VeriCoin releases VeriBit, making seamless Bitcoin payments a reality.

Yesterday evening, Twitter user @ScottAllyn ordered a pizza for 68 VeriCoins (video below) at a restaurant using Bitcoin as payment. To do so, he used a service called VeriBit which allows users to seamlessly spend their VRC (VeriCoin) as Bitcoin to make purchases at any merchant accepting Bitcoin.

 

No longer do holders of VeriCoin need to send their coin over to an exchange, execute a sale for BTC, and then make an exact payment from the exchange to the Bitcoin payment address.  VeriBit gets around all of that and allows instant VRC-to-BTC payments using a native tool on their website.

The live VeriBit service on their website currently has a 0.15 BTC limit, however this restriction will be lifted in the future.  Patrick Nosker, of the Vericoin Team indicated via email they are “days away from releasing a Wallet with integrated VeriBit and VeriSend”.

VeriCoin seems to be the first coin that can overcome some of the disadvantages of Bitcoin while also being able to utilize the wide scale merchant adoption of Bitcoin.  Some of those advantages Vericoin would offer include faster transaction times, a variable proof-of-stake interest, and less selling pressure from miners or pools.

@Hybridsole VRC: VCWUgzwZhjPDPQwqj9ENr2HrZrbRd5DRHg

 

Ordering a Pizza (gift certificate) with Vericoin [4:21] by @ScottAllyn