Location-based discovery is quite popular and useful in various applications these days. There are quite a number of apps with the nearby feature that we use every day. These include Google Maps to explore near-by places and social media and messaging apps to locate nearby friends. They also include payment applications to list nearby merchants. It has proved to be revolutionary for all these platforms as it creates an open network effect. In that network, we get the ability to discover new places, people, and stores.
Now imagine if you get the same feature to discover people and stores that accept cryptocurrency around you. That’s what you can get on the Arax cryptocurrency wallet. This Nearby feature lets you discover the Arax users around you to send and receive your crypto assets. It is just like Google Pay’s Tez mode which lets you discover the nearby merchants and users who are ready to accept or send payments.
The payments space for traditional currency never worried itself about the acceptance. For them, the only barrier was adoption. However, when it comes to crypto assets, the wallet companies are figuring out adoption as well as acceptance. The nearby feature will help us discover that the acceptance of cryptocurrency has grown significantly in the past few years.
The nearby feature is revolutionary for a crypto wallet for a number of reasons.
GPS solves the hassle of wallet addresses
The process of making a cryptocurrency transaction has always been a pain. First, you need to send your wallet address (which is a lengthy key that no one can remember) to the sender using a third-party messaging app. On the other side, the person will copy and paste the address key to initiate the transaction. Soon, the introduction of QR codes that can be scanned for transferring, made it easier.
The Nearby feature simplifies the transaction process to the bone. On the Arax wallet, the sender just needs to switch the Nearby feature to “Send” and the app will list nearby wallets that are ready to receive the payment. Just enter the amounts, select the receiver from your nearby users and initiate the transaction. This brings down everything into three steps.
Redefining Peer to Peer
Everyone understand that P2P transaction is a huge plus. It is one of the defining characteristics of Cryptocurrency. Till now all we could do was make a transaction through some complicated Decentralized wallet for P2P transfer. In that setup, the users cannot perceive the importance of peer to peer transactions. With the nearby feature, the users can experience the power of peer to peer transactions in real time. The fast transfer and low transaction fee will also play a role in catalyzing the adoption.
The possibilities that nearby feature opens up for P2P transactions are endless. It can help people cut the offline payment lines by making payments at the point of sale without standing in a queue. Tipping, paying for entry charges, toll plazas are some examples of time taking offline transactions. All these transactions at the point of sale will benefit from the Nearby feature in the long run.
The Nearby feature is going to help the crypto investors and holders too. Now anyone can easily discover the adoption and acceptance of cryptocurrency around them. The instant transfer of assets by locating the nearby wallets will also add to the ease of use. Features like these are great and with time we’ll see more innovations on the features and user experience too.
The news on technological advancements has dominated the Blockchain space for too long. We know that most of the technological advancements still go under-reported, but it’s time we shift our focus. Covering the updates that only tech people understand is costing us adoption.
We are bringing up updates that are important for everyday users of online payments and wallets. Such updates will steer the probabilities towards mass adoption of cryptocurrency. With time, the adoption will move forward from the basic utility payments (for example mobile recharge). With such features, we can expect the next wave of adoption in smaller retail markets and offline shops.