Bitcoin is a rather popular little alternative currency that is picking up steam. For those that do not know what Bitcoin is, it is a “cryptocurrency” that is not easily cheated but holds lots of power. Bitcoin is similar to in-game currencies for popular titles like Everquest, or World of Warcraft except for a few key things. One, there is no central company handing new Bitcoin out. New Bitcoin are minted by work done by the group to ensure transactions are correct and not cheating. Second, you can use Bitcoin in the real world. You are not limited to using Bitcoin in a single game, such as World of Warcraft. There are many merchants across the globe that accept Bitcoin (even one in Arkansas people). Third, you cannot easily cheat Bitcoin- there is no option to just have a character at a respawn point killing creatures. You can opt to use your computer to help verify transactions and therefore earn some Bitcoin (though prepare for a long wait). Now, Bitcoin is coming to those newfangled “pay without touching” options that we see Google, Samsung and Apple touting- Near Field Communication (NFC). Problem is, this Bitcoin powered option is not coming to Apple iPhone anytime soon. Thanks, Apple.
More and more retail locations are offering NFC options to pay for items. This is great for those on the cutting edge of technology. There is a bit of convenience to these but it is not quite at critical mass yet.
Shakepay is looking to take on Samsung Pay, Google’s Android Pay and Apple’s Apple Pay. Those other services use traditional money to power transactions while Shakepay uses Bitcoin.
You may be reading this and wondering how the hell you use Bitcoin to pay for stuff in traditional money. That is simple. There is an instant conversion by the Shakepay app when making purchases. There is no planned fee for this either. The only fees that occur are when you load Bitcoin on the Shakepay app (1% which is shared). If you are converting from United States dollars (primary currency in your Shakepay app) to say, Russian rubles then there is a 3% transaction fee.
Oh, and if you are really into the cutting edge of technology there is a similar app coming for Ethereum (similar to Bitcoin but picking up more steam in the business sector). This app is called Plutus for those interested.
For those that do not know, Apple has blocked all access to the APIs that work with the NFC chip in Apple devices. This keeps competition quite low for their platform (don’t you love that?). This is why you will only see the Shake Pay app on Android (maybe on Windows Phone someday- hopefully).
For more information on Shake Pay, head over to their website, www.shakepay.co