Why Merchants Are Not Using Cryptocurrency

The greatest challenge facing blockchain entrepreneurs is getting merchants of all shapes and sizes to accept cryptocurrency. Unfortunately, cryptocurrency is useless to most people because they cannot use it at their local merchants.

Merchant acceptance is critical for widespread adoption of cryptocurrency. Money that cannot be used to buy groceries at the local store is useless to most people.

Businesspeople refuse to accept cryptocurrency because of the way altcoin prices are set. Cryptocurrency prices are determined by very volatile markets. That means the price can fluctuate from hour to hour and even minute to minute. A unit of Bitcoin (BTC) that was worth $10 at 3 p.m. might be valued at $6 at 5 p.m. for example.

This volatility means that merchants cannot depend on cryptocurrency to cover bills, pay suppliers, repay loans, or meet payrolls. Stable money is a necessity for a successful business, and cryptocurrency is inherently unstable.

Rubius and Aryl’s Solution to Market Volatility
Rubius Inc. plans to ensure stable cryptocurrency payments for merchants with its Aryl wallet.

The Volatility Shield feature in Aryl would ensure liquidity by making it possible to instantly convert cryptocurrency payments into fiat currency or a more stable altcoin. That means the merchant can receive an instant payment for a crypto-transaction in their local fiat currency.

The Volatility Shield provides liquidity with a guaranteed storage currency. The feature automatically converts the majority of the merchant’s funds into the guaranteed storage currency to provide liquidity.

A merchant can also choose a preferred payment currency in Aryl. The preferred payment currency is used to send payments. Under the first version of Aryl, the preferred payment currency would be any cryptocurrency operating through the Ethereum ecosystem. This would include all the popular ERC20 tokens and Ether (ETH) — the world’s second most popular cryptocurrency.

Payments sent through the Aryl Wallet can be automatically switched to a preferred payment currency. Payments received by an Aryl Wallet can be automatically switched into the wallet owner’s preferred storage currency.

Those features ensure the liquidity of funds, by ensuring that the funds are in a currency that retains its values. That can limit exposure to market volatility by allowing funds to be switched into higher value currencies.

A User-Friendly Cryptocurrency Wallet
All of the existing cryptocurrency wallets on the market are not user-friendly, Rubius CEO Joseph Rubin pointed out.

Those wallets are often hard to use, poorly designed, badly built, and full of security holes. The wallets are low quality because most of them were designed fast for an initial cryptocurrency offering (ICO), or built by amateurs playing around in the blockchain.

The wallet is often an afterthought to ICO promoters, who simply pick the easiest to install app and forget about it. This creates serious problems because nobody is upgrading or repairing their wallets and, in some cases, even monitoring it for problems.

Aryl is designed to be the first user-friendly payment app that is also crypto-friendly, Rubin revealed. The Rubius team will maintain and be continually improving and upgrading Aryl.

The focus at Rubius is to build the best wallet possible. That wallet is intended to become a consumer-friendly payment app directed at a mass audience like PayPal’s highly-successful Venmo.

A Cryptocurrency Wallet that Merchants will Trust and Accept
Venmo is popular because it is reliable, easy to use, and offers nearly instant payment in liquid currency. The goal at Rubius is to build a similar app for cryptocurrency that is just as robust, reliable, fast, and dependable as Venmo.

Merchants would accept Aryl for the same reason they take PayPal or Visa. They would know that they would get paid fast in real money they can spend right away.

Aryl is intended to be the basis of a fast and efficient Rubius payment platform that would connect consumers and merchants all over the world. Protecting businesses from cryptocurrency market volatility is the first step in building that platform.

Learn more about Rubius, the Aryl wallet, and the Volatility Shield at:

https://rubius.io/