The debate about cryptocurrency replacing conventional cash is never ending. We at Glitzkoin predict a significance increase in crypto payments but believe that, conventional cash will continue to exist and dominate trade for at least a decade. US Democrat Hillary Clinton made a mention of Bitcoin, in her opinion BTC could undermine the interest of the United States Dollar.
She obviously implied that Bitcoin, could reduce the importance of the US$. This relates to the use of Bitcoin to settle payments – in the long term, the issue could involve a whole range of cryptocurrencies and not just Bitcoin. It is also possible that investors could increasingly, invest their funds in BTC. This could lower the involvement of the US dollar in investments.
For those of you who have been tracking the evolution of cryptocurrencies, it would be apparent that crypto analysts gave little importance to crypto usage prior to 2018. Cryptocurrency was only about speculative trade, investors bought and sold cryptocurrencies – the objective being to gain a profit on investment.
In 2018 Glitzkoin officially launched its project that included the GTN crypto. It happened to be one of the very few projects that, assigned a wide role to a cryptocurrency. While GTN would trade on crypto exchanges, it would also be promoted as a mode of payment. Stressing the point that, almost no other crypto project had defined such objectives at that time.
Glitzkoin detailed the development and implementation of DiaEx, a diamond trading platform to improve efficiency and market scope in the $90 billion diamond industry. International diamond trade is generally conducted, with the US$ as the mode of payment. Glitzkoin designated the GTN token as the mode of payment on DiaEx. Diamond traders welcomed the platform and soon, became comfortable using crypto (GTN) to settle payments.
The concept of crypto payments has gained significant support in the last couple of year. Business operators are more open to the idea of incorporating, cryptocurrency as a mode of payment on their trade portals. We are not far from the day when, Bitcoin and a few other cryptocurrencies, would be used to settle payments involving international trade.
The US dollar has for long dominated international trade. It is not uncommon for nations, to conduct trade in terms of US dollars. This even when the dollar does not happen to be, the currency of the trade partners. This situation could change rapidly if, cryptocurrency in general or Bitcoin in particular – gains popularity as a mode of payment. This would undermine the importance of the US dollar in international trade – something that worries American politicians like Hillary Clinton.
The bottom line is that the days when Bitcoin or cryptocurrencies in general, could be blockaded are long over. The best that America or any nation can do is to, formulate and implement effective crypto legislation. The focus should be on identifying and stopping illegal activities that, involve the use of cryptocurrency. The acceptance of cryptocurrencies as a mode of payment, is likely to grow in the coming years.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.