Those looking to store their Bitcoin (BTC) and Ripple (XRP) in a vault more secure than an online wallet are in luck, as BiChip has released an update for its microchip implant, introducing support for the popular cryptocurrencies.
What that essentially means is that going forward you’ll be able to store your virtual cash – and important ledger documentation – under your skin, mitigating the risk of hackers tapping into your cloud storage or online wallet to drain your account.
While embedded microchips may sound far from normal in 2018, a number of experts believe they’re the direction technology is headed in. With a contactless payment system also on the cards, it’s not impossible that BiChip and technologies like it could hit the mainstream in a decade or so.
However, big data companies have a lot to prove before many customers – including myself – would feel comfortable walking around with a microchip embedded in their hand.
Cash transfer firm MoneyGram revealed last week that it was trialling Ripple to see whether it can be used to move funds between accounts in a faster and more affordable way than traditional methods – namely international wire transfer.
Ripple is a lot faster and cheaper than rivals Bitcoin, Ethereum and Litecoin, taking two to three seconds to process a standard transaction, which accumulates fees amounting to “fractions of a penny,” maximising profits for financial institutions.