maybe i have missed something here. But it doesn't seem to me like this application has much use. The goal is to bring cryptocurrency to the unbanked. Well the unbanked are people who live in areas where its hard to even have a bank account. So with Dether, they can now buy cryptocurrency and have it on their phone like a mobile bank. The only problem is they need to actually meet up with some one who owns cryptocurrency to sell to them. I would think that these people usually do not live in the same geographical location as those who are considered unbanked. it is an interesting idea. i would be interested in it if selling could be a profitable enterprise. But is it really profitable for me to run around all day meeting people who want to buy my crypto in New jersey? feel free to correct me if i am misinformed about Dether.
Hey crypto ray,
Thanks for the comment! Serving the unbanked is definitely an ambitious goal for any blockchain company to tackle straight out of the flood gates. However, I believe their initial product and roadmap will focus on cities that have established cryptocurrency hubs. This will build reputability and give the team a chance to fix any kinks or issues with their product. Localbitcoins.com is a centralized platform that allows crypto holders to buy or sell online or offline with fiat or other payment methods. They are used in unbanked countries already. Dether, hopefully, will be able to provide more online trading of assets as they develop their product and escrow system. Thankfully localbitcoin has given users a sense of security which Dether can take to the next level using the blockchain. Profitability will be determined by the transaction rate you charge. I believe people value their security, identity, speed of receiving the crypto (Coinbase can take up to a week), and protecting of earnings (for countries suffering from hyperinflation ) that they will pay a higher transaction rate.
thx for the reply,
i have just read your reddit response as well. I must have missed that they plan to offer an online version. that interests me. Your response has made me reconsider my initial impression of the idea. It certainly has potential. It will be interesting to see what they can do.