IPayYou Bitcoin wallet, now offers Gift Cards.
The iPayYou purse says it wants to help create a merchandising Bitcoin ecosystem for all its users and especially for those newcomers to this system. To kick this off, it now allows users to buy gift cards from Amazon, Best Buy, iTunes and Starbucks.
iPayYou CEO Gene Kavner explained to Bitcoin.com his company wants to solve what he calls Bitcoin’s “desolation problem”. It’s the problem many Bitcoin newcomers experience. After they have coins, where are they supposed to spend them?
iPayYou functions as a regular online Bitcoin wallet. Its main selling point is user-friendliness you don’t need to know anything about Bitcoin to use it. There’s no lengthy addresses or private key management. You can also send money to other users via email addresses or even Twitter. People can also cancel payments if they were sent in error — something definitely not available with standard Bitcoin transactions.
Kavner said he wants iPayYou to be the “friendliest” Bitcoin Wallet. He started the company after seeing difficulties some newcomers have in comprehending Bitcoin and how it works.
“It’s too complicated. I had to help people create wallet addresses, then they always lost their private keys,” he said. “The average person asks, what’s next? Where do I use it? They find themselves on an island, and don’t know what to do with their bitcoins.”
Creating an easy, simple ecosystem for spending bitcoins is key to adoption, Kavner said. Selling gift cards for bitcoin gives users something immediately useful and versatile to do with their digial cash.
iPayYou does not accept gift cards purchased elsewhere. This means people can’t simply buy a card from a convenience store and use it to buy bitcoins, as they do with services like Paxful.
There’s a lot of security hassles to deal with in that space, Kavner said. That is, users can try to defraud the company by using fake or spent cards. “And every time something goes wrong, people will blame Bitcoin.”
Starting immediately, iPayYou is selling cards from Amazon, iTunes, Best Buy and Starbucks. This means users have a pretty broad range of goods to purchase with bitcoin. If successful, it will be the start of the spending ecosystem Kavner seeks.
Disclaimer: This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent infocoin views and should not be attributed to Infocoin.