How Cryptos like BTC, EDC, XDC, XLM, and Stablecoins can Save a lot of Trouble; My Experience. JSRTAC Ep. 2February 9, 2020
How do you feel when someone around you is lacking vital information and this lack is affecting them adversely, yet you have the key to this information? For some, they’d rather keep quiet and watch others suffer, but for some of us, keeping quiet is not an option. The blockchain technology and cryptocurrency is this vital information that many people, businesses, and projects lack. And the lack of this information is resulting in loss, huge cash flow gap, and delay in unimaginable magnitude. This article focuses on one of my experiences in providing this vital information to people and how I believe it will affect them. You are welcome to another episode of Just Some Random Thoughts About Crypto (JSRTAC).
You can read episode one here: Just Some Random Thoughts About Cryptos (JSRTAC) Episode 1: Crypto Past, Present and Possible Future.
A Centralized advertising platform
I once heard about a digital advertising platform which rewards its users (influencers) for sharing ads on their social media. This platform collects a fee from the users to ensure their seriousness. The platform pays profits to members at the end of the month according to the amount invested and clicks recorded by the links they shared on their social media. This is quite sustainable as members are paid only for actions recorded through their links, though at first, I thought it was a rip-off. I looked away for sometimes but when a friend reintroduced the platform to me, I decided I had to check it again.
While checking again, I saw that the platform which had been doing well over the past few months ran into a crisis. The problem was that they had a challenge with their payment processor and they couldn’t pay their members for the month. To make matters worse, the payment processor doesn’t work on weekends. It was reported that the payment processor had issues with banks because of the huge amounts involved with this advertising platform. The payment processor panicked and dropped support. The platform had to switch to another payment processor but the problem persisted as reported by the platform.
Reading this story sparked something within me and I decided to do something about it. I drafted a message and I sent it to their mail and social media accounts.
This is the message I sent:
“I want to commend you guys on what you are doing. At first, I was sceptical about the business model but then I saw my question answered on the faq, I had my doubts cleared.
I went on to the Facebook page and saw the challenge you guys are facing with paystack. I must commend the transparency, coming out to tell the whole story as it is is a great deal and cements your relationship with your customers.
Permit me, I will send this message throughout your social media inboxes until I get a response. I am sure there must be tons of messages waiting in queue for replies- I understand.
My major suggestion is: Why not try Blockchain or Cryptocurrency payment option for your users. Sure, you may be scared of the fluctuating nature, but there are stable coins like USDT, NGNT (stellar based), USDC, or you can create your own through very easy step using a suitable blockchain like EDC blockchain or if you want it to be private you can use XINFIN. These blockchains (EDC or XINFIN) I am sure will give you 100% support. Your customers can easily convert their stable cryptocurrencies to Naira at their own leisure without getting you into any more troubles with centralized payment options.
Blockchain is transparent, you can see all transaction details openly (people will appreciate this more as they have hard evidence). There are no holidays or off days on the blockchain. It is decentralized there is no single point failure. Using a blockchain/cryptocurrency as a payment option will bring your business to the world. You don’t have to worry about paying the rest of the world there are no border restrictions on the blockchain. I hope you research more and transition to the blockchain.
There are Nigerian based Blockchain techs too if you may be afraid to meet with people outside the country. I have lots of recommendations.
I hope to hear from you guys.”
I felt relieved and happy sending a kind of message like this. Though it had been weeks since I sent the message, I haven’t received a reply. I am not angry if they didn’t because it may take a while to process information like this. Even if they will not make a change, I am happy I did my part.
Do you think you have a story of how you came through for someone with the information about the blockchain technology and cryptocurrency? Do well to send us your story in the comments.