Although more and more online merchants are getting used to the idea of accepting bitcoin payments, others feel discouraged by the volatility and lack of security for the cryptocurrency. In their new partnership, GoCoin and Tether aim to address these issues in pushing for increased mainstream acceptance of digital currencies.
By teaming up, GoCoin can now allow its current merchants to transact with Tether in US dollars. The Japanese yen and the euro are also being eyed as part of this platform. In addition, fees associated with dealing in fiat currencies through traditional payment methods will be nullified. Also, the value of Tether on a transaction will always remain the same, regardless of whether bitcoin increases in value or not.
Bitcoin Payments Integration
Tether is a unique bitcoin payments facility which protects consumers against price volatility. It backs the payments with fiat currency, ensuring that the value of the transactions aren’t affected by any changes in bitcoin prices. For now, Tether supports the US dollar, Japanese yen, and euro in its transactions.
Meanwhile, GoCoin is also a bitcoin payment gateway that also supports other digital currencies such as litecoin and dogecoin. It was founded in 2013 and has since received more than $2 million USD to expand and streamline its services.
According to Tether, merchants get to deal with Tether’s versions of USD, JPY and EURO, which can then be withdrawn (or transferred) to other local currencies. In doing so, they believe they can give bitcoin an agnostic store of value and the process removes much of the complexity surrounding bitcoin payments.
“By utilizing Tether’s unique business model of linking digital currency to in-hand reserves, we’re able to stabilize value fluctuations for our merchants, making digital currency even more appealing to them,” added GoCoin CEO Steve Beauregard.