If we think about blockchain adoption, what is the no. 1 reason most people are reluctant to use cryptocurrency?
The answer? Using cryptocurrency is complicated and not user-friendliness.
A tiny percent of the crypto community does in fact use cryptocurrency for everyday transactions.
Some might wonder why this is the case, as using cryptocurrency has a number of advantages over traditional fiat currencies.
The main answer is pretty obvious. Why would anyone go through the complicated process of creating a wallet and learn how to send blockchain transactions, how much you should send in fees and more just to buy something? For tech geeks it might be a fun process, but for the everyday user? No.
Mainstream blockchain adoption will happen the day using blockchain technology will be easier to use, and more beneficial compared to mainstream methods.
Today, traditional finance platforms for everyday transactions has a number of advantages over cryptocurrency, here are a couple of the main competitors for Bravo Pay:
- Paypal – Send money and pay for goods and services all over the world instantly.
- Venmo – Mobile payments that can easily be used for payments as well as transactions to friends.
Still, these platforms do not have any decentralized aspects. Both Paypal and Venmo are well known to shut down accounts for minor violations or suspicious activity, which often affects innocent users. The worst part is that the user has no say in the decision, and getting in contact with customer support is close to impossible.
This is where Bravo Pay enters the picture.
Figure 1: The Bravo Pay ICO has been rated 4.6 out of 5 by ICObench.
Bravo is a product that reminds us of Venmo, just that this is a decentralized application on Ethereum’s blockchain. The purpose of the application is the same, transactions of small amounts within seconds, at any time of the day. This is also a useful tool for those who do not have access to a bank account and help build our future ecosystem based on blockchain technology. Unlike many other companies undergoing an ICO, Bravo has already laid their foundation. The company has been in business since 2015, and in this time the company has established a broad user base. This means that there will already be many users of their token when the blockchain-based application is launched.
Figure 2: Main features of Bravo Pay.
Positives and negatives
- Makes crypto transactions easy and fast.
- Makes it easier for regular people to use cryptocurrency and thereby incentivizing more widespread adoption.
- One platform where you can send all your tokens from different blockchains. No need for 10 different wallets for each coin.
- The Bravo Pay token is hosted on the Ethereum blockchain – This is both positive and negative. Ethereum is the most used platform for cryptocurrency tokens. The Ethereum blockchain is facing scalability issues that require high fees to send transactions at times. Long term this is no problem, as the Sharding and Plasma upgrades will make the network fees minimal and support 10,000x more transactions. The negative side is that it might take a couple years before these upgrades are implemented.
- Competent team that has been in business since 2015.
- The existing platform and userbase shows the competency of the team in terms of both development and marketing.
- The project is facing several other projects that are doing the same, but the market is big, and there is space for several actors.
- Bravo already has a userbase that is likely to adopt the new platform.