If you have ever tried to send or receive money to or from another country, you should have already realized how much of a hassle it is.
On top of the exuberant transaction fees which service providers insist are meant to cover their “high” level of service, one might have to fill up forms, answers questions, and could even be required to provide proof to the source of funds. That is without mentioning the prospect of having to physically go to a specific destination to place the remittance order.
You can bet that banks, financial institutions, and service providers have been making huge profits from providing remittance services. And with all players seemingly contented to charge high fees, there is little incentive to be more price competitive.
It has been this way for ages.
Telcoin (TEL) is a company that is trying to disrupt this industry with the aide of blockchain.
Unlike most crypto startups that go heavy into marketing before even creating a working product, Telcoin has been quietly going about building their infrastructure and working with governments to adhere with financial regulations. And they have been doing this for the last 3 years.
This shows that they are more serious about creating a profitable and sustainable business than to profit from their token prices.
In fact, most of the marketing they have done in the last few years have been through community interaction with stakeholders, which include customers, supply chain partners, token holders, investors, etc.
This says a lot about their vision and approach to the business.
Remittance is essentially a tightly controlled industry as governments want to prevent their currency from being manipulated or being used for laundering.
However, using crypto as a medium for this exchange of value can sidestep this prickly issue that governments are concerned of.
When someone sends a remittance with Telcoin’s platform, the flow of funds essentially converts fiat to crypto, send the TEL token to the funds receiver in another country, and is converted back to the local currency.
This money flow prevents currencies from being transferred mindlessly from one country to another and enables local governments to control the entry and exit of currencies.
But that is basically what every cryptocurrency does, not just TEL. Isn’t it?
Yes it is.
What makes Telcoin unique to every other crypto company or remittance service provider out there is that their medium for running these remittances is via the telecommunications network.
Don’t just think internet. Think GSM.
This takes the ease of sending remittances to a whole new level.
People can essentially use their mobile phone, even without a data connection, to initiate remittances. There’s no need for 5G, LTE, HSPA, etc. As long as a phone has reception, it can send remittances with Telcoin.
This idea alone can pique the interest of venture capitalist. But this is no longer just an idea. Telcoin is already operational and serving the Canada-Philippines financial doorway.
And they are in the process of opening up more markets for their services.
The potential of Telcoin is absolutely enormous. There is also no other company in this space that comes close to where Telcoin is at the moment.
So there is no other cryptocurrency that can be serves as a benchmark for TEL’s price. The sky is basically the limit here.
However, the speed of implementation of Telcoin’s platform can be key to their success and sustained dominance.
Because even though they are the first to market with this concept, they are dealing with major players in the industry backed with huge funds. Think telcos, banks, credit card companies, payment services, etc.
If Telcoin fails to grab a controlling market share fast, there is a higher risk of other players entering to grab a slice of the pie as well.
Where to buy Telcoin?
Telcoin token (TEL) can be purchased at the Kucoin exchange. It would be more cost efficient if you deposit funds from somewhere else to Kucoin instead of using credit card to purchase. The credit card fees on Kucoin can be quite expensive.
It can also be swapped at the decentralized exchange Balancer.