It’s probably been a while since you pulled out a wad of cash to purchase an iPhone or an Apple Watch. The transition to a cashless society has been in motion for some time now – in developed countries, at least. But if your go-to payment method is pulling out the plastic, well, that’s on its way out as well.
Alternative Payment Methods (APMs) are on the rise around the world. That basically covers any means of payment that differs from the traditional credit card schemes. E-wallets, bank transfers, mobile payment apps… they’re all growing in popularity and are set to take over credit card payments globally sometime next year.
But while cryptocurrency is probably the first thing that comes to mind when you think of alternative payments, remember that most of us are still busily HODLing our stashes. Moreover, in the US, only around 8 percent of the population is actively invested in cryptocurrency.
Bitcoin as a method of payment has long lost its efficacy, with its fluctuating value and volatility making it almost impossible to buy everyday goods with. So, cryptocurrency isn’t taking on any of the major credit cards or APMs right now. But, in the not-so-distant future, stablecoins may start gaining traction.
At least, that’s the hope of Havven COIN. And they’re making Apple products available for purchase to prove it can happen.
Buy Apple Products with Cryptocurrency
In case you were wondering, Apple doesn’t take Bitcoin or any other cryptocurrency for now. So, if you’re looking to spend your coins (stable or otherwise) on the App Store, you’re still ahead of your time.
But, if you’re in the US, you can now buy Apple products with the Havven COIN from the Havven eStore, should you so desire. This is the first time that anyone has been able to purchase the iconic company’s products with a stablecoin.
Which raises an obvious question. Why not just buy directly from the Apple Store like everyone else? For those who believe that cryptocurrency is the future of money, but aren’t really comfortable with the idea of stablecoins tied to fiat or gold, Havven offers a realistic alternative.
By making Apple products available in their store, they aim to showcase the suitability of “nomins” and their decentralized payment network for e-commerce. And yes, the products will be backed by the Apple one-year warranty.
How Does Havven’s Stablecoin Work?
The Havven platform achieves stability by using two different tokens, the Havven coin and the ‘nomin’ coin. Havven provides the collateral for the platform, while nomins are issued against the value of the collateral token. This is a dual token approach that incentives users to hold Havven tokens, as all transaction fees are paid to Havven holders.
Havven is, therefore, a totally decentralized stablecoin, which means that, like Bitcoin, it is secure and resistant to censorship. The advantage that Havven has over Bitcoin as a means of payment, though, is that it uses a decentralized asset to protect against price volatility.
The transaction fees generated by the Havven network constitute the asset that backs the stablecoin. And since the asset is distributed, it can’t be lost, stolen, or hacked.
So, if you’re interested in using cryptocurrency to pay for things – specifically Apple things – now you have an efficient way to do so, without having to worry about the value changing after you click “buy”.