Since its inception, there has been a desire for In One Place to provide to all of its members, a private payment eco-system, that could work as a genuine alternative mechanism for trading and exchanging goods and services globally.
We set out to make this system available to all and too not only to work within our online systems, but to also transcend into our offline presence.
Around three years ago, we embarked on the challenge to build a system that would be fit for all, without falling foul of the minefield of regulations, or without repeating the same mistakes that alternative systems, FIAT currencies and (Cryptocurrencies) have found themselves restricted by.
Let’s take Bitcoin for example (BTC) Bitcoin is the current king of the ring when it comes to Cryptocurrencies, it has set the benchmark for the idea of decentralised payment systems, revolutionary in its design, yet its biggest flaw is the technology that made it so innovative. We believe that the restrictions hidden within the BTC Blockchain, will also be its biggest downfall.
The purpose of anything that aspires to become a transactional currency, has to start by being fit for purpose. Now without getting too technical, one of Bitcoins biggest flaws is that, the more people that use it, the slower it becomes. It is currently able to process transactions at a rate of 4 – 5 transactions per second.
If you compare that to Visa or Mastercard for example, they are capable of handling around 60,000 transactions per second…. That is a gap that Bitcoin cannot and will never be able to compete with. Again, it would be prudent to remind you once again, that Bitcoins technology actually slows down the more that people adopt it.
So this is likely to be its achilles heel longer term, a major major issue, when considering its ability to scale up. The fact that the existing infrastructure will never be able to cope, will lead to new solutions that will pick up, where Bitcoin leaves off.
Now we are not writing off BTC, not in the slightest. In fact, its very design and inbuilt cost of mining for a Bitcoin, actually creates an inherent store of value, that no doubt will maintain its strength over the long term. How high will it go, only time will tell.
The very aim of the Digitall Wallet, is to give a highway to stores of value, that by design have practical limitations to be used as fully transactional currencies.
Obviously on the flip side, we are all used to transacting through ‘perceived’ government issued currencies, which these days are all of a FIAt nature. So to explain what FIAT means in layman’s terms, this is a currency ‘bank note’ that is backed up by absolutely no store of value. FIAT currencies hold there value based simply on the perception that the currency is supported by the government of the country that the currency is issued in.
The merits or not, for storing your wealth in FIAT currency, is a story for another day. But The Digitall Wallet has pre installed into it, the top 10 biggest global currencies, namely (USD, EUR, GBP, CHF, CAD, AUD, NZD, JPY, NOK and SEK, so giving maximum flexibility on day one to transact in most of the biggest economies in the world.