Cryptocurrencies today are akin to the Internet in 1998 – an extremely revolutionary technology pregnant with limitless possibilities and yet with an alien charm nobody knew how to explain. But today, as the internet has revolutionized almost every aspect of human endeavor and has become an integral part of our lives, cryptocurrencies promise to do exactly the same. As people slowly figured how to best use the internet, today, people are finding novel use cases for cryptocurrencies as well and for the underlying blockchain technology.
Cryptocurrencies – Creating a Better Financial Ecosystem
Most people on the fringes or outside the “cryptosphere” look at this phenomenon with unadulterated awe and apprehension. How can there be a “currency” that is not controlled by any central authority and cannot be held or felt physically, and yet can muster up a combined market cap of close to $450 billion in just a few years? While this may seem unreal, the philosophy on which cryptocurrencies are based is solid – a truly democratic financial ecosystem, not controlled, and thereby not manipulated, by any central authority, where the power rests firmly in the hands of the people. This is what makes cryptocurrencies exciting. But can we use them in real life scenarios?
The response to cryptocurrencies has been a mixed bag. While some countries have accepted it with open arms, others have banned them and termed them as illegal while still others have a neutral stance towards it. Many enterprises have tried to create a platform that gives rise to an alternative financial ecosystem that uses the best of both worlds – the reach, penetration and vast network of the traditional financial system and the flexibility, open access nature and immutability of the blockchain-powered system.
Coinnup – Enabling Crypto Transactions for Businesses Coinnup, the blockchain powered fintech and e-commerce platform, aims to create a robust and comprehensive point-of-sale (POS) network that will allow businesses of all kinds to transact freely in cryptocurrencies. It is seen that businesses that are familiar with cryptocurrencies are ready to accept cryptocurrencies as payment for products and services rendered. However, due to a lack of a unified system and a vast network on an established and reliable platform prevents them from going that route. Coinnup endeavors to change this by providing them with a dependable platform that will increase mass adoption of blockchain-based business solutions.
By transacting in crypto assets through the Coinnup platform, businesses can settle transactions almost instantly and without paying the exorbitant fees and commissions charged by banks and other financial institutions. The Coinnup POS system will allow customers to use their crypto assets in everyday transactions like utility bill payments, buy grocery, top up mobile credit, buy and sell cryptocurrencies and be able to send and receive money from anywhere in the world. All of these can be done with the use of a card or a mobile app.
The Coinnup POS network will target retail stores of all kinds, mobile network companies, government departments, e-commerce checkouts and mobile payments integration and API. It has created a franchise model that will further enhance the penetration of their POS network at the domestic level. Coinnup is committed to provide both hardware and software support to enable crypto transactions.
Parting thoughts The financial world as we know it is changing dramatically and cryptocurrencies are leading the revolution. It is only a matter of time when they will be used globally as medium of exchange. Coinnup is creating an ecosystem in anticipation for the day that is not too far, when people and businesses alike will look for a robust and reliable platform that will enable crypto transactions.
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