If you have heard about cryptocurrencies, you’d have thought that probably they are some complicated kind of currency used only by traders, miners, programmers and tech geeks. Your thoughts could not be farther from the truth, because, believe it or not, cryptocurrencies are for everyone – you and me – and have the ability to make our lives easier and our daily payments convenient and fast. All we need is to find the right tools to unlock the immense capabilities of digital currencies.
Cryptocurrencies can offer many advantages over other forms of currencies. They can transform the way we perform our daily financial transactions and make them more convenient. However, we must find tools to use the full capabilities of cryptocurrencies and this truly transformative technology.
Let us take a look at some of the advantages that crypto can offer us as compared to fiat money.
No involvement of a third party. One is responsible for his own digital assets. Transfer of crypto from one point to another does not require any third party, like a bank, which is vital for transfer of fiat money.
Lower transaction fees. The transaction fees involved with crypto operations are much less as compared to those with fiat money. According to a study, Bitcoin transfers are almost 300 times cheaper than wire transfers.
Secure and private. All crypto transactions are highly secure, and it is almost impossible for anybody other than the owner to make a payment from his or her wallet. There is no fear of hacking, duplication, chargebacks and counterfeiting. The high levels of privacy ensure that no sensitive and vital personal information falls into the wrong hands that could potentially exploit it much to the detriment of the owner.
While the underlying philosophy of cryptocurrencies was to create a truly democratic, secure and fast form of payment, their full potential hasn’t been harnessed as yet. Because people lack proper information about their functions and advantages and the negative news surrounding cryptocurrencies, this has created apprehensions around them. This has hampered the mass adoption of crypto at a global level.
There are some obvious challenges that account for the hurdles towards mass adoption of cryptocurrencies. Let’s take a look at a few of those reasons.
The public perception surrounding the phenomenon is major reason behind this wariness towards cryptocurrencies. Propagated mostly by mainstream media, they are often perceived as a ‘scam' industry. The public, in general, is not completely aware of how cryptocurrencies work. Without understanding the fundamentals of this technology, there cannot be mass adoption of digital money.
The inconvenience of usage (fewer points of access and payments) is another big reason that is keeping crypto away from coming into the mainstream like fiat money.
The prices of cryptocurrencies are highly volatile. What holds a significant value today can be worth almost nothing tomorrow. This is what is keeping people away from using crypto. Ironically, the best solution to this volatility can only be achieved by mass adoption of cryptocurrencies.
To make mass adoption of cryptocurrencies a reality, there needs to be a solution that can allow people - both buyers and sellers - to use crypto assets the way they have been using fiat money.
World Credit Diamond Coin (WCDC) project is creating a platform that aims to ease the problem of crypto spending and blur the lines between crypto and fiat to make all kinds of financial transactions seamless.
The prime objective of WCDC is to link fiat money with cryptocurrencies, by connecting it to a physical card that is quite like your regular bank card. WCDC will convert crypto to fiat to enable you to make payments worldwide without worrying about expensive conversion fees, and high transaction processing time.
The BR-Card is a unique technology that brings several features of physical cards into a single card. By enhancing interchangeability of real money with crypto assets, with the cooperation of a network of financial institutions, the BR-Card aims to create a compatible payment system. Besides, with every transaction that you make, you will accrue points that help you save more when you use your card for your daily needs.
WCDC is bringing the ease of using fiat money coupled with the limitless possibilities and capabilities of cryptocurrencies to make crypto convenient for everybody.
World Credit Diamond Coin (WCDC) is enabling the next generation of e-payments using fiat and crypto. The platform will allow users to manage financial accounts online, has a customer incentive program and helps make crypto payments easy for businesses to accept. With all these features WCDC endeavors to create a robust financial ecosystem powered by cutting edge infrastructure that will allow the use of cryptocurrency as an everyday medium of exchange.
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