Joyjit BhowmickICO team member replied on 29 Mar 2018
I do agree with you on the point that the problem is getting users to transact. That is one of the main problems in the crypto world that we are trying to solve as speculative trading on exchanges is the only activity people are doing with cryptocurrency and crypto tokens. Compared to exchange platforms, the number of platforms supporting commercial activities with crypto payment is negligible. There is only a handful supporting any kind of real-world application. Not to mention that their supported activities are very limited if we compare them to the whole e-commerce world. Therefore, there is no way for people to use their cryptocurrency other than trading with fiat currencies. That is why we are building platforms where a wide range of commercial activities can be performed.
How do we plan to compete against Amazon? Let us take a look at it with numbers. The global nominal GDP is almost 80 trillion USD whereas the cryptocurrency market value is below 300 billion USD as of now which is 0.3%. It clearly states that the crypto market is still very small in the aspect of being a universal means of payment. Also, the e-commerce and digital payment industry have a combined value of 4 trillion USD which is 5% of the global GDP. This 4 trillion USD is a combined number of many e-commerce sites like Amazon. Alibaba, eBay etc. However, each of them is following a different business model and supports different kinds of activities. The platforms that we are developing will encompass B2B, B2C, C2C, C2B, Jobs, Ads and POS. None of Amazon, eBay, Alibaba or any other platforms encompasses such variety of activities. Such robust platforms are needed in the crypto world to increase the usage commonality of cryptocurrencies so that people can start to use it on a daily basis rather than doing only speculative trading. Additionally, none of the established e-commerce platforms accepts crypto payments. So even if the crypto market is still relatively small, along with speculative trading we need real-world applications of crypto.
How do we plan to compete against Amazon? Let us take a look at it with numbers. The global nominal GDP is almost 80 trillion USD whereas the cryptocurrency market value is below 300 billion USD as of now which is 0.3%. It clearly states that the crypto market is still very small in the aspect of being a universal means of payment. Also, the e-commerce and digital payment industry have a combined value of 4 trillion USD which is 5% of the global GDP. This 4 trillion USD is a combined number of many e-commerce sites like Amazon. Alibaba, eBay etc. However, each of them is following a different business model and supports different kinds of activities. The platforms that we are developing will encompass B2B, B2C, C2C, C2B, Jobs, Ads and POS. None of Amazon, eBay, Alibaba or any other platforms encompasses such variety of activities. Such robust platforms are needed in the crypto world to increase the usage commonality of cryptocurrencies so that people can start to use it on a daily basis rather than doing only speculative trading. Additionally, none of the established e-commerce platforms accepts crypto payments. So even if the crypto market is still relatively small, along with speculative trading we need real-world applications of crypto.
