Pundi X (NPXS) –If you have some cryptographic currencies in your digital wallet and you are waiting for the right time to trade it, exercise some patience.
These currencies are volatile and there seems no right time to make a kill. The next moment it is trading to your favor and within hours, your funds will go down the drain.
Won’t it be a nice idea buying groceries from Wal-Mart than investing your currency in unfavorable trades? Before you bring up the unending argument that cryptocurrencies cannot be traded like their fiat counterparts, in the last quarter of this year, you can walk into some stores, shops and pay with your cryptographic currency.
Is this a Joke?
At the moment, over 5,000 Point-of-Sale machines are on their way to countries such as Indonesia, Switzerland and Brazil. You might call up a friend there and direct him to make purchases on your behalf with his cryptocurrency. I bet your goods will be on their way to you within days.
Introducing Pundi X (NPXS)
You might not have heard about this. Pundi X is the spearhead of these POS machines. The platform had taken into account the non-interoperability of cryptographic currencies. The only way you get to trade with your cryptocurrency is by exchanging with other traders. Though there are e-commerce stores accepting digital currencies, the scope is limited, and the few that are operating this are doing so with stringent measures.
Pundi X’s goal is to make cryptographic currency part of our daily lives. Imagine walking into any store, and after your purchase, you issue your digital currency as payment. I know this sounds absurd but in later months, you will get to see the functionality of this platform.
Simplified Crypto Use
Pundi X is not your conventional crypto asset and currency. Pundi X is another crop of cryptographic currency entirely different from the usual Bitcoin and blockchain problem solvers. To get the best out of life, you have to look at the positive side. Pundi X distanced itself from the usual cryptographic currencies but instead went to the core problem in these currencies.
Its major goal is improving the scope of cryptographic currencies and its trading. Since its inception, cryptographic currencies were bought, traded and used over the blockchain and other supported online platforms.
Pundi X (NPXS) changes the scenario by developing a Point-of-Sale (POS) machine. The machine lets you buy physical products and pay with your cryptographic currency.
Before the idea was conceived and unleashed, the team behind Pundi X had realized the vacuum in the currency. Cryptographic currencies can only be traded in exchange for another.
For instance, you can trade Ethereum in your digital wallet for its Bitcoin equivalent. For a currency that is touted to be a global currency in the near future, such an approach is likened to digging for gold in the savannah.
In later years, some online platforms accepted these currencies as payments. However, expectation is high on the way the scenario plays out offline. Most businesses don’t have a much online presence.
A larger population of consumers prefers shopping offline even though online shopping offers convenience. What then is their fate when a good number of their funds are stored in digital wallets?
They definitely can’t shop offline because none of these offline shops accepts cryptographic currencies.
XPOS Devices – Pundi X’s Solution
Pundi X was developed with the aim of reducing transactions costs. In later months, it sought to extend the scope of cryptographic currencies. That was how the decision for a Point-of-Sale machine was reached.
Pundi X’s POS (XPOS) allow you to trade your cryptocurrency in traditional stores. Stores, traders and merchants can now accept your cryptographic currency through the XPOS device and issue you the product you want. This fantastic idea seems too reasonable to be exact!
For you to use the XPOS device, you must have some cryptographic currencies in your wallet. If you, however, don’t have any, it is good news. You can buy cryptocurrencies and pay with fiat. These whole concepts seem happening in a dreamland. As at August 1 2018, Pundi X’s team had already commenced dispatch of XPOS devices to select regions in the world.
When Can I use the XPOS Device
You can get access to the XPOS only when it hits your region. The team behind Pundi X had partitioned the disbursement process into three tiers. The first batch of XPOS devices will be sent to Britain, Japan, Portugal, Spain, Singapore, France, Estonia and other countries within the region.
The second batch will be disbursed to other Asian regions and the final batch is scheduled for other countries not included in earlier batches. The time-frame might differ but these devices are expected to be available in most parts of the world before the end of 2018. You get to use the device when it gets delivered to select outlets in your region/country.
XPOS devices cannot function solo. They have some backups that will facilitate their functions each of these devices has two layers connected to a central platform known as XPlugins. Pundi X was developed on the Ethereum blockchain.
These layers connect the primary Ethereum blockchain to the XPOS device. For more functionality, Pundi X also integrated the NEM blockchain. This is also connected to these layers. One of the layers will save transactions while the other processes these transactions.
Many are Called, Few are Chosen
At the moment, over 2000 cryptographic currencies are available. There wouldn’t be scalability if all these were integrated into the XPOS device. These cryptographic currencies don’t have the same price, and their scalability is not equal.
Pundi X therefore selected core cryptographic currencies. The selected ones can be bought through the XPOS device and used for making payment in retail outlets that use the XPOS device.
Bitcoin (BTC), Stellar (XLM), Ethereum (ETH), NEM (XEM), Qtum (QTUM) and Pundi X’s token (NPXS) will be accepted. Other cryptographic currencies will be added as the project continues. Aside from cryptographic payments, other payment avenues such as WeChat Pay, Alipay and Pundi-Pundi are supported on the XPOS device.
Is this Goodbye to Fiat?
Cryptographic currencies have gathered followership. Save for its limited scope and volatility; nothing stops it from becoming a global means of payment.
With what we have on Pundi X, is it right to wish fiat currencies goodbye? Does Pundi X stand a better chance of being a global currency?
Later events might posit or discard this assertion. Till then, XPOS devices will go the extra mile in making cryptographic currencies imprinted in our daily lives.
Image Credit: Medium.