Bitcoin Holders Back SpacePay as Crypto Spending Solution Gains Traction
Bitcoin holders have dealt with the same issue for years: their crypto works as an investment but not for buying things.
Quick overview
- SpacePay aims to enable Bitcoin payments in retail by using existing card terminals, requiring only a software update.
- The platform has raised over $1.3 million in presale, attracting investors who see the potential for Bitcoin to expand beyond trading.
- SpacePay allows merchants to receive immediate dollar payments for Bitcoin transactions, eliminating exposure to crypto volatility.
- With lower fees compared to traditional credit card processing, SpacePay offers a compelling reason for businesses to adopt its system.
Bitcoin holders have dealt with the same issue for years: their crypto works as an investment but not for buying things. London-based SpacePay is trying to fix this with a payment system that works through the card terminals businesses already have.
The company has pulled in over $1.3 million during its presale. Investors backing it see utility as what Bitcoin needs to grow beyond just trading. What makes SpacePay different is that it doesn’t ask merchants to buy new hardware. It’s just a software update for Android-based terminals that millions of shops use already.
SpacePay works with more than 325 cryptocurrency wallets and turns payments into dollars right away. This gets rid of two problems that have stopped merchants from taking crypto: buying expensive equipment and dealing with wild price swings.
When someone pays with Bitcoin, the business gets dollars immediately. No exposure to crypto volatility. Merchants set their prices in regular money and get exactly that amount, no matter what’s happening in the crypto market.
The fees are 0.5%. Credit card companies usually charge 2-4%. A business doing $30,000 a month would pay $150 in fees with SpacePay. With credit cards, that’s $600 to $1,200. The gap gets bigger as sales go up, which gives merchants a real reason to switch.
The infrastructure challenge has been a persistent obstacle for cryptocurrency adoption in retail settings. Most crypto payment systems have asked businesses to buy special hardware, train their staff on new tech, and handle cryptocurrency themselves. For small business owners, that’s been too much hassle and too expensive.
SpacePay works with what businesses already have. It doesn’t need much technical know-how to set up, and it handles all the crypto stuff in the background. Merchants interact only with familiar fiat currency amounts in their regular business processes.
Bitcoin supporters have watched institutional adoption grow over recent years, with major corporations adding the asset to their balance sheets and financial firms launching Bitcoin products. However, retail spending capability has lagged behind investment infrastructure development.
The $SPY token presale has attracted investors interested in this retail payment infrastructure. Token holders receive governance rights over platform development, monthly rewards, and a portion of transaction fee revenue. As merchant adoption increases and payment volume grows, early backers stand to benefit from the network’s expansion.
SpacePay has deployed working technology rather than raising funds based solely on proposed features. The platform is currently processing live transactions, providing investors with visibility into actual usage metrics rather than projected adoption rates.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save