Bitcoin Gift Card Can Unlock Untapped Financial Markets

Global adoption of cryptocurrencies like Bitcoin has yet to be realized. However, multiple companies are already working on how to integrate this alternative money into the lives of everyday folk, like creating something called Bitcoin gift cards, Crypto Daily reported.

These companies want people to complete quotidian transactions, from purchasing basic necessities to spending cash on frivolous things. One of the reasons for this is that the crypto market stands to gain a great deal of global adoption since it can potentially replace traditional forms of payment like credit card and fiat money.

One startup in particular is tackling this problem by trying to merge the worlds of cryptocurrency and gift cards. The company called KaiUSB has developed a product that contains a predetermined amount of virtual currency, enabling users to take advantage of this new Bitcoin gift card.

This USB is currently available for purchase online. However, the startup means to roll out production and have the hard-software available for brick-and-mortar stores by the end of the year.

This USB can greatly help people who are “bankless,” or those who are not using or cannot use banking services. Privacy-conscious consumers, children not old enough to own credit cards, or migrant workers who are not yet eligible to create a bank account or credit – KaiUSB’s product can unlock this untapped market.

What’s more, crypto companies can also offer a reward to both retailers and consumers if they’re using cryptocurrency. For instance, if someone tries to complete a purchase using a Bitcoin gift card, a retailer may opt to provide a discount for the purchase as a crypto company may have given them incentives to do so.

This type of marketing is already being implemented but not in this specific regard. A company called Mainframe is giving away its native cryptocurrency all over the world in an attempt to accelerate global production.

Following the example above, Mainframe can use KaiUSB’s product to give incentives to consumers if they want to purchase a product using Mainframe’s cryptocurrency. Companies dealing in Bitcoin and other cryptocurrencies can do this as well, bridging the gap between everyday consumers and the crypto market to ensure that the overall industry can benefit from this nascent innovation. However, as of now, this Bitcoin gift card idea is still dealing with a lot of issues, including the volatility of the crypto market.