Bitcoin Global News (BGN)
June 05, 2018 -- ADVFN Crypto NewsWire -- Do we need to
facilitate transfers from Crypto to fiat and back to attract new
customers and retain existing customers on Crypto exchanges? Can a
Crypto platform be user friendly without involving fiat at
all?
An industry startup
called Ubcoin Market appears to believe that the answer
to both of these questions is yes and they’re attempting to
capitalize on their beliefs.
To narrow things down a bit, the
principal problems that Ubcoin’s looking to solve are that there
isn’t a true, easy way to “acquire crypto,” and there isn’t an easy
way to begin spending it, once you’ve acquired it.
To address this, Ubcoin’s looking
to become the new Ebay. According to their business model, this
means that would-be users will be able to easily log-on to the
Ubcoin Market, post listings related to their used products, and
price them in Ubcoins.
From here, once a sale is made, two
paths exist. The first is that the receiver of the Ubcoins can
convert them into Bitcoin or Ethereum and then send them back to
his or her personal wallet. The second, and the one that we can
reasonably assume that the Ubcoin firm prefers, is that the
receiver can keep the Ubcoins and use them as the platform’s native
currency. In essence, to buy anything on the Ubcoin Market, you’ll
need to have Ubcoins.
On paper, this idea is similar to
others like Syscoin, whose Blockmarket is
modeled in the same way, except that Blockmarket reportedly doesn’t
involve Ethereum at all. A complete analysis of both Blockmarket
and Ubcoin Market bears another piece, but suffice it to say that
Blockmarket is already up and running and it’s seemingly as easy to
use as downloading Syscoin’s native wallet.
With Syscoin as well as similar
projects like Rarebits, that wants to do the
same thing except only for non-fungible Crypto-related assets,
Ubcoin’s desired niche does appear to be a red ocean. When Ethereum
and EOS are added to the mix because of the fact that they are
platforms, it appears almost certain that this is the
case.
The question then becomes: how
exactly does Ubcoin plan to differentiate itself from these strong
competitors? One possible answer lies in their claim that they will
strictly follow the laws of every country that has created guidance
with regards to regulating Cryptocurrencies. On the other
hand, in that by 2020, they want to be doing business on every
continent, this might prove to be overly ambitious.
What appears more likely to be
their differentiator is the fact that Ubcoin plans to
use neural networks to govern the
listings on its market as well as to improve its overall
performance, which could position it as a safer version of Ebay, as
long as Ubcoin’s customers understand what neural networks are and
why this could be the case.
Furthermore, Ubcoin makes an even
bolder assertion on their main website, where they say that one of
the key reasons that people should invest in their token and
therefore, in their platform is because their platform is
“exclusively pre-installed on all Samsung and Fly smartphones,
including Galaxy S9.” If this is true, it becomes all the more
striking with certain sources
claiming that Ubcoin’s also working with Huawei,
MasterCard, Visa, LG, and Bitmain, among others.
As to verifying these claims, it’s
not entirely clear whether these are legitimate partnerships or
just indirect references to the illustrious backgrounds of the
Ubcoin team. Including their advisors, they’re all advertised as
having worked at these companies and more.
Even if the piece of news is true
about Ubcoin being installed on all or most Samsung phones, this
does not equal a direct path towards millions of new users of the
Ubcoin platform.
Education is still key and this
includes staying on a clear message that appeals to the target
market in a way that actually solves a problem that they want to be
solved. As of now, according to the Ubcoin CEO, this is: providing
people with a platform that’s both a crypto exchange and a
traditional buying and selling platform, all at once.
While this seems like an attractive
way to promote the usage of Crypto for real-time business, a fairly
big hole still exists that needs to be filled. Why exactly does the
every man who has no experience with Cryptocurrencies need such a
platform, especially when fiat will be excluded from it?
By: BGN Editorial Staff
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