?

It seems so.

Couple the upcoming fiat pegged crypto integration with a nice looking and easy to use browser extension, then look at the roadmap from Forkpay. The browser extension is live, operational and its marketing has only just started. Forkpay’s further development plan includes:

  • release of Firefox plug-ins;
  • a cash-back program for plug-in user;
  • server-side plug-ins for merchants;
  • ‘reverse’ plugin solution, where merchants can get paid in fiat and receive crypto; and also being worked on,
  • paying credit card bills with Forkpay in crypto.

To give you an idea of what the future may hold, let’s see what’s already possible with the solutions we have now. In the not too distant future, these services will most likely be integrated as a self-contained solution by some smart developer or visionary business. We’re still in the early days of the blockchain revolution, so everything will eventually end up being much easier to use. But here’s an approach you can use now:

A 3 step plan to saving money

1: Coinomat

Exchange USD to CoinoUSD, or EUR to CoinoEUR. It’s easy. Your fiat money will not lose value as the Coino assets are pegged to the fiat value.

You earn interest (0.06% daily at the moment, which is 24% per year) just by holding your Coino assets in your safe and personal Nxt wallet. Now that’s a quite a bit more than my bank offers me and no doubt what yours offers you. No registration required and you can withdraw to any VISA/Mastercard whenever you want.

2: Nxt

This is the blockchain 2.0 which secures all your fiat pegged assets as well as, of course, your NXT (the Nxt platform’s monetary unit). This is your money. You own it. Absolutely. Moreover, being secured by Nxt’s decentralized network, it’s 100% safe. By contrast, when you deposit ‘your money’ in a bank account you are by law deemed to be lending that money to the bank. You are in effect, an unsecured creditor of the bank and ‘your money’ is therefore not safe.

You can send or receive any amount of assets, NXT or Nxt MS coins for a fee of 1 NXT. This currently equals €0.01, the amount and destination don’t matter. In comparison, according to the World Bank, sending remittances around the world using the banking system costs an average of 7.37 percent of the amount sent. All in all, cross-border transactions are expected to reach $608 billion in 2015. Now that’s a lot of fees to save.

With your funds in the Nxt blockchain, you can also use all the core and 3rd party features in the Nxt network. The decentralized global p2p marketplace. Issue tokens. Invest in promising real world ventures on AE. Play games. Upload data. Torrents. Build a business, crowdfund it. Keep assets, Bitcoin, altcoins and your investments right there in the same wallet, using Nxt Multigateway features.

3: Forkpay 

Go shopping. Pay with NXT (or any of the other integrated altcoins).
Buy goods anywhere Bitcoin is accepted, using the browser extension.

If you’re a merchant, use Forkpay to set up your merchant crypto payment solution.

Cashback? It’s coming.

Direct payments with your fiat-pegged crypto assets (USD/EUR/etc). Very soon.

Why? Forkpay’s exchange rate does not exceed 3%. With Paypal the standard rate for receiving payments for goods and services is 3.9% + fixed fee, and for payments across borders, it’s up to 5.99% + a fixed fee.

Forkpay.net ICO on Nxt AE

You can share profits with Forkpay by participating in their ICO currently taking place on the Nxt AE.

Nxtforum ANN thread: https://nxtforum.org/assets-board/(pre-ann)-forkpay-net/

Forkpay.net is going to follow the standard start-up cycle. This first asset issue is the seed stage investment. Forkpay.net is going to approach venture funds for a second round investment or buy-out in future at which stage asset holders will be able to make an exit or exchange the assets for the ‘real’ equity. This is going to be an experiment with classical seed stage investment made on the Nxt platform.

Forkpay’s revenue model is based on transaction fees. 50% of the profits will be paid out to shareholders.

Asset ID: 4244599378927106120
Total assets sold at ICO: 3 million. ICO asset price: 1 NXT

To learn more about how to use the Nxt Asset Exchange, read this AE tutorial.

forkpay-altcoin-payments

——————–

This article is for general information and news purposes only. It does not take into account readers’ personal circumstances or investment objectives. As with any investment, readers should carry out their own due diligence research before making (or refraining from making) any investment decision.

Buy NXT and BTC with NETELLER

European Bitcoin and cryptocurrency gateway Coinimal is adding NETELLER as a payment option. The move represents the first time a crypto business has ever worked with NETELLER, which offers instant deposits and withdrawals to millions of customers around the world.

coinimal-welcome-neteller

Coinimal, a new Bitcoin and cryptocurrency merchant based in Vienna, Austria, has announced a ground-breaking partnership with NETELLER. Coinimal was launched in December 2014 with the aim of addressing the difficulties of obtaining Bitcoin in Europe and has since become one of the foremost options for both buying and selling crypto coins, including NXT and Litecoin.

NETELLER: a global partner

The development is a natural one for Coinimal, enabling customers to buy bitcoin with the speed and security of an established global partner. NETELLER has a series of payment options including credit cards, prepaid cards and bank transfers, and accepts bitcoin payments as a way to fund cash accounts – making all of these available to Coinimal’s customers via their fully-automated platform.

For NETELLER – which is currently planning to acquire its biggest competitor, Skrill, in a €1.1 billion deal – the partnership is a first foray into the crypto space and comes after several months of negotiations with Coinimal led by CEO Eric Demuth. ‘In my opinion NETELLER decided to do this pilot project with us because they feel that we are the most sophisticated, serious bitcoin gateway in the world, and our compliance is stellar,’ commented Coinimal CEO Paul Klanschek. ‘We are extremely proud to be the first crypto merchant in the world to accept NETELLER officially.’

Growing fast

Coinimal is well positioned to expand in the fast growing European market and will announce new features and partnerships over the coming weeks. Customers can currently buy €25 worth of Bitcoin without full verification of their account, allowing them to test the platform easily.

coinimal-nxt-btc-buying-options

Read more news from Coinimal @ https://www.coinimal.com/news/

 

Use Coinimal to sell NXT for Euro

coinomal-nxt-eur-exchange

Cashing out from NXT to Fiat has always been somewhat of a hassle. The demise of BTER coupled with hacks on EUR/NXT markets like CCEDK have not helped this situation. But have no fear, as things are looking up again thanks to the new NXT-Sell feature from Coinimal.

Coinimal (https://www.coinimal.com) is an Austria-based Bitcoin startup with one simple goal: simplifying the Bitcoin/NXT buying/selling process in order to make it more appealing and accessible to novice users. Buying Bitcoin and other digital currencies is only part of Coinimal’s services though, as the platform also lets users sell their digital currencies in exchange for fiat currency.

Buying NXT on Coinimal has been possible ever since its launch in December 2014 but until today selling NXT wasn’t. Thanks to a partnership with NXTCS (http://nxtcs.com) Coinimal is happy to announce that selling NXT on Coinimal is available as of today.

The daily limit for selling NXT to Coinimal is 500€ for unverified accounts and 5000€ for fully verified accounts. The SEPA order to your EUR-Bank account will be sent the same day!

Check Coinimal (https://www.coinimal.com) out today to buy/sell NXT instantly!

 

This article is also available in : French

Instant Fiat → NXT exchange

No more deposit delays for crypto purchases!

Crypto exchange CCEDK now offers direct, near-instant payment from more than 3,600 banks in 7 European countries. The transaction is authorised through the customer’s online banking system on the payment platform, and is complete in 15-30 minutes (assuming your country supports OBT).

‘To most people buying Bitcoin, NXT, Peercoin, Darkcoin, Blackcoin and more, international bank transfers have been the normal way to do it, as buying with credit cards is practically impossible. Now, it is possible to pay almost as quickly as if you are using your credit card,’ says Ronny Boesing, CEO of CCEDK ApS.

The seven countries qualifying for direct payment via the OBT system on CCEDK are Germany, France, Spain, Italy, Austria (EUR), UK (GBP) and Hungary (HUF).

‘There need be no more delays on deposits, no more missing out on a good sell offer! As soon as we get your money in EUR, GBP or HUF, we can send you Bitcoin, NXT, Peercoin or any of the other nine cryptocurrencies listed on our exchange.’

Other fiat deposits

Other European countries are able to use SEPA (Single Euro Payments Area) with a transaction time of 1-3 days, depending on the bank connection used. On top of that, International Wire transfer is available to the rest of the world in EUR and USD, as well as the services from the payment provider Payeer, which offers deposits and withdrawals in EUR, USD, RUR and UAH.

CCEDK is also expecting to introduce OBT as an option for instant payment for Bitcoins on their partner project, www.CCPAYT.com, an instant crypto->BTC initiative. CCPAYT supports 11 different altcoins, including LTC, PPC, DOGE, NXT, BC, RDD, DRK, NBT, BTM, FimK and BTSX.

www.CCEDK.com is based in Denmark, part of the EU. CCEDK offers buy and sell options for digital currencies in a secure environment on the base of 2FA. They offer anonymous trading of some 85+ crypto pairs based on Bitcoin, Litecoin, Peercoin, NXT, Nubits, Dogecoin, Bitmark, Blackcoin, Darkcoin, Reddcoin, Fimkrypto and BitsharesX, and 50+ fiat pairs with validation.

MGW

Issuer: jl777

Asset ID: 10524562908394749924
Issuing accountNXT-JXRD-GKMR-WD9Y-83CK7

Trading and performance:
http://nxtreporting.com/?a=mgw

MGW (multigateway)

AE_banner

Website: http://multigateway.org

Multigateway AE description:
each MGW asset represents .0001% of multigateway multigateway will generate minimal fees from deposits and withdraws of cryptos into NXT AE. It uses a separate multisig acct for each depositor. It will have ongoing server costs and to minimize the cost of depositing and withdrawing crypto assets into NXT, it will keep fees as low as possible. Currently its projected revenue source will be via auctions for listing altcoins and altcoin giveaways. Such revenues received net of operating costs will be distributed to asset holders. multigateway isnt a non-profit, but it also isnt designed to be a massive profit generator. Any investment in multigateway will help cover operating costs and help the NXT community.

Useage of MGW

Download the Multigateway extension and you will have an additional submenu in the Nxt Client side bar called “Nxt Services”. In the upper right corner you can start a short tutorial as well as choose which coin you would like to use.

At the time of writing Multigateway accepts Bitcoin (BTC), Litecoin (LTC) and BitcoinDark (BTCD).

Users receive a unique deposit adress for each coin, which is linked to his NXT account. If you deposit coins in the Multigateway you receive the same amount in coin assets. These assets are tradeable against NXT in the Asset Exchange. You are also able to withdraw the coin assets against the lowest fee on the market, you only need to enter a withdrawal address.

Each coin asset represents one coin and is backed by the coins deposited in the Multigateway.
The coins are stored in multisignature wallets on three different servers belonging to three trusted businesses.

[review]

Other assets issued by jl777