In this report we talk about the usage of cryptocurrency to make payments – or as a mode of payment as we generally refer to it as. The Glitzkoin team has a fair degree of knowledge on this topic. We have been through a tremendous amount of negotiation and convincing, when finalizing the now widely known Myticket-Glitzkoin partnership.
For those of you who are not aware of this partnership, here is a super quick roundup. Online ticketing giant Myticket.asia and Glitzkoin signed a deal in early 2019. This partnership involved Myticket.asia making the Glitzkoin GTN token, as one of its payment options. Glitzkoin in turn would leverage its expertise in global marketing to increase, clients to the ticketing portal – a win-win combination. The development and successful pilot run for the project, was completed by early Q1 2020 and the launch was slated for Q2 to Q3 of 2020. The COVID-19 pandemic that rampaged the globe, changed the equation. The partners to this deal have now decided to finalize a suitable timeframe for the launch in the months to follow. Glitzkoin has been committed to increase usage of the GTN token through, the project plan.
Let us talk about the issues that are discussed when such partnerships are negotiated. A few presumptions here - mark the business operator as [B] the crypto representative as [R] and the business operator’s customers as [C]. In this case [R] would need to clearly demonstrate, the benefits that [B] would derive by including a cryptocurrency as a payment option in the business. Once this issue has been successfully tackled, there will be another important convincing to be done. This would require a team effort between [B] + [R]. The focus would be on convincing [C] to use cryptocurrency to settle payment for services or products, purchased from [B]. So what you would aim for in this case is a three pronged win, for the business operator, the cryptocurrency representative and the final customer.
So what are the general worries that business operators face when, a proposal to increase cypto usage is put to them. Crypto price fluctuations can be steep and sporadic, this is a cause of concern for business operators. There are businesses where a 10% to 15% negative crypto price movement, could wipe out transaction profits for the business. Cryptos with consistently stable price levels, could ease this worry that business operators have. This obviously means that cryptocurrencies with an impressive track record, stand a better chance of clinching the deal.
Lack of crypto knowledge among business operators, could be an important reason for such deals being refused. It is undoubtedly the duty of the crypto representative to educate the business operator and put his worries at ease. The transfer of information to the business operator, needs to be honest, fair and logical. Selling dreams and sales hype at this point could raise long term disputes.
Let’s not forget the customer – he or she, happens to be the very reason for which businesses are setup. Keep in mind that crypto space today comprises of a small group of tech savvy individuals. It would then come as no surprise that, most non tech savvy customers, consider cryptos to be too risky and complicated. This might be different if, the business relates to an audience that overlaps a crypto savvy segment of people. The next paragraph provides valuable input regarding, boosting the confidence of non-crypto participants.
At this point we would like to echo the sentiments of Glitzkoin CEO Navneet Goenka, in his words ‘… the crypto industry needs to welcome people from all walks of life, this would include both tech and non tech minds. For this to happen, we will need crypto laws that enforce fair and safe practices. It is also important that crypto scammers be traced and punished. This might call for some degree of compromise in terms of anonymity of users and transactions – it would be impossible to track scammers, if such identification was not possible’.
Cryptocurrency has been around for a while, it is time that it lined up closer to the conventional financial sector. It cannot remain as an independent entity with no governing rules or laws for long. The idea of crypto scams and scammers, growing unabated because of insufficient legal provisions, is becoming increasingly unacceptable. Increased crypto usage would happen more effectively the moment, crypto space does a cleanup act. There is no time like now for that to happen.
GLITZKOIN: Glitzkoin is developed on the Stellar blockchain. The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger, Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx.