Getting more people excited about cryptocurrencies remains an ongoing struggle. A lot of everyday consumers do not see any merit in cryptocurrency, mainly because it is still a niche market. Developing applications which show people where they can spend cryptocurrency can certainly produce some interesting changes. CryptoFind is an interesting creation in this regard.
The Purpose of CryptoFind
As the name of this iOS app somewhat suggests, it is all about finding as many locations as possible which accept cryptocurrencies. So far, there is still no complete directory of such locations, even though wallets such as Edge make it a bit easier to spend cryptocurrency at businesses near you. It is somewhat surprising that there aren’t more efforts focusing on this particular aspect of crypto right now.
CryptoFind aims to change all that. The app, developed by GRAFT Payments, is meant to collect as many locations as possible for spending cryptocurrencies. With enough users submitting information, that shouldn’t be difficult. Users can mark places on a map within the app using their device’s GPS and include owner information.
Once the owner confirms that his or her location indeed accepts cryptocurrency payments, they will be listed in the CryptoFind app. Failing to do so will result in being delisted, although it is of the utmost importance for store owners to tap into this growing industry sooner rather than later. After all, there is no point in accepting Bitcoin or altcoins unless people know about it so that they can spend cryptocurrency.
When a listing is confirmed through the CryptoFind app, the user submitting the location will be awarded 100 GFRT tokens. Should the venue decide to accept this relatively unknown token, the person submitting the information will receive 500 GRFT tokens. It is an interesting way of incentivizing people to submit locations where cryptocurrency is already accepted. Additionally, it may lead to more locations eventually accepting Bitcoin and altcoin payments in the future. We all know that more of those locations are direly needed.
For those unfamiliar with the GRFT token, it is currently listed on CoinMarketCap.com as having a value of $0.017. This means that a successful submission will reward users with less than two bucks, but it’s an incentive regardless. More submissions will get users a lot more money, as there are bonuses for reaching a specific amount of submitted locations. Users can only submit a maximum of 100 locations per account, though, which is understandable.
Should any of the added locations stop dealing in crypto, they can be flagged by other CryptoFind users for removal. Moreover, the delisted venues will result in GRFT tokens being debited from the person who submitted the information. This is done to preserve honesty and maintain correct information at all times. Rest assured there will always be people looking to take advantage of such projects, as that is simply how the human mind operates.