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RE: Week 3 - WeTrust (TRST) -$100 a week on low-cap coins +FREE TRST
I could see it happening. I've literally never researched TRST until today. I've heard of them in passing or a mention here or there. The potential is great!
**I wanted to post this the other day, but my "bandwidth was exceeded."
The exact mechanics are unclear from the white paper. People need to buy TRST coins on the open market to pay fees for the ROSCA manager. The fees are held in escrow but the currency used could be bitcoin, ethereum, or a stablecoin like tether. How will they get unbanked people frequently in rural areas to exchange fiat for crypto? Most exchanges nowadays require identification and other verifications that are more stringent than banks. This point is addressed in their roadmap as something that needs to be overcome in order to achieve mass adoption.
Can't wait to see what comes of this and am adding coins every month. Also adding Civic.
When I was reading the whitepaper this is one of the first things I thought of. If people have no access to banks then getting cryptocurrency isn't always easy. There are places like Wall of Coins where you can go to a Western Union type money service center and deposit fiat to a specified bank account and receive your coins that way, but people in 3rd world countries aren't likely to do that.
I got the impression that WeTrust will primarily be used in smaller financial markets in already developed areas and as a "fun" way to save among a group of friends. We are still very early and who knows how widespread and easy all of this stuff will become. We're only a year into this whole cryptocurrency popularity boom and the sky, or moon if you will, is within the realm of possibility for many of these coins with good ideas behind them!
As I understand it, there are many people in the 3rd World that lack basic identity documents like a birth certificate. Even in these failed states, however, life goes on somehow. People somehow get remittances from abroad and use cell phone minutes for currency, etc.
I could see ATMs and black markets providing the crypto in some developing countries. We'll see what happens.