The recent development in Bitcoin’s infrastructure has enabled a lot of merchant acceptance. There are about now 100,000 to 200,000 merchants who accept bitcoins as a mode of payment. In comparison to last year, this is great progress, but what about the emerging alt coins? Out of those 200,000 merchants, not a lot of them even accept Litecoin or Dogecoin – let alone hundreds of other alt coins. Here comes CoinGateway, a nifty solution to fill the gap.
CoinGateway was launched in the summer of 2014 to enable the purchase of products and services from retailers that accept bitcoin through the use of an altcoin. When they started off, the list of accepting alt-coins was small, but they keep adding new coins as they go. These coins are Dogecoin, Xcurrency, Litecoin, PotCoin, SysCoin, LibrexCoin, UtilityCoin, Fibrecoin among others. The founders of the start up CoinGateway solved the problem of spending alt coins at the right time and ever since their inception, they have seen a rise in volume and a growing user base.
Well, how do you go about spending an alt coin at a place where Bitcoin is accepted? The entire process is streamlined and very easy to execute for the end user. It’s a single-page website to provide a more fluid user-experience. There are three ways to go about conducting a transaction on CoinGateway – Spend, Exchange and Fiat. As you can see, most of these options are pretty self-explanatory. Spend – Exchange your alt coin for Bitcoin. Exchange – Convert your Bitcoin for an alt coin. Fiat – Exchange your Bitcoin for Dollars.
When a user is given a Bitcoin address and the amount at the checkout page of the merchant, in order to complete the payment, they need to choose their desired alt-coin, enter the Bitcoin amount and address, and that’s pretty much it. The Bitcoin will be sent to the recipients address after converting the alt-coin at a current market rate on it’s largest exchange. They charge a 0.5% fees on every transaction.
Customer’s response
CoinGateway’s service has been generally receiving good reviews from the users on social media.
“@Coingateway excellent service. This is what a modern startup looks like: good reviews, respect for privacy and prompt service.”
Several users have applauded their efforts on Reddit by giving them a huge credit for their customer support.
“For whatever the recommendation of an anonymous Reddit user is worth, I’d have to say Coingateway did a decent job handling my screwup. No complaints.”
From the outlook of the progress of CoinGateway, it seems that they are here for the long run. This becomes evident when they held an ITO for BlockNet last month in October. The ITO, when it ended, was considered to be an overall success by several participants involved, including the BlockNet team.
To summarize, CoinGateway definitely brings something new to the table. There was a demand for an instant, simple and cheap conversion of cryptocurrencies and they seem to have fulfilled it. We wish them good luck for their future endeavors!
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