ForkPay: crypto conversion on the fly
Friday 04 December 2015
A new browser-based plug-in system allows users to pay in bitcoin using alternative cryptocurrencies - converting them in seconds as they are needed.
A new initiative, ForkPay.net, will allow customers to pay with bitcoin from their browser, using a selection of popular altcoins. A plug-in enables instant conversion, meaning a seamless experience for altcoin holders who don’t want to go through a traditional exchange, with its fees, withdrawal delays, KYC and even risk of lost funds.
You can pay bitcoin bills in the altcoin of your choice - currently Litecoin, Dash, Dogecoin, NXT, BitcoinDark and Peercoin - with just a few clicks. The plug-in lets you grab the BTC address you need to pay by clicking the ForkPay logo near it. You can then choose your preferred coin from the dropdown menu. You will be given the address to send your coins to, along with the amount, all of which is conveniently encoded in a QR code too. You can also check any bitcoin address information using the ForkPay plug-in, should you need to.
Pay any bitcoin bill - using altcoins
If you don’t want to see the ForkPay widget on a particular site (it might be annoying to see it by every address on blockchain.info, for example), you can just hide it, or reactivate it by right-clicking to display it again.
If you want to play with the service without downloading the plug-in, you can take a look on the ForkPay site. Just scroll down to the Pay Online section, where you can enter a bitcoin address, amount and your chosen altcoin. The tech is based on the well-known and popular Coinomat.com API, and the rates are surprisingly reasonable.
At the moment, it’s only available as a Chrome plug-in, though this will be expanded to Firefox in due course. Other up-coming additions include cashback programmes for users; server-side plug-ins for merchants; a ‘reverse’ plug-in, where merchants can be paid in fiat but receive crypto; and even the ability to pay credit card bills using crypto.
ForkPay is another welcome addition to the altcoin ecosystem. It’s not just about the liquidity and security it brings, over and above the current unregulated and often shady altcoin exchanges. It’s about the usability it brings to alts, essentially putting them on a par with bitcoin as an option for making purchases. In the battle for crypto adoption, UX is critical - and the humble plug-in is a powerful weapon in the arsenal.
This article was sponsored by crypto PR company Bitfirm.
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