One of the main ideas on which the Entry project is built is that people do not use crypto currency for the intended purpose. And it's true, according to research, only 30% of all crypto currency is used to buy goods, services and services - everything else is used by holders as a means of accumulation or speculation. It is this attitude that makes coins volatile and little used in trade. Why do not people buy goods for crypto currency?
... and why do I need an Entry?
You can call it a vicious circle, but the reason is that in the supermarket do not take bitkoyn, just in its volatility. On the one hand, the buyer does not want to spend his coins, as he hopes that in the future the price will increase and he will be able to buy much more goods per unit of currency than at the current moment.
On the other hand, the seller himself does not want to accept bitcoins and other crypto-currencies. He does not know what the value of a crypto currency will be in a few minutes and whether he will be able to purchase a new product for cryptonyms. Most likely, when the time comes to pay for electricity and all other expenses, the seller will have to again sell its currency and convert it into a national one. Agree, this is not the best scenario - the entrepreneur has enough worries.
Also, to work with the crypto currency, you need additional competence, which is not always available to people who are tasked with carrying out retail trade - the ordinary seller will be very surprised if he is obliged to learn all the subtleties of calculating in the crypto currency. Yes, and the razor of Occam pushes to a simpler version - the payment of phyat.
Nevertheless, crypto-currencies have properties that make them attractive in the eyes of entrepreneurs. For example, independence from government structures and security when transferring funds. Therefore, the crypto currency must be introduced into the trading system, but only it lacks a tool, it will become Entry.
We buy goods for crypto currency
What does Entry.Money offer for its users? We will analyze on an example. Imagine that you want to buy sneakers in the company's online store Nike and even have the right amount. That's just all of it, say, in Ripple. In order to buy sneakers you need to exchange crypto for any fiat currency, and then, to the one that the store takes, right? Yes, it was before the Entry.
With the help of the Entry.Money service, you can make a payment in the currency that you have available, for example, the yuan - the main thing is that it is compatible with the platform. The intellectual system independently conducts conversion to Entry tokens to provide all those "chips" that provide crypto currency when making payments. The seller can accept payment in the currency that is convenient for him: it can be an Entry tokens or a compatible Fiat.
The seller may be interested in making payments and in the Entry tokens, although this is difficult to accept, as a fact. The fact is that customer incentive systems and loyalty programs work much more efficiently when the bonus is a real payment instrument.
Each of us has some discount and savings cards from a wide variety of brands. And if the discount is an even more or less interesting benefit, then with different bonuses and points everything is much more complicated. Firstly, they are not so easy to spend: companies create different conditions that would have to provoke a buyer to use the service, but, as a result, frighten him. For example, "you can use bonuses when buying above $ 100." For the average user, this sounds like an unfortunate way to lure more money.
If your bonuses are real crypto currency, then everything does not seem so complicated. First, it's easy to spend such accruals: there are no additional conditions that make it necessary to refuse such a "gift". And, secondly, if in the loyalty program you can spend bonuses in any store and even translate them into real money, this makes the brand really attractive.
So, if you want to make discounts to your customers, it's better to charge the crypto-currencies as a cashback and people will reach out to you. This concludes the second part of the review, and there is another part ahead, where we will talk about all the possibilities of a decentralized bank, which even the usual financial institutions with physical representations are not always able to do .
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