Monday, January 12, 2015

UK-based altcoin exchange LazyCoins

UK-based altcoin exchange LazyCoins has announced they are relaunching their online exchange, along with a mobile app for payments and merchant services. Aiming to expand their services to include mobile payments and merchant services, LazyCoins will be moving into direct competition with industry leaders BitPay and CoinBase's own merchant apps.
LazyCoins is entering the fight to provide merchant services in the digital currency world. This was one of the growing trends at the end of 2014, with several companies such as BitPay launching new apps to attract physical retailers to Bitcoin. The attraction of low-to-zero processing fees is a great sales pitch to almost any physical merchant used to the 2-3.5% typical fees of card processing technologies such as Square, iZettle, and even with the mobile-only Apple Pay service. But the ultimate test will be whether customers are ready and willing to use cryptocurrency technology.
The two-sided nature of this market means that no company will be able to gain a large share of the market only by servicing one set of their customers. Several American retailers made headlines in 2014 by rejecting payments from Apple Pay because of the continued cost burden of card processing fees it placed upon them.
LazyPay promises to “not charge any fees for merchants”, which compares well with CoinBase's 0% below US$ 1million, or BitPay's basic free merchant service for their BitPay Checkout App. These low fees therefore could be enough to drive merchant uptake, although this hinges upon the consumer wallet side of the app being convenient enough for consumers to drive demand for its acceptance as well.
One of the great issues facing Bitcoin on its road to mass acceptance and adoption is getting more people to use it as a means of payment, instead of a speculative financial tool. The year 2014 saw great movement in this direction, with several online retailers such as NewEgg, Expedia, Dell, and in December even Microsoft beginning to accept Bitcoin for some goods. By moving into the merchant and mobile payments sector, LazyCoins hopes to be part of this increasing volume, focusing on the in-person merchant market.
Speaking to CoinTelegraph, LazyCoins founder Danial Daychopan explained more about the startup's security structures and their plans to launch the merchant service LazyPay in the coming weeks:
“LazyCoins itself was actually announced to the public some time last year, but we launched beta in July. We didn't send out a press release because we wanted to learn about our software and get things right by taking our time. This is something I learnt from the mistakes a lot of other exchanges made by not having any QA or security tests before launching, and facing their demise soon after. The last several months have been spent developing our new LazyCoins site, LazyPay and a corporate structure behind the company, as our plans are to be a dominant force in crypto.”
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