The global financial system has being split into two facets of late; The Traditional Banking System and The Cryptocurrency Trading System. While the former has long enjoyed a healthy patronage over the years, the nascent blockchain technology which birthed cryptocurrencies has being some sort of a reinforcement to the traditional banking system whose only means of legal tender has being the paper money since the invention of the term money yet the advantage of this contrast is beautifully fused and interwoven such that where one system lacks the other would fill up that gap. Even as this neotoric technology tends to alleviate the many complexities associated with the banking sector it also posing another threat to the traditional system as it's most common feature of decentralization is one to reckon with as these financial institutions would have to lose there most priced possession of oligopoly as a result of this feature. As cryptocurrency continues to strike a pose at the conventional banking system, the bigger boys in the game tend to retaliate by ensuring their is a reduced mainstream adoption in cryptocurrencies. Below are a few highlighted challenges present in the crypto-sphere which has to be overcame to enable cryptocurrency payments.
Payment Cards
Blockchain projects are subject to constant bullying in every possible means as evident in the blacklisting of payment card companies that support blockchain projects. On October 15, 2018 leading multinational financial services corporation; MasterCard issued a revised standards for high-risk securities merchants against cryptocurrency projects, coming on the heels of the fact that these blockchain projects are lacking the right criteria to be called a fintech company. As a result of this all High-Risk Securities transactions were to be classified especially and assigned with a code number 6211 as the card receptor business code. This Merchants with such cards can initiate a charge-back within 540 days should there be any complications thereof. This payment card discrimination is further extended as Visa Card also plans to launch an anti-crypto payment campaign by December 2018.
Regulations on Commercial Banks
Transactions on the blockchain is often regarded as a High Risk venture by traditional financial institutions and as such established financial Regulatory bodies predominantly in the U.S and partly in the European hemisphere makes it even harder for conventional banks to associate themselves with cryptocurrency in any way possible by imposing unimaginable fines upon banks that involves itself with cryptocurrency business. as a result of being biased since they see the entire blockchain technology as an obstacle, cryptocurrency being the "Grim Reaper 's Scythe" to mow them down out of business into the abyss of nothingness. There seems to be an anti-cryptocurrency campaign going on in the financial space but it is obvious that these accusers are patrons of this cutting-edge technology and would love to leverage on it's blooming potential. Under the disguise of anti-terrorism measures the U.S has more than enough jurisdictions to penalize any cryptocurrency project at any point in time and however they deem fit. Hence manning a stringent surveillance over all electronic transactions placing this breeding cryptocurrency projects at a tight spot and the commercial banks at the scare of being penalized for the sake of a technology they understand little about sounds like too much bite for one night.
Transaction Speed
The number of processes it requires for one to efficiently convert from fiat to cryptocurrecny in order to initiate a successful cryptocurrency transaction takes up a little bit more time than we can endure both as a customer or a merchant. There exist no known platform with the adequate speed and tools to effectively convert from fiat to cryptocurrency to pay for a chocolate bar at the grocery store or pay for a movie at a cinema booth since this transaction has to go through the issuer's bank which would take up some few minutes then unto the blockchain that takes up 70-80% of the transaction latency. Although the amount of time for confirmation differs based on the underlying blockchain [ Average block time: Bitcoin — 10 minutes, Litecoin — 2.5 minutes, Ethereum — 15 seconds ] with varying “double-spending” trade-offs this feature makes cryptocurrency an unfeasible means of instant payment at the moment.
Purported by most as "The Money of The Future" and having over 2000 cryptocurrency projects out in the market that cuts across all spheres of the global economy, the cryptocurrency ecosphere exist only but a few that are basically into the financial sector yet among these few there exist none that could out-rightly provide an ultimate solution to the aforementioned problems. Which is why a team of visionaries and financial experts decided to band with seasoned I.T professional and blockchain enthusiasts to develop a standardized platform, The Azbit Fintech company which is a blockchain investment banking system with the necessary tools to tackle these issues.
As an all in one financial solution with all the necessary assets as well as instruments to manage these assets in one platform, along with a regulation D (rule 506c by U.S SEC) license, a Payment Institution license in the E.U as well as a Joint-Stock company license in the Switzerland. The Azbit project already has an MVP (Minimum Viable Product) with a rich client-customer relationship experience due to their stellar Advisors such as Roger Ver of BItcoin.com, Gioavanni Lesna Maranetto of Blocktrade.com and traditional financial analysts and experts such as Stefan Bergstrom, Mickey Choi and Max Selux, it is obvious that the Team is backed up by the right minds. The main objective of the project is to use this outspread knowledge-base of conventional market conditions and regulations to meet both the needs of traditional financial institutions and also the cryptocurrency industry. Azbit includes investment tools into its platform to help alleviate the discrepancies that’s exist between and among the correspondent banks and the Cryptocurrency ecosystem. By establishing and registering it’s own banking license, the project becomes a step ahead as in when it come with to dealing with banks and the banking system as a whole since the platform can now process those transactions that would normally require a third party banking system in-house. Presently the project have obtained a Payment Institution license in the Czech Republic. The next stage will be to obtain a banking license in the European Union.
Azbit Token Generation Event
In order for any business venture to achieve greater success it is pertinent that such a business is able to attract new investors and for this reason the Azbit Blockchain Investment Banking platform is would be holding an Initial Coin Offerings that would attract new Investment opportunities as it’s on the verge of entering into the cryptocurrency market.
From a legal point of view, we are holding a crowdfunding campaign. We are a running an actual business, and getting fined by the regulators is not in our plans. We will implement each point set out in our Whitepaper and Roadmap on time, and will do all we can to protect the interests of the crowdsale participants. We have a real and successful business, and our team is made up of real people who are professionals in their field and have a good reputation in the world of finance. In addition, an additional issue of tokens is strictly prohibited. The tokens will be issued and credited to the crowdsale participants’ wallets under the reliable control of a public smart contract.
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ANN Thread:
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Author's Bitcointalk Profile:
https://www.bitcointalk.org/index.php?action=profile;u=2187995