Paysafe and the future of Bitcoin.

Paysafe eyes expansion with a new digital wallet

Online payments group Paysafe is planning to expand beyond gambling-related services with a new digital wallet that will target areas including pharmaceuticals, food and alcohol.

CEO Joel Leonoff said over 90 percent of the company’s wallet payments comes from gaming and gambling, but there’s still room for “a slew of other payment types.”

“People are jumping out of cars to capture Pokemon in a park; it gives you a sense of how people are tied to their phones. We want to leverage that,” Leonoff said, according to the Financial Times.

Current bitcoin price and transaction volume

After Thursday’s slight recovery, the price of bitcoin dropped again on Friday to $586.45. Trade volume was also down to $26.1 million, while market cap reached $9.35 billion.

Looking at the future of digital currency and the uses in our industry will be a major roll in the direction of our services. It may come to the point where you are payed directly and deposit directly through nothing but bitcoin. The reduced rate of processing will be the next step when.

For example if you can spend bitcoin directly at service stores why would you have to pay a bank the conversion rate?

The same applies on transaction fees in our industry. I personally still like having a fat roll of cash in my pocket, but I have gotten more familiar with plastic.

Why would the average person need to convert to local currency in the case Bitcoin was accepted? Why use anything else if it adds time and paper trails? These are the ideas that major companies are developing and pushing the movement toward.

As long as the value is held in foreign banks it will continue to be a used currency.