Bitcoin Payment Network Open for Eastern European Merchants

By May 5, 2015Bitcoin Business
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Bitcoin Payment Network Open for Eastern European Merchants

Apart from offering plenty of consumer services in Asia and Europe, London-based SpectroCoin has opened its bitcoin payment network for merchants in Eastern Europe. With its integration with WoraPay, the company’s clients can be able to spend their bitcoin for purchases from Eastern European countries.

WoraPay has its own online wallet but SpectroCoin also opened its bitcoin payment network to third-party companies. This allows more flexibility for payments and allows its clients to have access to a growing number of merchants in the region.

Bitcoin Payment Operations

SpectroCoin co-founder and CEO Vytautas Karalevicius explains that the key requirement for a currency is its liquidity, which allows buyers and sellers to easily make and receive payments. “Having more places to pay with bitcoins makes it more like a currency or method of payment and less than as a tradable asset. Furthermore, having more places to pay with bitcoin reduces the number of transactions involved as there is no need to exchange bitcoin before payment, which leads to lower cost and quicker processing,” he added.

With this wider scope of bitcoin payment operations, SpectroCoin hopes that they can convince more people about the viability of the cryptocurrency. “We have always perceived Bitcoin as a payment protocol, not as an asset class. Therefore, we position ourselves as providers of Bitcoin services to reduce bitcoin price risk rather than to sell bitcoin as an asset,” Karalevicius said.

SpectroCoin also runs a bitcoin-to-cash service in Asia and Europe, along with a bitcoin exchange and merchant payment processing service. The company is also the first to offer the ability for its clients to pay with euros via the bitcoin payment network, which means users can buy an exact amount of bitcoin when initiating a transaction and do not have to hold any bitcoin, only euros.

WoraPay has its own online wallet but SpectroCoin also opened its bitcoin payment network to third-party companies. This allows more flexibility for payments and allows its clients to have access […]

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