You may not know it but you may have already used NFC on your smartphone. But what is near field communication, and how is it used in Bitcoin and technology?
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NFC Definition and Use
NFC stands for near field communication and is a protocol used to transmit data to a compatible device.
Perhaps the most practical application of NFC is when you use your smartphone to make a contactless payment thru Apple Pay or Google Pay. The process goes on like this- you open the payment app, tap on ‘pay amount’ and hold it near the store’s terminal. They communicate briefly, and a receipt is generated to indicate that it’s successful.
Aside from that, NFC may be used to transfer data, including photos, contact information and videos between two devices that are in near-proximity.
Here are other ways you can use NFC in everyday life.
Unlock Your Car
NFC can act like a digital car key and open your vehicle without needing to manually put in the keys. It can also be used to start the car.
Track Your Fitness Stats
With two devices, particularly a smartphone and a wearable (such as a smart watch), you can easily transfer data from the wearable to the smartphone and view fitness and health details.
Pay For Your Fare
This NFC application has been around for years. With a smartphone you can board a bus, subway or other forms of public transportation and pay for the fare with a single tap.
NFC is a flexible technology that can do remarkable things. For one, you can use NFC-scannable tags to allow home wi-fi access, connect your phone to audio speakers or open a link to a webpage. The possibilities are virtually endless.
The ‘near’ in NFC only allows for devices that are in close proximity to communicate with each other, and although it sounds cumbersome it has a hidden benefit, mainly security.
NFC is used in credit card and debit card transactions because there’s very little chance that the person’s card details might be stolen. Lately, it has made an appearance in digital card wallets, specifically those that are designed to hold digital assets such as Bitcoin and cryptocurrencies.
NFC and Bitcoin Wallet
NFC is a remarkable form of technology and has made its way towards the cryptocurrency industry.
It’s in cryptocurrency wallets and offers a convenient way to share or transfer Bitcoin without having to rely on a computer. Much like opting for contactless payment you can use an NFC-enabled crypto wallet card to transfer coins and get the goods that you want.
The same benefits are applied to cryptocurrency transactions- it’s virtually theft-proof and acts as a convenient form of payment at the same time.
Cryptocurrency enthusiasts and investors can take the earnings they make in the-crythe-crypto-superstar.com/de/pto-superstar.com/de and put them on a cryptocurrency wallet for safekeeping. Then, when time comes that they want to cash in or exchange it for other assets they can just use the wallet card and make a transaction.