UTRUST - The Future Of Digital Transactions
UTRUST - The Future Of Digital Transactions
A few months ago a house sold in California, paid entirely in bitcoin. Due to price fluctuations in the market, the seller ended up with more than a million dollars more than he was asking! What a windfall for the seller! Before you cheer too much, think about this: the buyer paid more than a million dollars over the asking price!
In a nutshell, this is The Problem when it comes to the mainstream adoption of cryptocurrencies. As it is today, moving your wealth through the exchanges takes some time. During that time market valuations fluctuate and by the time your payment is cleared, you could easily pay as much as thirty percent more, or less, than what you thought. Merchants simply can't operate a business that way.
Built on the Ethereum blockchain, UTRUST eliminates that problem. When payments are processed through UTRUST, you pay in cryptocurrencies of your choice, and the merchant receives fiat currency. Let’s break it down with an everyday example to see it in action.
You’re out to lunch and choose to pay with your crypto. The restaurant owner is on top of things crypto, so UTRUST is already setup. Lunch costs about sixty dollars and you only have forty-seven dollars in cash. But you have some bitcoin, a little ethereum and some steem in your wallet, so no problem.
You decide to use some of your steem – easily replaced with just a little effort. Your device meets the restaurant’s device and the payment is made. Your steem drops by a certain amount, which you already know. No surprise there.
On the merchant’s side, that steem is immediately converted into whichever fiat currency they’ve chosen. Assuming the merchant has good standing*, the fiat payment will be transferred almost immediately into the merchant account.
The payment is completed for both the buyer and seller in about as much time as it takes to pay with cash or a credit card. Nobody is going to make an extra million dollars. But nobody is going to lose an extra million dollars, either! All the chance and uncertainty is removed.
UTRUST is the future of digital transactions. Total transparency of cryptocurrencies, instantaneous conversion to other currencies, and consumer/merchant resolution within the UTRUST platform should bring UTRUST to the very top of our future payment choices.
The UTRUST ICO is scheduled to be announced in October 2017.
*Good standing depends on several factors such as delivery of goods purchased, conflict resolutions, etc. and will not be covered in this article. Note that UTRUST does have a robust resolution program in place which requires its own article to adequately describe.
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Good piece, @jonknight. Clear, concise and a great example to illustrate how it works. It makes it easy to comprehend, even for a novice like me!
Great information! That answered my question a little bit about what in the world "crypto" is. Thanks for sharing!
Hey @kdneeley! great to see you here!
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