Crypto&Fiat - A Win-Win Formula for Fixing Banking System
SeekingAlpha | September 24, 2018 |
- Traditional banking is broken. In the near future we might be able to look back at how our financial services were delivered by a centralized bank.
- Cryptocurrencies and blockchain-powered services such as payment settlements can help solve the limitations of traditional banking.
- A crypto economy could be even bigger than the one traditional banking attends to become.
- World Credit Diamond Coinor WCDC is designing a real-life solution for the challenges that modern banking faces.
Did you know seat belts were invented in the late 1800’s? Though it wasn't until the 1970’s when they were used by car manufacturers and became standard. 170 years is a long time to adopt something that would help save lives. The same way works any industry or invention, including the financial system and the emerging world of cryptocurrencies.
In the near future we might be able to look back at how our financial services were delivered by a centralized bank. Charging us for giving us our own money, and keeping almost every single penny of interest and earnings our money makes. We will look back and probably cringe at the thought of how this system was something we considered normal.
If the cryptocurrency industry has given us anything, it will be a glimpse of the future. A taste of the potential of a completely new and different economy. One that gives people the freedom to choose decentralized services rather than centralized ones and that includes people left out by traditional banking. And this future looks very bright.
Traditional banking is broken
Before banking is changed forever it is important to understand the shortcomings of the current financial system and how using cryptocurrencies and blockchain-powered services such as payment settlements can help solve these limitations.
Faster, cheaper, and safer payment settlements. In traditional banking the transaction involves not only a client and a bank. You’ll have to deal with lawyers, notaries, and others - for example, if you decide to buy a house or a car and go to your bank. Suddenly you’ll find yourself paying service fees and commissions for everyone involved in the transaction. And of course, the more intermediaries the lengthier and more costly the process gets.
Blockchain solves this problem completely as it cuts out any middlemen and focuses only on peer to peer transactions.
Free of restrictions and bans. Traditional banking uses fiat money which can be devalued artificially by states deciding to print money. This means your savings could be affected by such actions. Cryptocurrencies are completely free from this control.
Accessible for everyone. Banks have a long list of requirements to open bank accounts and use services with them. This limits the people who can apply for it. The only thing needed in a cryptocurrency based system is access to the Internet. Thus, a crypto economy could be even bigger than the one traditional banking attends to become.
Traditional financial system evidently needs to be disrupted and modified. And blockchain technology with cryptocurrencies is here to help.
WCDC - Global platform to combine fiat and crypto
World Credit Diamond Coin (WCDC) is an innovative solution to the problem of spending cryptocurrencies. The team aims to overcome it with its own payments card called BR Card. It will allow anyone that has cryptocurrencies to spend them in the same way as fiat money. With the BR Card it will be possible to enjoy online and offline payment services anytime and anywhere, without the expected limitations of being accepted only in particular places.
Also WCDC is set to solve the problems of traditional banking. The company offers its users a wide range of financial services and asset management on the e-payments platform. Users will be able to manage their own accounts similar to how online banking is done now - in the electronic bankbook. It will enable instant money transfers, as well as allow to easily track the history of transactions via the Internet on any device.
Besides, WCDC is designing a loyalty system, where users will be able to earn points and redeem for cash and other privileges.
Implementing all the solutions, WCDC plans to bring cryptocurrency to the lives of many. Isn’t it the missing part we need to make the decentralized economy more mainstream and accessible to everyone?
About the project:
WCDC is working hard on developing a project that aimed to bring a real-life solution for the crypto spending problem. Focusing on e-payments and making use fiat and crypto, they provide services to manage all digital assets in electronic accounts much like online banking allows it, they have included a customer loyalty and rewards program that lets users accumulate points for using services and a tool to enable merchants to adopt crypto payments. It is clear that WCDC is addressing the needs of individuals and businesses and presenting with one of the most complete solutions in the current market.
Sharing some of the milestones achieved for the WCDC team it was announced that their cryptocurrency will be listed on CoinSuper – a TOP-10 exchange of digital currencies.
They have kicked off an Airdrop, where up to 20,000 lucky ones can get 40 WCDC tokens completely free. More information can be found on their official Telegram chat.
WCDC is welcoming new members to join and enjoy a new generation of crypto services and of making crypto payments. To learn more about the company’s journey you can check their website out and keep up with all of the most important news and updates on Facebook and Twitter.