Blockchain technology has acquired such a massive global interest because it had enabled the creation of the first ever decentralized currency. While it is true that cryptocurrencies are decentralized media of value transfer (excluding ICO tokens), they haven’t fulfilled their purpose as a currency.

Bitcoin has recently seen some degree of adoption by some merchants, but even the father of all coins has limited spending facilities. Holders of less popular coins face even bigger challenges when it comes to expensing their holding. These coins have limited utility as currencies if they face obstacles in spending velocity; thus, most coins, are slowly starting to become stores of speculative value rather than vehicles of value transfer.

Ease of Value Transfer

There are genuine justifications for the lack of spending of cryptocurrencies and a new application, TAP, is pioneering a means to address these problems.

In this era of Amazon, most merchants operate on razor-thin margins in order to remain competitive. Cryptocurrencies remain extremely volatile and, if merchants accept them, sudden price drops can force a profitable sale to instantly become an unexpected loss. Consequently, most merchants are unwilling to accept Crypto payments even though they hope to gain access to the massive volume of wealth held in decentralized currencies.

On the other hand, consumers that hold coins would willingly expense their holding but they simply have very few options. Even though cryptocurrencies, particularly Bitcoin, have amassed a loyal support base, most people do not have the luxury of going out of their way to do business with only merchants that accept Bitcoin. Most people, even those that are in favor of decentralized currencies, live normal lives and are short on time and must expense fiat in order to efficiently go about their life.

TAP recognizes these problems and is coming up with an easy means to resolve them.

We live in an era where smartphones are more omnipresent than even laptops. TAP provides the world — not just the Crypto community — an application that eases the spending of cryptocurrencies. This means that Crypto can extend its adoption beyond its current zealous support base.

TAP is a payment application that plugs into major cryptocurrency exchanges while providing its users with a secure storage of coins. Whenever a user intends to expense his or her coins, he or she can conveniently use the TAP payment card at almost any point-of-sale system across the world. As soon as the card is used, the TAP application’s effective systems seamlessly connect to the partner exchanges and sell, at the highest available bid, just enough coins to cover the transaction. Thus, the merchant is paid in fiat and the Crypto holder is given the opportunity to go about his or her life without sacrificing any convenience while finally being able to use decentralized currencies for the purpose they are meant for.

The Cards

While TAP’s core technology is a leap forward in terms of giving Crypto spending use, the convenience factor boils down to the cards.

TAP cards are designed to be accessible to everyone and therefore come in a number of tiers, each with its own unique offerings and designed to scale up benefits to those who are expected to be heavy spenders. The base TAP card is free — no strings attached! Moreover, the first 1,000 pounds of spending will be feeless; even ATM withdrawals up to 500 pounds would be free!

If individuals choose to stake TAP tokens, they can access premium cards. Staking 10,000 TAP tokens unlocks the TAP Black, which comes with feeless spending up to 3,000 pounds and feeless ATM withdrawals capped at 1000 pounds.

Those who stake 50,000 TAP tokens will unlock the Titanium TAP card, which provides unlimited feeless spending and ATM withdrawals as-well-as crypto-fiat conversion fees as stated by exchanges — no TAP fees what so ever.

At launch, TAP will support BTC, ETH, and LTE conversions to USD, EUR, and GBP. However, this list will gradually expand to include the top 14 fiat currencies supported by MasterCard along with any Crypto that sustains an average daily volume of at least $1 million.

On a closing note, it’s important to note that the card will work harmoniously with the TAP application and will provide users a completely transparent grasp of fees, limits, and account information. Despite offering so many services for free, TAP will remain completely transparent in order to build consumer confidence as they won’t be charged by unexpected, hidden fees that are the norm in the financial industry.