As the demand for digital currencies grows, many new cryptocurrency exchanges will continue to emerge.
Most new users carry out all their financial transactions using fiat currency, exchanging money then for Bitcoin on decentralized exchanges or through Bitcoin ATMs and Over-The-Counter brokerages. Many cryptocurrency exchanges, like Coinbase, offer users a way to buy Bitcoin and other major coins using fiat deposits, however only offers about 12 out of the thousands of digital currencies available. It also has the typical buy/sell/deposit/withdrawal restrictions seen on most exchanges.
What if there was an easier way?
We recently discovered Netcoins, who strives to streamline the process.
What is Netcoins?
Netcoins is a Vancouver-based company founded by brothers Michael and Dominic Vogel to allow seamless fiat-to crypto transactions in retail stores across the globe. By looking at the problem of acquiring cryptocurrency as one that deliberately restricts new users through internet protocol, Netcoins approaches the solution differently.
The expected solution would be to offer an exchange platform that offers access to more altcoins than Coinbase while maintaining fiat currency purchases. However, Netcoins takes it a step further with their app, which turns retail merchants into cryptocurrency sellers. This means that anyone can walk into select retail stores and ask to buy cryptocurrency using cash, debit or credit cards. The app facilitates the sale via the buyer’s email, just like Paypal, and the cryptocurrency is sent to the email address.
The company’s app, known as “Virtual Crypto ATMs”, turns any PC, Laptop or Tablet into a virtual cryptocurrency exchange that users can carry out transactions on. This method ensures that users have more options for buying or selling cryptocurrency on short notice without the hassle of registering on an exchange. In addition to this innovative approach, Netcoins has also launched an Over-The-Counter brokerage to serve its users who are interested in buying or selling large amounts of cryptocurrency.
One major concern over the Netcoins technology is that it may take a while for retailers to open their doors to cryptocurrency. The company’s global network which spans more than 170,000 retailers across 53 countries, amassed over less than three years, lays these concerns to rest. Netcoins has also proven to be profitable and has shown a year-on-year growth of about 400%
Key Characteristics of Netcoins Transactions
- Secure funds that are safeguarded by the software and the presence of a trusted retailer
- Accessibility regardless of location since people can find retail stores everywhere and the Netcoins network is still growing
- Constant availability of cryptocurrency in multiple places, so traders can set up trade routines easily without exchange issues
- The powerful Netcoins app is equipped with a cryptocurrency wallet setup
- Convenience for both new and seasoned users
- Fast transactions which allow many users to buy cryptocurrency at the same location
- Safe purchases from trusted retailers that users are familiar with, instead of anonymous exchanges
What are the implications of Netcoins technology?
Netcoins benefits several groups in many different ways:
- Miners earn rewards and often encounter issues trying to sell those rewards quickly. In this case, Netcoins serves as a liquidity partner to help these miners sell their cryptocurrency at a retail outlet close to them. Due to this simple process, miners are able to sell their proceeds daily or weekly while receiving money on the same day.
- Retailers stand to gain an influx of customers by offering cryptocurrency exchange vouchers which each purchase. This encourages more people to buy goods from the location.
What benefits does Netcoins offer?
- It presents a safe and secure platform for users to send, use, trade, and invest in cryptocurrency.
- It is a fast alternative to online cryptocurrency exchanges, especially in emergency situations.
- It turns any device into a virtual exchange and offers the retailer the added benefits of attracting more customers.
- It allows people to buy cryptocurrency in spaces they are familiar with.
- Netcoins offers new users many bonuses.
- The app software creates its own fitted Bitcoin wallet and provides transaction records for invoicing and exchanges.
- The exchanges happen in real-time and are available 24/7.
- It simplifies the process for trading altcoins which have proven to be just as profitable as Bitcoin. Users no longer have to acquire Bitcoin or Ethereum before buying altcoins. This is something that most of their competitors have not been able to do.
- The Netcoins platform provides an automated version of the Know Your Customer (KYC) verification. This allows users to register quickly and become verified to make transactions.
- It helps customers save time.
- Users get to skip many steps that otherwise would have been mandatory and tiresome at a regular exchange.
- They already have an expansive global network that may continue to grow.
- The system breeds trust since users buy cryptocurrency physically from familiar establishments.
Netcoins easing the way into cryptocurrencies
Netcoins has shown an innovative attempt to tackle the general problems faced when users try to buy digital currency. While these problems seem small, they hinder adoption by restricting access. How does a person adopt the use of cryptocurrency if they can’t buy it easily? Knowing that the process is long, tiring and restrictive, a person may choose to stick to fiat currency. This is how the ecosystem loses its much-needed user base. Netcoins is contributing a positive solution and is promoting inclusivity and adoption in a seamless profitable way and by the looks of things, it’s here to stay.
Have you tried Netcoins?
You might also like:
- The Dutch Company Making it Easy to Buy, Sell and Store Crypto – Bitqist
- Does Crypto threaten Fiat? The Pros and the Cons.
- Moon Bitcoin & Faucets Explained
Article originally published by MintDice, Netcoins: What you need to know about this cryptocurrency.