Recently, Azteco announced a seed funding of $6 million for a new project. This project is their new Bitcoin gift card scheme they intend to introduce to the world. Taking advantage of Bitcoin’s dominance in the real world should help the currency in competing with the US dollar. It will hopefully give it similar spending power. All this without needing access to a Bitcoin bank.
The main reason such ideas and technologies are gaining traction right now is due to the inflation that the US dollar is experiencing right now. Investors have, therefore, gained interest in alternatives to the usually reliable currency. Digital assets could be a great aid in such a situation. This indicates that American views towards such digital technologies may be shifting in a positive direction. In the future, cryptocurrencies may be more closely ingrained in the economy. This could be especially useful during a Bitcoin bull run.
The purpose of the gift cards is at least intended to be multi-dimensional. Azetco has designed them to allow them to connect people across the world in physical stores as well as online e-commerce platforms. They also hope it will democratise the financial sectors the world over, revolutionising how customers and retailers interact. This will be especially important as the world becomes more and more digitised, with increasing Bitcoin dominance.
According to Azteco’s CEO, the problem lies with relying on third parties issuing currencies. No one holds these institutions accountable, and cheating the system could easily happen. This is true for every Fiat currency. A computer program is different from a human, fallible currency issuer. A program could create a truly neutral currency for the world to use in terms of both politics and finances. People everywhere could use such a system.
Azteco has already been busy filling up the demand for its projected customer base. They have almost 600,000 payment locations in over 190 countries. These will be essential for allowing customers to use their Bitcoin gift cards.
For reference, the Bitcoin to pound rate stands at over £23,100 right now.
