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Crypto’s Dirty Paradox: True Adoption of Blockchain Payments is Strangled by Speculation

The industry is demonstrating an eerie similarity to the internet stock market bubble of the 90's

Today’s crypto market is very similar to the internet stock bubble of the late 90’s. It is overrun by traders chasing the next “multi-bagger pump” at all costs. Some confuse this activity with actual technological adoption. This could not be further from the truth. Owing to the ease of integration and clear hype factor, most of the major crypto exchanges are predominantly littered with ERC-20 tokens. These platforms are operating as quasi stock markets, enabling the trading of vaporware that so-called “investors” mistakenly believe represent shares in some tech startup. Not only does an ERC-20 token not represent company “stock”, but it is actually even more sinister. This egregious invention has no blockchain or technological utility other than its ease of integration and tradability on unlicensed and unregulated crypto exchanges. It is a proverbial casino chip. There is nothing wrong gambling, as long as the game is fair. But the crypto market is rigged.

Amazon stock lost over 90% in a year causing speculators to brand it as a scam

Like the internet stock bubble however, innovation did take place even during the epic crash that naturally followed the rocket launch to the moon. Companies that were ultimately focused on product development and ignored the market volatility were rewarded and are now giants. Amazon, Netflix and Priceline are just a few of these modern day behemoths. Rome wasn’t built in a day and similarly it took several years for the real ecosystem stories to play out. Most investors gave up and returned to trading baseball cards and Beanie Babies. Those with patience, despite sustaining 90% losses from the peak, were ultimately rewarded.

Adoption of crypto as a superior method of payment is the only thing that matters

At TokenPay we are only focused on a single objective. We like to call ourselves “Adoption Maximalists”. The only thing we care about is ordinary people using crypto in real-life transactions. For that to happen, there needs to be a reason for a seller to accept crypto. So far in this industry the benefits of crypto transactions have been poorly sold to merchants. Unless it is an extremely high margin business and the merchant is a bit of a gambler, selling the idea of speculation on crypto assets will get you laughed out of the boardroom. Merchants have real needs. The most critical one is paying its own bills and suppliers - which usually don’t accept crypto. This is why we have focused our efforts on creating a financial ecosystem that supports real time settlements in fiat for merchants. With this, a merchant is now indifferent to accepting crypto over fiat directly. But what are the benefits of crypto?

An early look at our fully connected and integrated TPAY merchant payment platform and app. Merchants don’t want to speculate on crypto. They demand real-time fiat settlement. Thanks to our partnership with FINMA regulated TokenSuisse in Zurich and our FinTech partnership with the the renowned Litecoin Foundation and Charlie Lee, we are uniquely positioned to capitalize upon the coming boom in mass crypto payment adoption.

Most crypto coins are poorly designed for use in real world transactions

One of the dirty little secrets of the crypto industry is that there is really no benefit to transacting in most of the coins or tokens. Bitcoin is slow and costly for instance. Ethereum isn’t scalable and has multiple bugs that make it increasingly worthless as a method of payment. New platforms like NEO have simply seen their blockchain just fail recently, rendering it useless for the real world. So what we focused on when creating the TokenPay platform and the TPAY coin is three things that would compel both customers and merchants to want to adopt it as a form of payment.

TPAY is the most secure, private, fastest and cheapest method of payment in the world

Firstly it is the security. TPAY supports stealth transactions, which represent the pinnacle of user privacy. Payment fraud and the associated costly chargebacks are eliminated by virtue of blockchain technology. Secondly, speed is critical and TPAY transactions are confirmed nearly instantly and in an indisputable fashion. Our development of the Infinitesimal protocol, will only enhance what is already considered to be the fastest performing blockchain transactions in the industry. Finally, costs are critical and TPAY features almost zero cost transactions.

True crypto to crypto transaction world is still a pipe dream

When sold properly to users, a clear cut case can be made in favor of crypto transactions, particularly using TPAY due to its overwhelming benefits. We are likely decades away from true crypto to crypto acceptance by merchants. That will only occur in a world without fiat. Of course this is the long term goal but those like the “Bitcoin Maximalists” focused on that objective now are only doing a disservice to general adoption. No amount of public begging will convince the overwhelming amount of merchants to accept crypto payments. Merchants must be sold on the benefits. The only way is if it makes sense for them and the financial ecosystem ultimately must exist to support that need. This is why we are laser focused on building out our unique FinTech infrastructure prior to going full speed ahead with our sales and marketing.

HODLing is not the purpose of crypto

So what is the paradox we speak of that is hindering blockchain payments adoption? In the past week we have conducted in excess of a million dollars of real world transactions with various suppliers using TPAY as a method of payment. Proving the earlier point, merchants demand fiat and a mechanism that will enable the instant conversion. This will come with our financial ecosystem rollout. We are intensely fixated on this development which is regulatory in nature with no shortcuts. However, despite our full scale payments platform release taking place next quarter, this should be a defining moment in the history of crypto adoption. To us it is an amazing achievement. But instead of embracing the real world adoption of TPAY, there exists a cancerous element of the crypto community that equates price of the coin with the success of an enterprise. There is zero correlation, in fact the inverse in many cases may have more relevance.

Join us August 30th at 12:00PM EST on the TokenPay YouTube channel for the release of our Ecosystem Report and conference call. This will feature updated details about the EFIN coin distribution and discussion of current events including measures taken to enhance TPAY mainstream adoption.


Crypto’s Dirty Paradox: True Adoption of Blockchain Payments is Strangled by Speculation was originally published in TokenPay on Medium, where people are continuing the conversation by highlighting and responding to this story.

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