When Satoshi Nakamoto developed Bitcoin back in 2008, he probably didn’t anticipate that his cryptocurrency could buy him a plane ticket to take him around the world in just the next decade. It wasn’t an easy beginning, however.
Even as early as 2010, it took 10,000 Bitcoins for programmer Laszlo Hanyecz to purchase two pizzas from Papa John’s. That’s around $600 million in today’s value, a nearly astronomical figure.
Yet, cryptocurrencies today seem to be the rage in the financial markets, and one company seems to have realized the immense potential crypto holds for the payments industry. Enter RocketFuel Blockchain. The latest entry into a growing list of companies that have embraced blockchain technology to revolutionize their services.
Decentralized, fast, reliable, and borderless
Blockchain’s immense appeal seems to be winning over more merchants and consumers by the day. According to RocketFuel CEO, PeterJensen, this is just the beginning of what can be called a game-changing move for the payments industry.
One-Click payment interface: RocketFuel’s power move for easy payments.
In an exclusive interview with Spotify for their community session Money & Me, Peter explained that the current payments industry is cluttered with outdated technology and does not benefit merchants and consumers. His main concern was that the sector refused to acknowledge their inefficient services and was lagging in speed and security. These are the issues that could be instantly resolved by adopting blockchain technology and encouraging payments through cryptocurrencies.
“It’s the easy-to-use system that has made cryptocurrencies so popular. But the same can’t be said about buying stuff with it,” said Peter. “A lot of people use cryptocurrencies as a store of value, but many now wish to spend it. Until now, there weren’t a lot of places one could spend their cryptocurrencies on. Our focus at RocketFuel has been to create an easy-to-use payments interface that lets you spend your cryptocurrency.” he added while explaining the vision behind RocketFuel’s creation.
Powered by blockchain technology: RocketFuel makes payments possible through crypto and cash
Peter, however, was quick to point out that RocketFuel did not limit its transactions to just cryptocurrencies. “A lot of people still don’t use crypto and prefer paying by cash via bank transfer. We have ensured that our customers can choose to pay in either mode. This is great news for the merchants as well since no matter what the customers pay in (cash or crypto), all the transactions occur via blockchain, which means it is much faster, safer, and reliable than your standard payments procedure.”
Peter spoke about the growing adoption of cryptocurrencies worldwide and said that he felt 2021 would be the year of cryptocurrencies. He mentioned PayPal and Facebook’s interest in crypto as prime examples of how the industry heavyweights were giving crypto more importance than they had in the past. Peter’s observation definitely carries weight as Facebook has been trying to push its blockchain-powered Diem Project into the market for some time. Another important name would be Tesla, which has declared that it would accept payments made through Bitcoins. These industry statements only point to one conclusion: cryptocurrencies were here to stay, and it would only get bigger from here on.
Why need banks when one can pay via 43 cryptocurrencies?
During the interview, an interesting point raised by Peter was about his belief in the most crucial factor that has led to the mass adoption of cryptocurrencies.
“It’s the consumers. They’re the ones who have ensured that cryptocurrencies are popular. I can especially see a large portion of the youth who own crypto with them. Many of them don’t have bank accounts, and that makes me think. If you can pay via crypto, would you even need a bank account? Sure, they give you credit cards with all those attractive loyalty programs, but we can do the same for crypto payments.”
Peter’s statement especially begins to make sense when we consider the centralized nature of payments which has used banks to intermediate between merchants and the consumer. With the adoption of blockchain technology and cryptocurrency payments, there would no longer be a necessity for payment via banks. They could directly transfer funds to the merchant via the fast and secure blockchain technology.
RocketFuel seems to have taken this philosophy to a new level by giving customers the option to pay via 43 cryptocurrencies through all the currently listed popular crypto exchanges. Peter explained how RocketFuel did not keep any money with them but only existed as the infrastructure that enabled payments from the customer to the merchant.
The future is digital
Despite having launched recently on March 31, RocketFuel is already being used by companies like BearTax and SkyTours, which have kept RocketFuel’s One-Click Payments Interface as one of the payment options which their customers can avail themselves. With the growing acceptance of cryptocurrencies by world governments and big companies, RocketFuel’s entry into the payments industry could not have been timed better.
“The Future is Digital, that’s what I believe. I can already envision us five years later wondering how we could even pay through credit cards and clunky bank transfers in 2021. I want RocketFuel to reinvent how we believe payments can be made.” said Peter, as he expressed his confidence in the growth of RocketFuel as the new leader in the payments industry.