Can a cryptocurrency wallet be used as an alternative to traditional banking or credit cards? Can you use Bitcoin to buy a cup of coffee at Starbucks or a burger in McDonald's? Is it possible to book a flight in Expedia.com using Ethereum? The answer is a big ‘NO’. Why? Because the merchants or retailers do not accept this form of payment yet. If a popular merchant like Starbucks or McDonalds doesn't accept cryptocurrencies, you cannot use it to buy groceries in your local store.
So the first challenge is to build a wide network of merchants who can accept cryptocurrencies as the mode of payment. Let us assume that you have built a network of 100 merchants who can accept cryptocurrencies as payments. Now, the second biggest problem is the transaction speed. As the majority of the cryptocurrencies use the blockchain technology, it is not possible to get an instant or immediate confirmation for the payments. A typical bitcoin transaction may take 10 minutes to get confirmation. Will the merchant wait for 10 minutes to complete the purchase if you are standing in a long queue of more than 20-30 people standing behind? No. It doesn’t work that way. So, you have to find a solution to get instant confirmations for the payments.
How to find a solution for these two problems? This is where STACK comes in to picture.
What is STACK?
STACK is a Canadian based company that aims to provide a solution for this problem by introducing a digital wallet named STACK and a new cryptocurrency named STK token. The purpose of this wallet is to eventually replace the traditional banking system.
STACK has formed a team of highly talented individuals with more than 10 years experience in finance, technology, and marketing to create a new personal finance platform that can be used with multiple Fiat as well as cryptocurrencies. To know more about the team behind STACK, please visit https://stktoken.com/.
The team will be developing a digital cryptocurrency wallet named STACK that can be used for conducting Point of Sale (POS) transactions in real time
What is STK token?
STK token is the new cryptocurrency being implemented on the Ethereum blockchain. These tokens will be used in the STACK wallet for making POS (Point of Sale) transactions. The token sale is starting by the end of October 2017. For more information related to the registration for Pre Sale of tokens, please visit the website https://stktoken.com/.
How can STACK wallet replace banking?
STACK wallet can be used to do shopping anywhere as it has made a partnership with a popular payment network system that is accepted in more than 30 million merchant locations. You can use any currency in your STACK wallet but you need STK tokens to use this new payment system.
To know more about the technology and benefits of the STACK wallet, please visit https://stktoken.com/STK_whitepaper_en.pdf
So, In future, you don’t need cash or a credit card to buy a cup of coffee in Starbucks or a cheeseburger in McDonald's as you can easily do that using the STACK wallet and STK tokens.
My ETH wallet: 0x46077854bB04FDCDeA78E85AAE5A811ac6812Db0