A recurring challenge for bitcoin and other cryptocurrencies is how to make them work in the real world. A Revolutionary blockchain payment system says the answer is its Visa card. Biser is pitching its debit card as an instant converter of multiple digital currencies into fiat money: The dollars, yen, and euros that power most everyday commerce.
Revolutionary blockchain payment system Biser proposes a solution to convert virtual currencies into cash swiftly through the use of its prepaid Visa card. This real-time conversion raises the potential for cryptocurrencies to be used an actual currency in the real world rather than just an investment tool.
Biser taking up the challenge
Although cryptocurrencies are booming, there is still a lot to be desired when it comes to the ability to use Bitcoin and other virtual currencies like Biser for real world transactions in everyday life. It is hard to instantly liquidate a cryptocurrency for fiat currency, and with rising transaction mining fees, Bitcoin and other virtual currencies have been widely used for investment purposes. Their potential as a fiat currency replacement has not been fully explored yet due to such issues.
Instead of just listing on exchange, Biser is making it possible for industry insiders as well as any individual user to connect the virtual currencies to the real world through the convenience of the Biser card, a prepaid VISA card that incorporates with Biser’s technologies. For which Biser claims that their physical debit card can be used on both online and offline as VISA has over 36 millions points of acceptance.
Biser to Fiat in seconds
The Biser card purposed claim that it can instantly convert a wide range of virtual currencies into traditional fiat money (USD, JPY, Euro or even RMB) that still happens to be the preferred currency for everyday activities. Every Biser card transaction involves a 1 percent company cut, and users are limited to a $2,000 worth of transactions a year, which the cap limit is expected to be increased after a series of proper verification process.
The company is going to announce the pre-order soon, 10,000 Biser cards will be allowed for the first round booking. CEO of Biser says that user’s transactions are all processed immediately, and there are no hidden fees or charges beyond the conversion fee of the cryptocurrency exchanges, which ranges from 0.15% to 0.2%, similar to exchange transaction fee.
CEO: No plans of turning a profit
CEO of Biser claims that the company currently offers support for 3 different currencies that include Bitcoin, Ether and Biser; they aims to increase this number by the time of the end of their ICO period. After launching their ICO campaign, CEO is optimistic about hitting the hard cap by October. Insistent that the company is in it for the long haul and has no plans of turning a profit for at least the next couple of years, sharing all to the supporters. The money raised will be used to expand the company’s operations and services, with an in-house cryptocurrency exchange project lined up for their near future.