- Fear, uncertainty, and doubt because of occurrences such as scams, loss of funds in a short while, etc.
- Inability to spend cryptocurrencies like normal fiat currencies from day-to-day.
I also mentioned how the Araw token platform wishes to eliminate these disadvantages and increase the adoption of the blockchain technology.
There are other disadvantages of the cryptocurrencies that exist, some of which are:
Inability to loosely or easily convert Cryptocurrencies to fiat and Vice Versa
There is no international cryptocurrency exchange platform that has been able to truly solve this problem. Any cryptocurrency enthusiast that wish to convert his/her fiat currency into cryptocurrency has to go through a lot of processes that takes time and wastes funds. First, the investor has to register with a cryptocurrency exchange platform. For those who have the experience, registering on a top-tier crypto exchange is a big deal, one has to submit some documents for proper identification (Know Your Customer- KYC) which can take a lot of time for these documents to be confirmed. Then the fiat has to be moved through a payment processor which most of the times includes a transaction fee (very high most of the times and does take time). The fiat will then be changed into a top or known cryptocurrency (like bitcoin or etherium) this also includes a transaction fee to be paid to the exchange. If the desired cryptocurrency is not listed with the exchange that converted the fiat to cryptocurrency, the bitcoin or etherium has to be withdrawn from the platform and deposited into another platform that has the desired cryptocurrencies. The withdrawal and deposit will include deduction of transaction fee from both exchanges (this can be up to 5usd for each movement) not to talk of the processing times and transparency issues on many exchanges.
Liquidity talks about the availability of any asset in the exchange market. Many cryptocurrencies suffer from a lack of liquidity as buyers are unable to get their desired cryptocurrency as the desired price. Those who want to sell may run into a loss because after they are able to sell at a lower price the transaction fee both in crypto and fiat will further deepen the pain of their loss.
Araw Banking System integration
With the Araw banking system integration a cryptocurrency enthusiast can easily buy or sell their Araw token without moving funds back and forth within different exchanges thus cutting the high transaction fees, the waiting times (which can lead to a total or terrible decline in the worth of the token sent), troubles with registering on different exchanges, etc. This will definitely increase the adoption of the blockchain technology through the Araw token. Users need not fear about the price of the Araw tokens as it will surely increase with the increase in adoption of the Araw platform. It is important to note that the platform has an already built platform which has been in operation since 2016 and with many participants or clients. An increase in the adoption of the Araw tokens means a definite increase in patronage for vendors/retailers/service providers registered on the platform.
An advantage for the Vendor
Because many vendors do not have the technical know-how to accept fiat currencies for purchases made on their online shops, they install APIs from companies which serve as payment processors for their customers. These payment processors deduct 2-5% flat rates on every purchase made through them. This is much but the retailers/vendors have to comply as they do not possess the technical experience to accept fiat payments from anywhere around the world.
The Araw token platform offers a cutting-edge API which does not require a technical experience to use and will definitely help vendors or retailers. The Araw platform API can be used as a payment processor on any online shop. The Araw API allows retailers to accept cryptocurrencies directly thus eliminating all intermediaries and their high transaction fees. The Araw token platform also allows retailers to be distributors of the Araw tokens as a loyalty reward instead of reward points that has its limitations. Vendors do not need to fear their goods being undervalued because of the reward points for the great usefulness of the Araw tokens. Each retailer will be able to access a wide variety of customers from all over the world who are also Araw platform participants thus increasing the visibility and profits this is because, through the platform, retailers will be able to put up reward systems that are attractive and does not include the complexity of the cryptocurrency ecosystem.
The heart of every vendor is visibility because visibility increases customers and customers increase profits.
I have been part of the cryptocurrency ecosystem for over a year now, so I understand what it means to go through the rigor of exchanging cryptocurrencies for fiat currency. I have accounts with more than five great exchanges today to be able to access any cryptocurrency. With the Araw token platform, I can be assured that previous experiences will be over because the Araw wallet allows my fiat account to be directly connected to the Araw platform thus cutting having to send tokens or funds from or to different exchanges.
You can also become part of the Araw token platform by participating in the token sales.
For further information on Araw, you can read:
Thanks for reading. I am @ayobami99. You can reach me on bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1848386;sa=summary