The Inefficiencies of Fiat Currency Transfer and Exchange
TANZANIA / ACCESSWIRE / February 12, 2019 / Online money transfer technologies have extended fast and efficient solutions to transfer payments across the world. Presently consumers are purchasing goods and services from e-commerce websites worldwide and paying for transactions online, in just a matter of a few clicks. However, even after the convenience and speed that online money transfer offers, individuals still restrain to harness this technology because of the critical setbacks associated with it. Some of the hurdles that keep consumers as well as merchants from adopting online money payment transfer methods include data tampering, identity theft, centralized control, double spending, etc.
Impact of Fiat Currency Transfers
Here’s how the challenges of fiat currency impact the efficiency of the global payment system:Price Fluctuation
With passing years, the value of fiat money is bound to depreciate, leading to inflation pressure because of higher import prices and increased demand for exports. It becomes challenging for businesses with small capital to participate in events and be a part of the global trading market.Lack of Acceptability
Even with such notable advancements, presently, merely 41% of the global population own bank accounts. Rest of the population still cannot transact or trade beyond their physical borders.Double Spending or Double Booking
Using fiat money make online purchases expose users to online fraud as the same card (debit or credit) can be used by anyone to make payment without authorization. This is one of the critical reasons as to why users are still uncertain about adopting online payment methods.
Cryptocurrency International Tanzania Limited (CITL) has identified and addressed these aforementioned pitfalls that prevent the growth and adoption of online payment methods. The company has leveraged blockchain technology to offer global e-commerce industry and consumer reliable, safer, and efficient way of implementing fund payment and transfer.
Connect Coin (XCON) - The Imperative Blockchain Solution
Connect Coin is one of the vital product offerings of CITL that is developed with a objective to ‘connect the world.’ It is a standard ERC-20 Ethereum-based coin that intends to connect buyers and sellers from around the world by enabling them to be a part of Connect Global Marketplace. Within this market, consumers can purchase from sellers and merchants across the globe and pay efficiently through Connect Coin, thereby reducing the hassle of converting money to local currencies. The platform also enables consumers to pay for good and services using the Connect App as well as Connect Cards.
Core Objective of Connect Coin
XCON token is offered to accomplish the following purposes:Raising funds to build and enable CITL Academy, Connect Marketplace, Merchant Builder Program, and CITL Exchange. Staking tokens for the participation of micro-distribution centres Staking tokens for the participation of delivery operators Rewarding users who recommend XCON
Offering Decentralized Payment Solutions
Integrating a decentralized approach is one of the most effective ways to address the existing challenges of fiat currency. To facilitate the same, CITL has leveraged the potentials of blockchain technology and enabled users across the world the efficiency of buying and selling products and services using a single coin while ensuring optimum transparency and safety.
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SOURCE: Connect Coin