I have noticed lately how hard it seems to be for Canadians to be able to buy cryptocurrencies. Most of the major banks (except Royal Bank) would prefer their customers just stay out of crypto. The problem for the banks is, there is just too much demand for it. So then how would someone have an easy method to not only acquire crypto but use it every day as well? Well, Digitize has a way to take your change and turn it into crypto.
What is Digitize?
A blockchain-based platform and cryptocurrency that allows consumers to convert loose change into virtual currencies while making purchases. The change is converted into Digitize tokens, which can be used for payments.
Sometimes it’s hard to find a real-world application for cryptocurrencies; you own them but cannot really spend them. In the end, you must convert back to fiat and deposit back in your bank account. Digitize feels they can help the world transition from a cash-based society to a digital one.
It’s just a matter of time before a platform does come along that gains public acceptance and begins to transition people. In order for that to happen, the platform would have to be simple, feel familiar and easy to navigate but most of all, be a better system. This is where I think Digitize is on the right track and has a great idea.
How does it Work?
A user would download an app on their mobile device which would be their wallet. The wallet will be blockchain backed and used to hold and store Digitize tokens. On the retailer side, a merchant would be setup to accept Digitized tokens. When a customer makes a purchase, they can overpay the transaction and turn the excess payment, into Digitize tokens. These tokens would be withdrawn from the retailer's wallet linked to their Digitize system.
Think of it as a digital piggy bank
Let’s look at a simple example of how that might work in a real-world scenario. You go to the gas station and buy some gas. The total for this purchase is $57, you approve a payment for $60, this pays for your gas and buys you $3 worth of Digitize tokens. Maybe you roll up all the loose change in your house and go exchange this at Digitize retailer for DTZ (Digitize) tokens. These tokens can now be used to make purchases at any retailer using the Digitize platform. You can also use the exchange to transfer DTZ token into ethereum, and withdrawal as needed.
Roadmap
The company has a well-drawn out roadmap for the next year and leading into 2019. The ICO underway now and the remainder of the year will be spent rolling out the platform. The full launch of the platform will come in 2019. Also in 2019, the Digitize exchange will go live, this is where the DTZ tokens can be exchanged for Ethereum (ETH) and transferred.
Conclusion
This Australian based company has a fantastic idea to allow people to invest small amounts of physical currencies into cryptocurrencies very easily. Digitize Coin will offer a way for the people to use cryptocurrency for everyday transactions. A simple yet powerful platform like this can really help to bridge the gap between blockchain technology and the everyday consumer.