What is Flip (FLP) Crypto Beginner’s Guide
Flip is a network that exchanges Bitcoin cryptocurrency into US dollars and adds the value to a digital wallet that is available for download on Flip’s website. Users of the network can purchase a Flip Chip, which is a contactless payment device that they can tap to pay as they checkout at retail stores all across the country. The main purpose of the network is to enable users to seamlessly exchange cryptocurrency into US dollars that can be used to make purchases offline.
Flip leverages the Fit Pay Payment Platform, a creation of Fit Pay, Inc. Fit Pay is a leader of contactless payment, and enables a wide range of IoT and wearable devices, such as the Flip Chip, to make contactless payments. The Payment Platform is the first successful commercialization of a contactless payment system that is equipped to handle digital tokens, or cryptocurrency. Tapping credit cards as they checkout is something that is not new to many people, but the adaption of crypto coins into this system is, and Fit Pay is leading the way into the future of contactless payments.
Currently, Flip is only available in the United States, and Bitcoin is the only cryptocurrency it supports. However, there are plans for the platform to adopt other cryptocurrencies, and the hope is that someday the Flip Chip will be integrated into payment systems around the world, to truly become a global contactless payment option.
Exchange and Load of Flip
The first step is for users to exchange their Bitcoins into USD. Once those dollars are loaded into a digital wallet, they are available to be spent. Users may load their wallets with however much or however little dollars they choose. Then, that value is loaded onto the Flip Chip, which is shipped physically to users after they purchase it on Flip’s website.
Users are in total control of how much currency their Flip Chip holds, and of when it reloads. This gives users transparency of their finances and enables them to purchase items offline, using a digital token.
Flip’s Tap to Pay
Just like contactless credit cards, which don’t require any scanning or swiping, the Flip Chip can merely be tapped on any point of sale (POS) machine. The chip and contactless credit cards use near field communication (NFC) to be read and utilized for the transaction. All users have to do to make purchases is to tap it at checkout, and it is guaranteed to work everywhere that contactless payments are accepted. As with credit cards, users have the option to suspend their Chips if the Chips are lost or stolen.
The Flip Chip is a revolutionary contactless payment device that allows users to use their cryptocurrency value for traditional payment transactions. As the world of digital currency continues to grow and become adopted into the mainstream of many countries around the world, the future may lie in the exchange and value of these tokens. By enabling users to pay for things with one tap of a chip whose value is based on cryptocurrency, Flip is ushering people into the future of payments and transactions.