A few days ago, when the Winklevoss twins’ ETF application to the SEC was denied, Bitcoin’s price plummeted by several hundred dollars, dipping below the $8,000 mark. Once the great Bitcoin suffered a drop in price, the entire cryptocurrency market was shaken. And this may be why people are skeptical about using cryptocurrencies to pay for goods. The instability and volatility of cryptocurrency prices in the market make it difficult for us to accept them as a form of currency.
The Winklevoss twins (Source: https://www.theverge.com/2017/12/4/16732952/winklevoss-twins-bitcoin-billionaires-surge)
I understand why people think that. Unlike the Korean Won or the U.S. dollar, where one Korean Won is one Korean Won and one U.S. dollar is one U.S. dollar, cryptocurrencies do not always have a stable value. One Bitcoin could be ten thousand dollars or fifty dollars — we never know what could happen. This is true with CyClean as well. One CyClean token could be well over 1 dollar, or it could fall to a price below that. What’s different about CyClean, however, is its integration with JPAY Platform. Why don’t we go over how JPAY Platform works.
JPAY Platform is a two-coined payment gateway system, the coins being JPAY and JPAY Silver (JPS). The reason there are two coins is JPAY and JPS serve two different functions. JPAY is a cryptocurrency that can fluctuate in value and functions as an intermediary between JPS and CyClean, Bitcoin, Ethereum, and other cryptocurrencies. JPS, on the other hand, is a stable coin with a fixed value. JPS is used to purchase different products, such as food and coffee, so it is a working currency. The value of this coin is fixed because it enables prices of goods to remain stable. This makes it easier for consumers to calculate their spending and to pay for goods. After all, no one wants to pay for a bottle of milk that’s two dollars today and four dollars tomorrow.
JPAY, on the other hand, is not fixed and can go up and down in price. It serves as a buffer to the wildly wavering prices in today’s crypto market. Let’s look at an example with CyClean. Say you hold CyClean tokens and want to buy a five-dollar coffee with CyClean. The coffee’s price is fixed, but the price of CyClean isn’t. This isn’t an issue. When you pay for the coffee with CyClean, five-dollars worth of CyClean is converted to JPAY, which is then converted to JPS to make the payment. The cafe receives five-dollars worth of JPS. No confusion on your end, and a successful sale for the coffee shop.
To obtain CyClean tokens, you can mine them through different mining methods. We told you that CyClean can be used to rent CyClean’s IMBIKE and electric motorbike, but now, you know that you will be able to make purchases with CyClean tokens, thanks to JPAY Platform.
JPAY is the next big crypto payment gateway, and CyClean will be an important currency on the platform, so keep on eye on how things develop with these two!
[ For more information about CyClean, please visit our website at cyclean.io ]