The launch of Bitcoin veteran Ira Miller’s Coinapult wallet is imminent, and it claims to have overcome an age-old problem: Bitcoin’s volatility.
Since starting the Coinapult project in 2012, Miller and his team have invested considerable time into creating a combined wallet and merchant service which provides new levels of security and functionality. The finished product is set for release in beta today, and if it lives up to its credentials, a major barrier to widespread use has the potential to be removed.
The wallet’s central feature is the ‘Coinapult Lock’ – a tool which allows Bitcoin funds to be locked in to assets with a more stable exchange rate such as EUR, USD or gold. This can be done for any period of time, meaning that BTC balances will retain the same value available at the time of locking.
“Bitcoin is the great equalizer, and Coinapult's Locks service finally enables the stability people expect,” Miller said in a press release issued Friday.
- Coinapult team
If the idea of using fiat to provide peace of mind for Bitcoin in a wallet sounds unsavory, think again. For in the short term, at least, creating an initial friendly partnership between the two worlds is exactly what wary mainstream clients are still looking for as a safety net. Add to this Coinapult’s API accessibility and the tool could well achieve significant interest following initial exposure.
“‘Locks’ is useful anywhere a stable balance is needed: for savings, wages and rent payments,” the press release continued. Miller added in an interview with CryptoCoinsNews:
“Our thesis is that 99% of normal people aren’t currency speculators, and won’t deal with a service that exposes them to volatility in daily transactions. We created Locks as a bridge to overcome this barrier to entry, and allow users to exist in the Bitcoin ecosystem without has to worry about the price.”
In addition to the flagship tool, Coinapult has designed payment processing integration and mass volume exchange tools for merchants. Meanwhile, the wallet will furthermore facilitate signup-free acquisition, as well as the ability to send Bitcoin to recipients by SMS and even email.
The team behind Coinapult is nonetheless remaining level-headed behind the scenes. Miller says that “a significant portion of development resources” is being dedicated to security improvements going forward, while future plans involve fundamental improvements such as increased language support, new currencies and local marketing campaigns.