Bitcoin and blockchain technology has changed the face of online end electronic payment systems. The use of blockchain technology, combined with crypto-tokens is not an alternative payment option anymore. It is getting to a point where it will soon be part of the mainstream, alongside fiat currencies. Thanks to platforms like Plutus that are making it possible.
Plutus is a decentralized platform that allows people to spend bitcoin in regular Point of Sale terminals that accept only electronic fiat currency. Plutus makes it easier for bitcoin users to convert their digital currency to fiat by exchanging it with traders. In addition, the user will also get rewarded for using the platform.
Plutus maintains decentralization throughout the whole process of exchanging the bitcoins and spending them. Powered by smart contracts based escrow facility, Plutus allows its users to exchange their bitcoins with trusted traders who are listed on the platform’s decentralized exchange, PlutusDEX. PlutusDEX is a decentralized, peer to peer bitcoin trading dapp supporting the Plutus contactless payment system. In order to run the blockchain based decentralized system, Plutus uses its own crypto-token alongside bitcoin, known as Pluton which is given out to the users as a reward. PlutusDEX supports both crypto-tokens. How do Plutus and PlutusDEX work?
Plutus is a contactless payment system that allows users to spend their cryptocurrency in places that do not accept cryptocurrencies. In order to do that, the platform allows users to deposit their bitcoin and provides them an equivalent in fiat currency for making payments. The payment is made from Plutus virtual debit card, funded by fiat received by exchanging bitcoin.
A bitcoin exchange or a trading platform is needed to convert bitcoin to fiat currency. PlutusDEX makes it possible by having its own network of bitcoin traders who accept the digital currency from Plutus users […]
