How many people do you know that actually spend Bitcoin? That actually use it in their day to-day life? I bet the answer is not many, because people have no incentive to.
It is currently not all that easy to spend cryptocurrency, and then you have the issue of most of the people who know enough about cryptocurrency to want to buy it are unlikely to sell it because they believe in the long-term value of the coins.
We can’t make cryptocurrencies a less appealing investment, but it is possible to reduce the friction for those who wish to spend it. This is what Pundi X aims to do with their proprietary coin, NPXS. Bitcoin has large potential to replace parts of the banking system, but for that to happen, the infrastructure needs to be greatly improved in order to allow for it to be spent at retail outlets.
For this idea to make sense a few things would have to happen. First, the devices would have to have transaction fees that are lower than the fees currently present on card and mobile payment solutions. Additionally, the devices would probably have to be distributed for free in order to create the value and utility of the network.
Recently Pundi X has attracted some unfortunate attention, as there have been two separate thefts of their tokens in the last six months. The thefts were not to do with vulnerabilities to the network, but it doesn’t help the overall image of the company, which is generally quite favourable. The CEO (and co-founder) Zac Cheah is just one of the many experienced professionals working on the Pundi X team.
Their main challenge isn’t transaction costs, as one would naturally think, but the price volatility of cryptocurrencies and how that could affect a retailer’s bottom line. This explains part of why they are offering their services in developing countries.
The development path of the company is to go to the lower competition areas, where the unbanked can benet from their solution the most. This allows them to develop their network while not directly competing with the banks. For Pundi X, this means targeting Indonesia and eventually the rest of Southeast Asia, as well as some areas of South America in the future.
It would be an interesting phenomenon if this innovative technology caught on in the developing world, and then moved into world markets afterwards.
Currently available on Binance (as well as many other high profile crypto exchanges), the NPXS coin has been bouncing around the same range of between 0.0000001 and 0.0000002 BTC for several months now. This creates a signicant buying opportunity for traders who wish to play around in that zone