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NXT-ID to Begin Accepting Bitcoin for its Wocket Digital Wallet

Mobile Commerce Insider Featured Article

June 23, 2014

NXT-ID to Begin Accepting Bitcoin for its Wocket Digital Wallet

By Michael Guta
TMCnet Contributing Writer

The volatility of Bitcoin doesn't seem to bother anyone, and every time this digital currency platform faces a challenge, it comes out of it with more customers, which to the converted only proves to the reliability, strength and fundamentals of the technology. As more companies adopt Bitcoin – Virgin Galactic, Tesla, Target (News - Alert), Home Depot, Kmart, Sears, Zappos and even the Sacramento Kings – it won't be long before it becomes as normal as cash and credit cards. You can now add the Wocket digital wallet from NXT-ID as the next company to adopt Bitcoin.

The adoption rate of smart wallets is increasing even though it initially faced some challenges. According to a recent study from Parks Associates (News - Alert), it is projecting adoption to reach 40 percent of the US by 2017. With almost half of the population looking to adopt the technology in the next three years, the move by NXT-ID to integrate Bitcoin is a logical move as both digital wallets and currencies seem to be in the upswing.

The Wocket uses a patent pending technology to replace all the cards in your wallet without the need to use a smart phone. The device can be used anywhere credit cards are accepted, but it only works with a biometric stamp of approval of the owner. This introduces a level of security which credit cards cannot deliver at the present time.

The device can store and protect the data of more than 10,000 credit, debit, ATM, loyalty, gift, ID, membership, insurance, ticket, emergency, medical, business, contacts, coupon, and more. The information is only stored on Wocket and not a server or a phone, ensuring it is protected from hackers trolling data centers. When it is time to pay for an item it can display your full card number, cvv, and expiration so you always have the information you need.

"It is important that, as a leading company in the modernization and digitization of the physical wallet, we support digital currencies such as Bitcoin. Peer to peer transactions will be a significant component of the payment industry going forward. NXT-ID intends to participate in this segment not only as a retailer accepting digital currencies, but also as an enabler of peer to peer transactions with encrypted communication in future versions of Wocket.” Mr, Gino Pereira, CEO of NXT-ID, Inc. 

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