Advancement of Cryptocurrencies has been slowed down by a lack of liquidity among other challenges such as volatility, security risks, government policies uncertainties, etc. On the case of liquidity, there are two perspectives to the matter. Liquidity to convert Digital Assets to fiat currencies, and liquidity to change Cryptocurrencies for other goods and services. In this case, the latter point of view has received a major boost in Brazil after one of the leading retail chain stores announced that it would be accepting Cryptocurrencies as payments for products.
The Convenience Of Shopping In Cryptocurrencies
Oásis Supermercados is the store that will be accepting Cryptos including Bitcoin, Litecoin and Bitcoin Cash. The Rio de Janeiro-based superstore will make it easy for Cryptocurrency holders to get the real-time value of their Digital Assets through an effective point-of-sale Crypto remittance platform. It will be secure, ideal, and adaptable to change to accommodate any emerging needs such as increased usage, large transactions, etc.
The Platform Will Be Based On QR Codes
According to one of the managers of Oásis Supermercados, Douglas Andrade, the system of accepting Cryptocurrency payments will be based on the QR Code currency transfer technique. In the new arrangement, the steps to be followed by a shopper as follows; The customer will have the products’ prices collated at the till. Then, the client will tell the cashier the type of Cryptocurrency they want to settle their balance with. The operator will then type the information on the reais and the Blockchain platform will convert the balance to the Digital Asset of choice. Lastly, a QR code will be assigned to the transaction and will then be used in the authorization of Crypto transfer from the shoppers to the supermarket’s wallet.
The process is simple, adaptable, ideal, and modern. On the issue of time, the network is designed to facilitate instant transactions to avoid long queues at the till. Cash registry staff have already been trained on Cryptocurrency payment processing and they are now well equipped to be of help to customers.
Crypto Conversion Is Central To The Technology
Oásis is working with a Cryptocurrency platform known as CoinWISE. This company will be providing real-time rates for Cryptocurrency fiat pairs in three days. Hence, shoppers will be protected from slumps but also fail to benefit from sudden bull runs depending on their days of shopping. Overall, the be model for Crypto conversion has far more pros than cons.
This Sets Precedence To A Greater Cryptocurrency Usage
Oásis Supermercados is ushering in a unique phase of Cryptocurrency adoption. This is because when Cryptocurrency holders get an avenue to spend their Digital Assets, they will treat them as mainstream Currencies and adopt them en masse. Hence, more retailers and merchants will start accepting Cryptos in exchange for goods and services and this would further develop the nascent technology.
On the policy level, Brazil has been a relatively Crypto-friendly nation of over 200 million people. With the recent election of a Trump-like president-Jair Bolsonaro, Cryptos will continue to be favored despite the institutional suspicion of money laundering and tax evasion.
Other major institutions that accept Cryptocurrencies in Brazil include: Brasil Sul, Viação Garcia, Metrô Brasília, and Technisa.