Getting merchants and content creators to accept Bitcoin payments has not been easy by any means. Even though there are many good reasons to do exactly that, Bitcoin still has a big PR problem. At the same time, Monero seemingly succeeds where Bitcoin struggles in this regard. Project Coral Reef is something to keep an eye on in the years to come. This project has already brought Monero payments to major music artists.
Monero Makes a Mainstream Impact
It is evident that content creators can benefit a lot from accepting cryptocurrency payments. With their global appeal, somewhat acceptable fees, and fast-ish confirmations, cryptocurrencies have a lot to offer to the creative community. Whereas some people would have expected most content creators to accept Bitcoin payments, that is not the case just yet. Although there are some platforms making an impact, Project Coral Reef has successfully outclassed Bitcoin in this regard.
More specifically, this project is a new online shopping initiative designed to bring Monero to the masses. While this currency is mainly known for its focus on privacy and anonymity, it has not made much of a mainstream impact just yet. Bitcoin faced similar struggles in its first few years, and it is only normal that alternative cryptocurrencies will experience similar growing pains. Project Coral Reef is putting Monero on the map in a positive manner, and it is well worth keeping an eye on.
Project Coral Reef is sure to get a lot of attention in the future. Its first initiative introduced Monero payments to 45 different artists. That list included some very big names, including Motorhead, Fall Out Boy, Mariah Carey, Slayer, and a few others. Moreover, XMR can be used not only to buy those artists’ music, but their merchandise as well. Using Monero as one’s payment method will actually result in a price discount, which is a more-than-valid incentive to check out this opportunity.
There is more to Project Coral Reef than just facilitating Monero payments, though. This is also a community-driven effort intended to raise more awareness for the world’s leading privacy-oriented currency. Its unique protocol and code base are of great interest to a lot of developers, but it’s also worth paying attention to as a mainstream consumer. While we are still far away from mainstream adoption of Monero right now, initiatives like this one will help put Monero on the map in the years to come.
Moreover, this project is launching in partnership with GloBee. Most Monero enthusiasts will recall that name, as it has been a somewhat secretive project not too many people knew specifics about. We can now confirm GloBee is a payment processor which will keep its focus on Monero for the foreseeable future. None of this would be possible without the support of the involved artists, and they all need to be commended for giving cryptocurrency a fair shot.
It will be interesting to see how Project Coral Reef evolves in the coming months and years. Targeting content creators and online stores is a good way to get this project on the radar. Being able to save 15% on purchases with this cryptocurrency is not an opportunity which should be passed up. We may very well see a slew of new stores added to this project in the future. Monero is a cryptocurrency designed to be transacted, which is something Bitcoin has lost track of for some reason. More competition in this market can only be considered a good thing, though.