Introduction
Since the introduction of Cryptocurrency in 2009, as Bitcoin and the Blockchain technology, there has been a sporadic rise in its advancement that one will think the whole world will be deeply involved in this technology and moreso, adopt it completely. Numerous sectors have partaken of this technological and digital money evolutionso much that they are thriving and setting the pace in the sectors. However, the conventional economical system is lagging behind and yet to upgrade hence, several individuals do not have the basic understanding of Bitcoin Technology and Blockchain network. Thus, the initiation of Fidelis project. This platform seeks to mend the bridges between the people and stock/economics industry.
The Challenge
Cryptocurrency assets are just like stocks, bonds and assets in these recent times. Fiduciary is a feature, incorporated in cryptocurrency also. When an individual invest in the assets of a company in stocks and bonds, at individual discretion, the value accrued can be exchanged for cash or converted to money. Likewise, the crypto assets users purchase can be exchanged for Fiat currency (money) depending on the huge liquidity. However, with crypto assets being exchanged for cash, they are unable to be used as a legal tender in most places. Only few countries and coins have accepted the use of cryptos without conversion as money.
Due to this, an important function is lost by the cryptocurrency which is getting to the common man purses and pockets alongside its significant feature of protecting a coin against being devalued and valuation, intrinsically.
With Fidelis, the difference between the current individual (one who knows and understands the basics of cryptocurrency and its application to the economy), the common individual (who knows nothing about the world of crypto) and a decentralized economized world which has cryptocurrency representing it.
The Answer
Certain things must be put in place for a cryptocurrency to be used as a legal tender for the buying and selling of goods and services. These are;
- Companies must provide goods and services for people to buy and patronize
- Companies must also accept payment directly with cryptocurrency without cash conversion.
Although, to function in the crypto world effectively, the common man must understand basic Terminologies and concept of cryptocurrency like decentralized finance, exchanges, public address, wallets, and so on. In fact, an average individual is no where close to this world due to the fact that he is unwanted or needed entirely. A large percentage of people receive their wages and salaries in Fiat currency, the services and products they purchase are also in fiats, to keep their money safe, they create an account with the bank and stores the money.
Conclusion
The Fidelidade project is the perfect means whereby the crypto world makes total sense in the minds of people and a great transitioning in the conventional economy. There are only a few things remaining for Fidelis to implement to ensure that companies and individuals alike will accept this loyalty program. With Fidelity, the comman man gets a feel of value and power being a decentralized financial system.
USEFUL LINKS
Website: https://fideliscrypto.tech/
Telegram: https://t.me/fideliscryptointer
Twitter: https://twitter.com/fidelisfintech
Facebook: https://www.facebook.com/fidelisfintech
Instagram: https://www.instagram.com/fidelisfintech/
Linkedin: https://www.linkedin.com/company/fidelisclub
AUTHORS DETAILS
Bitcointalk Username: Esty2281
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2737693
Proof of Authentication: https://bitcointalk.org/index.php?topic=5382181.msg59097390#msg59097390