Liracoin Smart Global Payment (SGP) is a project started by the Liracoin cryptocurrency group, which focuses on the goal of creating a smartphone application to pay with cryptocurrencies. It seems not to be a regular exchange or a platform hosting cryptocurrency wallets, but a payment system that incorporates Bitcoin and altcoins.
We researched this through official communications from Liracoin, and through the blogs and forums talking about it. This is what we can tell you about the Liracoin SGP app.
– Liracoin SGP is an application that can be installed on your smartphone to pay in stores that have an NFC (near-field communications)-enabled payment system. Any store with an NFC-compatible PIN pad on their point-of-sale system can accept payments through the Liracoin Smart Global Payment app.
– The Liracoin Smart Global Payment app automatically converts the cryptocurrency of the user’s choice into the fiat currency of the merchant. What seems interesting is that Liracoin SGP eliminates the need for the receiving party to accept a specific cryptocurrency. The user can choose the cryptocurrency to pay with, including Liracoin, Bitcoin, and other altcoins, and the merchant will receive payment in the currency accepted by them. This allows very wide use.
– To exchange from a cryptocurrency to a traditional currency, there is normally a sale and transfer process, which can take time. With Liracoin SGP, this process happens instantly. This is revolutionary because it allows you not to have to convert the cryptocurrencies you hold back into fiat money until the moment you need to spend them. If cryptocurrencies are money, then let’s use them as such without always having to go back to the starting point.
Liracoin will earn income from this app by specifying that all transaction fees will be paid in Liracoin (LIC). This will result in a release of coins in the supply, increasing circulation and decreasing the available units, which will increase the value of the Liracoin cryptocurrency. We still need to know what the amount of the transaction fees of SGP app will be.
This video shows how the beta version of Liracoin Smart Global Payment application works:
The creation of this app is interesting news both for those who have profited from cryptocurrencies and now want to spend them with ease without having to resort to exchanges (especially limiting on large sums) and for those who want to use only cryptocurrencies as money.
There is often talk of an economic revolution powered by blockchain technology. To make it happen, we must move beyond what has been our money up until now. If Liracoin SGP is a way to make this move possible, we will find out in 2020, when it is released. Many people are eagerly awaiting it.