While crypto adoption has experienced an unprecedented rise in the last couple of years, statistics still point to using these digital currencies as investment tools rather than household purchases, as most experts predicted.
By dint of this, no crypto holder can confidently walk into any store in Europe or any other continent, pick an item, and pay using cryptocurrency. If these stores even offer this unique service, their charges are usually off the roof.
With Bitcoin ATMs scattered across various countries in Europe, the cost of converting your BTC to cash, most of the time, is 20%, albeit depending on the ATM service provider. These excessive charges show the colossal gap between crypto usage for household purchases and crypto for investment purposes, just as the statistics did. Obstacles of Crypto Payments in Europe:
Volatile and Unregulated
While most crypto holders are willing to pay for household items using digital currencies, most sellers are not yet at that point where they feel safe enough to accept cryptocurrencies as payment for items purchased. Why? Cryptocurrencies are volatile and unregulated.
Absence of a Suitable Crypto Structure
There is absolutely no viable crypto infrastructure capable of accelerating the mass adoption of these digital assets in Europe.
While you may argue that there are numerous platforms facilitating crypto to fiat conversions, they are primarily on the high side, making it quite difficult for potential users to opt for their services.
Euronin—A Feasible Solution
Over time, several crypto payment solutions have been launched to proffer solutions to existing sticking points. Unfortunately, only a few have made an excellent headstart and can solve this problem, and the Euronin Payment Network is one such project.
Aimed to create an intra-European payment network that will mitigate sellers’ risk in adopting cryptocurrencies, Euronin will guarantee real-time transactions and purchase household items with digital currencies. To see this come to fruition, Euronin is taking a bold step by combining the advanced Solana blockchain with the conventional SEPA transaction system.
According to a recent press release, the commingling of these systems will provide Euronin users with real-time transactions devoid of cryptocurrency risks.
Leveraging Solana’s decentralized structure, Euronin will enable the quick transfer of funds for a small fee. By eliminating traditional banking systems, Euronin will make the goal of fast transactions at little to zero cost a possibility.
Bridging the Gap Between Sellers and Buyers
As a bridge between sellers and buyers, Euronin introduces new features. First, Euronin will create accounts with banks in every country in Europe. Secondly, Euronin will develop and launch a token on the Solana blockchain—an internal means of payment for the system.
According to the team, the bank account will serve sellers while the token will cater to buyers’ needs.
Integrating a user-friendly payment process, Euronin will simply require a buyer to pick an item, scan a QR code provided by the seller, and pay for the product in USDT on the Solana blockchain. Euronin converts paid USDT to EUR, then sent from the Euronin bank account to the seller’s bank account. With bank accounts opened in all European countries, Euronin will facilitate crypto and fiat payments.
Taking less than a minute to make a payment successfully, all of the processes will take place in the Euronin system, thus reducing, on a grander scale, the cost of a transaction.
By introducing this feasible, sustainable, and long-term solution, Euronin will dispel sellers’ concerns about crypto payments while helping them beat the market’s volatility. In addition to these exciting core propositions, Euronin will also guarantee the availability of items and anonymity for users.