One of the most exciting aspects of the steady rise of technology in everyday life, is its ability to connect us to people worldwide. Never before, in the history of humanity, have we been so easily able to meet and interact with people living across the globe.
And as exciting as talking with family from across an ocean is, what if you could send them money just as easily? It would be a game-changer, especially for those from economically developing countries. In this article, we will to explore a company that is striving to achieve this mission.
So, keep reading to learn what Telcoin is, how it works, and what separates it from other remittance platforms. Hopefully, in the end, you’ll have an answer to is Telcoin a good investment?
What is Telcoin?
Telcoin is an ERC-20 Ethereum-based cryptocurrency, established in 2017. The company’s goal is to make money transfers both smarter and easier. They’re striving to accomplish this goal by bridging cryptocurrency, blockchain technology, and telecommunications.
Through this confluence of technology, Telcoin aims to build a sustainable payments ecosystem. An ecosystem with high-speed, low-cost digital remittances for mobile platforms and e-wallets. Remittances, in case you don’t know, is a payment that’s transferred from one party to another.
Remittance is primarily used to describe a sum of money sent by someone working abroad, to his or her family back in their home country. Today, remittances represent one of the most significant sources of income for people in low-income and economically developing nations. These remittances often exceed the number of direct investments and international development assistance.
Telcoin is seeking to boost the effectiveness of remittances for peer-to-peer interactions with both individual’s phone numbers AND with e-commerce stores. That’s because the infrastructure for mobile technology currently outpaces other types of technology, like broadband of fintech.
Today, there are 5x more mobile phones than active bank accounts in the world. So, in many places, mobile infrastructure exists but not one for finances. And, despite the prevalence of this mobile technology, people around the world continue to line up to send money via high-cost remittance agents like Western Union.
Telcoin assists disadvantaged populations by providing access to previously unavailable financial services with the only requirement being a smartphone and a phone plan. This ease-of-access will help these populations avoid such high-cost agents.
Ultimately, Telcoin wants to facilitate a global unbanking in the world by providing an alternative to traditional money transfer platforms. They plan to accomplish this through cheap remittance, payments, credit, and other perks available via blockchain technology.
There are four distinct characteristics that make Telcoin stand apart from traditional remittance providers. First, Telcoin offers instant transfers. By leveraging blockchain technology and mobile money infrastructure, users can transfer money globally, in seconds.
Second, Telcoin is more convenient than its traditional competitors. Telcoin works with mobile operators and e-wallets from around the world. This convenience means Telcoin can reach a broad base, all with contactless service.
Third, Telcoin is more affordable. The global average of sending a remittance, including fees and FX margin, is over seven percent. Telcoin, on the other hand, is targeting an average total cost of less than 2 percent.
Finally, Telcoin offers unparalleled power and security compared to its competitors. Telcoin combines the strength of a decentralized network with multi-signature security through the Ethereum blockchain. Plus, Telcoin’s protocol is wallet agnostic. It can integrate with both Telcoin’s proprietary wallet and other existing telcom mobile money wallets.
Is Telcoin a Good Investment
Only you can answer a question like is Telcoin a good investment.
Telcoin (TEL) has experienced tremendous growth since its inception. In 2021 alone, the price of TEL has grown by more than 8,900 percent. But investing is personal, and I can’t tell you if Telcoin is a good investment or not. That decision is entirely up to you!
Still, if you’re looking to invest in a cheap penny cryptocurrency, you can do a lot worse than Telcoin.
And, if you’re interested in investing in other low price cryptos, click here for the best penny cryptocurrency to invest in 2021.