Telcoin!? What is it!? "Dope or Nope"steemCreated with Sketch.

in cryptocurrency •  7 years ago 

Lets start by visiting the official website of Telcoin.

Introducing Telcoin, our mobile cryptocurrency solution

Telcoin is focused on connecting with mobile networks globally, enabling easy conversion between telecom mobile money, prepaid credit and postpaid billing platforms.

How it works:

Our model is simple: We will distribute Telcoin to mobile networks according to the incentive model below, and they will sell it to their subscribers How it works

So you're telling me Telcoin is an altcoin (like we don't know already ) which is sold to the Operator then it comes to us. How is that decentralized then. As I know ( correct me if I'm wrong) Operators need governmental license (or something else). Point is they need to be approved by the government. So the coin is being controlled by both the Operator and Government.

Aside that why do we need an operator to buy, sell and exchange it. We already have web based and downloadable wallets to keep our cryptocurrency and transfer it. I mean, yeah not all has internet connection and moble operator is widely used for communication and all. But we already have that. I live in Bangladesh and I bet 99.9% of you are hearing the name of this country for the first time. Even in Bangladesh, we already have such a wallet called Bkash that takes the primary currency and transfers it. Even farmers and illiterate people use it. But Telcoin. Telcoin is cryptocurrency based.

Lets say that Telcoin is a success. The question is who will use it. Why use international money transfer method. How many people send money to another country. I'm sure many countries won't allow it. Cryptocurrency still is in it's developing stage. The last thing we want is that huge amount of money being smuggled from Russia to America by Telcoin and the start of world war 3. ( I'm just kidding )

Take 14 million bitcoin wallets and 1.2 million Ethereum wallets as the numbers representing users. But also know that those numbers have numerous duplications. The real numbers must be lower than that. So 15 million people. That is 15 out of 750 people.

What is the point in that? A currency that is decentralized and can be easily sent and recieved internationally. But, every cryptocurrency is such.

So why the hassle of mobile operators, when you can use wallets.

So, I'm sorry to say NOPE. The idea is good. But the question is why use it. There are many altcoins [if not all] that are internationally portable. Telcoin is not for me

It is ironic that I came to know about Telcoin from an article promoting Telcoin with and 150 Steem Prize Contest. Read the article here https://steemit.com/cryptocurrency/@originalworks/150-steem-sponsored-writing-contest-telcoin

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Congratulations @bangla! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of posts published

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!