Bitcoin payment is successfully implemented in South Korea, and a new wave of human society is opening up

1. Indispensable digital payment

Paycoin App Adds Bitcoin Payment Function About ten years ago, when Lehman Brothers went bankrupt, Paul Volcker, former chairman of the Federal Reserve, complained that the last useful innovation of banks was the ATM. Since the Lehman crisis, the banking industry has begun to upgrade its business and modernize its creaking IT systems. But at the same time, financial "platform" companies have gradually accumulated hundreds of millions of users with electronic wallets and payment programs. These platforms include professional companies such as PayPal, Alipay, Grab and Mercado Pago, old companies such as Visa, and Internet companies such as Facebook that are trying to catch up.

On the other hand, a new thing, Bitcoin, has emerged, trying to subvert traditional finance with technological innovation. Bitcoin has grown from an obsession of anarchists to a $1 trillion asset class that fund managers recognize in any investment portfolio. It will help the financial system operate more efficiently for a long time to come. It also plays the role of protecting personal savings, promoting the efficient operation of the financial system, and covering a wider range of people in an increasingly unstable monetary system.

But Bitcoin's mission cannot be accomplished overnight. Because the technical threshold, reality and even the atmosphere of public opinion do not allow it to "directly" enter human society. It is not enough to be safe and free. Only when digital currency payment becomes efficient and fast enough, people will use digital currency as a payment method. Therefore, carriers and tools like Paycoin that make transaction payments easier are particularly important. Paycoin is a blockchain payment project that aims to build an efficient transaction service for merchants and consumers. It is a subsidiary of Danal Fintech, a well-known Korean payment company focusing on mobile business solutions. As of now, there are more than 1 million users and more than 70,000 cooperative merchants on the Paycoin application.

According to coindesk, Paycoin and Stacks have reached a partnership. Through this partnership, users will be able to obtain Bitcoin rewards by holding STX tokens in the Paycoin APP. At the same time, companies that use Paycoin, such as Domino's Pizza, KFC and 7-11, will also support STX and Bitcoin as settlement methods. The cooperation between Paycoin and STX will promote the daily use of virtual currencies by merchants and consumers. This process can make the transaction of virtual currencies easier and greatly reduce the threshold for ordinary users to use blockchain technology as a better payment method.

Although the adoption of new technologies will never be effective or perfect, just as real newspapers have not been completely replaced by electronic newspapers, physical cash will not be completely replaced by digital cash in the foreseeable future. However, the popularity of digital currency in South Korea has created favorable conditions for the promotion of Paycoin. As more and more listed companies and traditional financial institutions have launched cryptocurrency-related businesses, the circulation of cryptocurrency will further become the focus of the giants. In the future competition, Paycoin, which has been deeply involved in the payment field for a long time, will use its first-mover advantage to better embrace the new wave of blockchain finance.