Spotcoin – Removing the ‘Crypto Bubble’ Tag from the Blockchain for Mainstream Adoption

Let us be honest…

99.9% of most blockchain enthusiasts are living a double life. Literally.

Most of us are not even telling our spouses, friends and ‘frienemies’ what we are onto, especially if there are no tangible otherworldly results to show for our labour of love with crypto.

It gets even harder when prices crash, and you are still hodling!

If you add the fact that it is hard to cash out your crypto to ‘normal money’, you are living every day hoping that the hodl is a wise thing to do. And you have a good reason to hope.

85% of all crypto is used as hodl assets. No movement, no current real-life use. Mmmh…

Can this change soon?

Let us find out!

The Crypto ‘Curse’

Ever since bitcoin was created, the long knives between digital cash and legacy financial markets were drawn.
Satoshi did not even thinly hide his disdain for fiat currency ecosystems and how they were being managed.

In fact, he encoded an excerpt from The Times of 03/01/2009 on the genesis block to show this disdain and also ‘timestamp’ the beginning of blockchain as we know it.
“Chancellor on brink of second bailout for banks,” It declared.

The fact has been that more than 80% of all crypto is dormant in the wallets it first appeared, either as pre-mined or mined hodling. 64% of all bitcoin has never been spent, including the un-spendable bitcoin that resides in the genesis block wallet.

What does all this mean?Why have holdings that cannot be cashed out?

This is the dilemma that most crypto pessimists use to justify holding off the urge to plunge into this amazing technology.

It has been hard for anyone to liquidate crypto holdings.

From prohibitive exchange and blockchain fees, fluctuating crypto prices and long wait times, to government restrictions and unwilling and scared banks, most people just ‘let crypto hodlings just… be.’

Now, if there is no movement, any currency loses value. Quickly.

Money is like any other commodity. If it is not being traded, fewer users see any need to hold it.

That is where cryptocurrencies are headed. It’s the ‘crypto curse.’ And Spotcoin has found a way to bridge the gap between the traditional financial systems and crypto.

The Opportunity

Are you still unsure of how cryptocurrencies will pan out in the ‘real world’?
What you need is a blockchain solution that works for everyone. Government, venture capitalists, retailers, wholesalers, developers, users. Everyone.

A cryptocurrency that can bridge the gap between how people want to get and distribute fiat currency, or value in general, and still enjoy the benefits of digital cash is what can really bridge the gap and bring cryptocurrencies into mass adoption.

Most fiat currencies are either not tradable online, or they levy unsustainable transfer fees.

Who is Spotcoin?

Spotcoin is a Georgian blockchain effort.
Georgia the country, not the state in the US.

Andrew Thornhill and Guram Rukhadze co-founded Spotcoin.

They soon had Tim Gick acting as the CEO, with Sean Mulcahey as the Chief Strategy Officer (CSO).

And their mission is simple. They want to bridge the gap between legacy fiat systems and emerging digital assets.

Let us find out how…

The Spotcoin Solutions

Let us look at the main features that place Spotcoin in a great position to lead this revolution;
The OTC Marketplace

Their over-the-counter solution enables them to be a worldwide clearinghouse that makes the movement of cryptocurrencies to fiat currencies easy, cheap and fast.
Spotcoin will incorporate the OTC feature as part of the development of their complete digital asset management toolkit.

They will use advanced KYC features in keeping with the Digital Identity functionality of the NEO blockchain to ensure that their transactions have strong lines of trust.

To provide trusted liquidity, Spotcoin is in partnerships with banks all over Europe to provide liquidity through tested know your customer (KYC) and anti-money laundering (AML) lines.

The platform will operate as both a trading intermediary and an escrow service for both fiat and crypto.

They have a ‘next-day’ payout standard that allows traders to see customer payment immediately and access the payout the following day.

And if you are executing trades of more than $1million, Spotcoin will appoint a personal ambassador to handle each of your transactions.

Digital Exchange

Spotcoin is building a digital asset exchange. Originally, they will be able to create trading pairs between global and regional fiat currencies and cryptocurrencies. Their initial cryptocurrencies for such pairs will be BTC, ETH, GAS and SIB.
The simple interface between their mining operation, the Spotpay platform, the mining operation and the OTC marketplace will provide simple liquidity that will allow for fast, cheap payments.

Spotpay

Spotpay is a secure digital payment system that will have a widget, appropriate APIs and app-based users’ digital wallets that will allow for instant low-cost and secure OTC transactions.
Spotpay will integrate with Spotcore to enable instantaneous transactions with desired fiat conversions at the current crypto-to-fiat rates.

Mining

Through a partnership with the Georgian Mining Company, Spotcoin has designed and initiated an environmentally friendly mining facility. They intend to use the facility to host 2,250 GPU miners and reserve the capacity for an additional 9,000 more for clients.
The mining operation will be a part of the strategy to maintain liquidity on the blockchain.

The BSBI

Spotcoin will initially concentrate its efforts in the Black Seas region. As such, in addition to providing crypto to fiat pairs for the Euro and the USD, they will initially work with currencies in that region, from countries like Georgia, Turkey, Armenia, Russia, Ukraine, Bulgaria and Moldova.
The Black Sea Blockchain institute is an effort that emanates from Spotcoin’s interaction with various governments to allow their technologies to be adopted from a policy level.

Apart from advancing blockchain based learning and research, it will also incubate and accelerate the entrepreneurship towards distributed ledger technologies.

Final Thoughts

Spotcoin is doing what very few blockchain start-ups have done.
They are trying to bridge the gap between fiat and cryptocurrencies, and provide an easy point of sale solutions for crypto to fiat pairs.

Starting operations in the Black Seas region, the Spotcoin team has combined several functionalities to build one of the most potent uses of blockchain solutions built on the NEO platform.

With the OTC, mining, a digital exchange, strategic liquidity partners and Spotpay, they have a well thought out solution to the problem of high volume over-the-counter use of crypto in fiat-based ecosystems.

written by: kofoadams
https://bitcointalk.org/index.php?action=profile;u=1150005