Vericoin: The Altcoin You Can Spend Wherever Bitcoin is Accepted

Vericoin has launched an innovative and potentially game-changing approach to gaining merchant acceptance that could shake up the altcoin world should the service gain broader usage.

Launched in May, vericoin is a proof-of-stake altcoin that features a variable interest rate which fluctuates depending on how many coins are staking.

Vericoin sidesteps these obstacles entirely with VeriBit, a value-added service to the network that enables people to make smaller bitcoin purchases with their vericoin.

VeriBit acts as a go-through for vericoin spenders, facilitating purchases for consumers at any business that accepts bitcoin.

VeriBit is designed to be a user-friendly way to pay for bitcoin purchases using vericoin.

The vericoin development team acts as a payments processor for these transactions, operating one wallet for vericoin to be deposited into by a paying consumer and another one that pays out to the payment destination in bitcoin.

You then have 20 minutes to send your vericoins to the address, after which the wallet operators - currently the vericoin development team - complete the transaction and send out the BTC to its destination.

According to Nosker, the feature stays funded through donations and the exchange of vericoin fees for more bitcoin.

In addition to VeriBit, the vericoin team has also developed several other services that appeal to both mainstream consumers and more seasoned altcoin users.

Vericoin users can load vericoins onto this wallet and use the SMS network to make transactions.