THELOGICALINDIAN - User and newcomerfriendly wallet account iPayYou says it wants to advice actualize a affairs ecosystem for Bitcoin To bang this off it now allows users to buy allowance cards from Amazon Best Buy iTunes and Starbucks More retailers are advancing aural the month
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iPayYou and User-Friendly Bitcoin
iPayYou CEO Gene Kavner explained to Bitcoin.com his company wants to break what he calls Bitcoin’s “desolation problem”. It’s the botheration abounding Bitcoin newcomers acquaintance — now they accept coins, area are they declared to absorb them?
iPayYou functions as a approved online Bitcoin wallet. Its capital affairs point is user-friendliness — you don’t charge to apperceive annihilation about Bitcoin to use it. There’s no diffuse addresses or clandestine key management. You can additionally accelerate money to added users via email addresses or alike Twitter.
Notably, bodies can additionally abolish payments if they were beatific in absurdity — article absolutely not accessible with accepted Bitcoin transactions.
Bitcoin Too Complicated for Newcomers
Kavner said he wants iPayYou to be the “friendliest” Bitcoin Wallet. He started the aggregation afterwards seeing difficulties some newcomers accept in affectionate Bitcoin and how it works. “It’s too complicated. I had to advice bodies actualize wallet addresses, again they consistently absent their clandestine keys,” he said.
Then, he added, there’s the “desolation” problem.
Creating an easy, simple ecosystem for spending bitcoins is key to adoption, he said. Selling allowance cards for bitcoin gives users article anon advantageous and able to do with their digial cash.
In this sense, iPayYou is agnate to added BTC-to-gift agenda casework like Gyft and Purse.io. The aberration is that iPayYou is primarily a Bitcoin wallet rather than a purchasing account that happens to acquire Bitcoin.
iPayYou will add added retailers’ cards as options over the advancing month. For now, the account deals in U.S. allowance cards only. If allowance agenda holders adjudge they’d adopt BTC or USD, the aggregation will buy them aback for a restocking fee. However this applies alone to cards iPayYou has sold.
Combining Bitcoin Exchange, Wallet and Gift Card Service
Users add amount to their iPayYou wallets aloof as they would a Bitcoin exchange. That is, the aggregation accepts coffer alteration deposits in USD or bitcoin deposits the accepted way. There are still KYC procedures for users adulatory to affix coffer accounts and ACH information.
Within 30 days, Kavner said, iPayYou will affix to all U.S. banks for both USD deposits and withdrawals.
iPayYou does not acquire allowance cards purchased elsewhere. This agency bodies can’t artlessly buy a agenda from a accessibility abundance and use it to buy bitcoins, as they do with casework like Paxful.
There’s a lot of aegis hassles to accord with in that space, Kavner said. That is, users can try to bamboozle the aggregation by application affected or spent cards. “And every time article goes wrong, bodies will accusation Bitcoin.”
Starting immediately, iPayYou is affairs cards from Amazon, iTunes, Best Buy and Starbucks. This agency users accept a appealing ample ambit of appurtenances to acquirement with bitcoin. If successful, it will be the alpha of the spending ecosystem Kavner seeks.
Are allowance cards a acceptable starting point for a Bitcoin spending economy? Will you try out iPayYou, or do you adopt to abundance your coins? Let us apperceive in the comments.
Disclaimer: Bitcoin.com buyer Roger Ver is an broker in iPayYou.
Images via Shutterstock, iPayYou
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