The transition of money has been exciting, looking back. From grains to precious metals to paper, money has been all this and more. Remember the times when a bank card was a luxury, something that only the rich could possess? Today, everybody has plenty of them. And we are now witnessing the times of digital money on blockchain technology.
The evolution of money is ongoing with the introduction of cryptocurrencies. Are cryptocurrencies for everyone? Are they the future of money as we know it?
Cryptocurrencies set to transform global finance
In the last decade, cryptocurrencies have been one of the most innovative technologies to be developed. Their inherent features aim to eliminate many shortcomings of fiat money. One of them is centralization, where few institutions control the production and distribution of money. Centralized control also affects cross-border money transfers as many intermediaries are involved. As a result, global transactions take days, or even weeks, to be completed.
Cryptocurrencies use blockchain technology to improve transparency, something that is dearly missing in fiat currencies. This is because unlike banks that act as intermediaries in fiat transactions, there are no third parties involved when cryptocurrencies are transferred from one point to another. Crypto transactions are validated by a network consensus and the information recorded on a shared ledger. The ledger can be accessed by anyone, thereby, improving transparency.
Lastly, cryptocurrencies have introduced a level of security not previously experienced with settlements involving fiat. Theft and fraud is a significant problem affecting traditional money. Cryptocurrencies are secure since they utilize cryptography to mask all the transactions. Therefore, even when implemented on a big scale, the threat of having to deal with fraud cases is essentially eliminated.
Despite their advantages, cryptocurrencies have not gained widespread adoption due to a number of key challenges. Most importantly, cryptocurrencies cannot easily be transformed into hard cash or electronic money for online payments. This is an area where fiat money has excelled. Cash in one’s bank account can easily be used for any payment. Cryptocurrencies can not.
There now exist multiple cryptocurrencies that are vying for the coveted spot as the market leader. Apart from Ether and Bitcoin, most other cryptocurrencies cannot be easily exchanged among themselves. Thus, it is even less convenient to use them for payments. A good medium of exchange as traditional currencies has to be accepted by all parties involved in the system. But it doesn’t work for crypto.
Another challenge is that there exist few stores and businesses that accept cryptocurrencies as payments. Even for those that do, they are limited to either one or two cryptocurrencies. As a result, people owning digital money find that there are fewer places where they can actually put the money to use and access products and services.
Introducing Word Credit Diamond Coin
The current challenges affecting cryptocurrencies have limited their use in a lot of potential areas. World Credit Diamond Coin (WCDC) is a cutting-edge project that seeks to eliminate this problem. WCDC is creating a real-world solution for spending through crypto or fiat money.
The team introduces BR Card that enables users to seamlessly convert crypto assets into fiat and vice versa. The e-wallet technology that the platform will use will ensure compatibility between fiat and cryptocurrencies. The card can then be used to facilitate a variety of purchases and transactions. The BR Card will also enable users to accumulate points for daily payments and transactions. These points can be reimbursed through an exciting rewards program.
WCDC will form strategic alliances with key players in FinTech, blockchain and related areas. It will endeavor to develop new services and solutions using its state-of-the-art infrastructure. It will also keep adding new functions to the system continues to keep in sync with market needs and customer feedback.
Cryptocurrencies are set to define the future of global finance. WCDC is helping usher in such a future by addressing key challenges affecting digital currencies today.
About the project:
World Credit Diamond Coin (WCDC) is enabling the next generation of e-payments using fiat and crypto. It introduces a service to manage electronic accounts, a customer loyalty and rewards program and also makes it easy for merchants to accept crypto payments. With all these features WCDC aims to create a comprehensive ecosystem that allows the use of cryptocurrency as an everyday medium of exchange.
WCDC will soon be listed on CoinSuper, one of the largest, and among the Top-10, exchanges in the world.
The project is conducting a massive Airdrop, where the first 20,000 lucky participants will get 40 WCDC tokens free. Find out more about the Airdrop campaign and how to join it in the official Telegram chat.