Cryptocurrencies were originally made as a fast, simple, transparent currency for the internet. Now, we dream of a future without bank accounts - yet a steep learning curve, and the risk of volatility and being hacked scares the majority of shops and retail.
But what if we could "de-risk" all this? What if shopkeepers could accept crypto without ever handling it - immediately receive fiat - and never worry about the complexities of crypto?
Introducing our Monerium Pay Hook - which automatically converts received crypto tokens into fiat in the shopkeeper's bank account.
User sends crypto 🤝 Shop receives fiat.
How it works:
When logging in, the shopkeeper has a transitionary wallet automatically created by the Hook UI. The wallet automatically sends out redeem orders (crypto to fiat) when receiving crypto.
The beauty of a transitionary wallet is that the wallet itself never has funds for a long time. This reduces exposure to protocol hacks, and other crypto anomalies. But if the wallet is hacked, the shopkeeper can literally just clear their browsing data to get a new transitionary wallet created for them.
Rather than just having a website, it would be better to turn this into a full fledged physical terminal device - like a credit card terminal. However, doing this could also increase the barrier to adoption, since it needs to be purchased and could potentially be expensive. On the other hand, it could drastically increase security - as the transitionary wallet private key could be stored on a security chip in the device itself.