Coingateway is a nifty project created by three partners: Jay, Simon, and Nuno. The basic idea behind coingateway is to enable the purchase of merchandise from retailers that accept bitcoin through the use of an altcoin. Currently, there are a few altcoins available through which you can purchase products in bitcoin. These coins are Dogecoin, XCurrency, Litecoin, LibreXCoin, Syscoin, and Potcoin. Recently, we conducted an interview with Jay and Simon who are responsible for Sales, Marketing and Security. Unfortunately, Nuno, the programmer, was unable to participate in the interview as he was travelling.
How did the idea of a universal altcoin spending system emerge?
Simon: We are enthusiast and hold multiple alt-coins. We found it was really difficult to “spend” coins without first sending them to an exchange, converting them to bitcoin and then sending them back. We wanted to make it easier, simple and instant
How did you get involved in altcoins?
Jay: I personally got involved in Litecoin after finding out about Bitcoin , early 2011.
What seperates coingateway from other altcoin payment systems?
Jay: Instant, No-Registration, Secure, Anonymous, Completely Transparent
Does coingateway charge any fees for payments?
Jay: Currently we charge a 2.5% fee which will be reduced to around 0.5% once the transaction volume increases as well as our new features.
What are some features that have caught your eye or that the community has requested?
Jay: Fiat withdrawals among other things, however we cannot disclose much information about our upcoming unique features.
How exactly does the coingateway system work? How does it enable you to purchase with altcoins?(technical process)
Simon: Its very simple, you select the coin you would like to spend with, enter the reciepent’s bitcoin address as well as the amount. The system will then generate a deposit address. Once the desposit has been made, a payment is instantly sent to the requested address
What do you look for in a coin in order to add a coin to coingateway?
Jay: We look for volume, an active community, listed on a reputable exchange e.g. Mintpal, we also look for coins which do not have pre-mine. Or have a reasonable explanation for the pre-mine e.g. IPO, Escrow, Development etc.
Is there a way in which developers can approach coingateway so that their coin is added?
Jay: Currently, in order for a coin to be requested to be implemented, the user either contacts us via Live support, or sends an e-mail to firstname.lastname@example.org
Are there any altcoins being considered for addition as of right now?
Jay: Yes but the names of the coins cannot be announced till we have verified everything and it goes smoothly.
What do you want to achieve by creating coingateway
Simon: Our main goal is to allow coins to be spent or exchanged anonymously and instantly. Our second goal is to allow merchants to accept alt coins without any risk involved
Coingateway could certainly become the premier site when considering altcoin payments and the vision set by the three partners is clear and concise. It was a delight interviewing them as they were very professional about the entire idea. I recommend you take a look at their site, and take a decision on whether you want to use the payment system or not. It is quite hard to trust third party sources to make payments with your money. Therefore, the question you must ask yourself, are you comfortable doing just that?
Image Source: Coingateway Website