WHAT KINDS OF BENEFITS DOES CAFECOIN OFFER USERS?
One of the things potential investors and users of any up-and-coming cryptocurrency look for is benefits. Every new coin needs to bring something to the table, and not just rely on the inherent abilities that cryptocurrency in general affords people who use it. Whether it gives users the ability to use cryptocurrency without in-depth technical knowledge, or if it has created a formula in order to protect the coin from inflation, groups need to acknowledge the fact that nobody will want to go with a cryptocurrency that does not seem to have any promise. You have to offer users more.
The CafeCoin Foundation has taken steps in order to assure its users of its utility. The abilities cited previously were only some of the advantages that CafeCoin gives its users, as it has benefits that are aimed specifically for consumers and merchants. In order to ensure fast adoption of CafeCoin, The Foundation has leveraged different strategies and processes to incentivize future users. In line with their goal of providing a true utility token, The Foundation also plans to develop an accompanying mobile app, which users will utilize during transactions.
BENEFITS OF CAFECOIN’S PROPOSED BLOCKCHAIN ARCHITECTURE
One of the things CafeCoin has that is different from others is its blockchain. Although it uses many features and protocols that many other altcoins utilize, there are certain features that are inherent to only the CafeCoin blockchain. For a full list of what makes CafeCoin’s blockchain unique, you can take a look at their white paper on their website at cafe-coin.com
- Decentralized Control
Although this feature is present in most, if not all cryptocurrencies, it is still one of the main reasons why CafeCoin, and cryptocurrency in general, is such a good investment. In most other modes of payment or investment, there are third-party financial institutions that oversee transactions and have control over your assets. With cryptocurrency, there is no centralized authority that dictates what transactions are valid, and all transactions are instead recorded on the coin’s blockchain. Transactions themselves also require global consensus in order to pull through, boosting the security of exchanges even further.
- Near Real-Time Transactions
Because of them requiring global consensus and other factors, most cryptocurrencies available on the market today take a long time for transactions to validate. This is one of the main problems that The Foundation has identified, and it is also one of the reasons why cryptocurrency isn’t as widely accepted today. However, due to the custom blockchain and other innovative processes that The Foundation will apply to CafeCoin, users who make use of it will find that exchanges will happen near instantaneously, or at most, within a few seconds. This is a far cry from other coins that can take as long as a few hours for settlement.
- Tight Security
Just like other cryptocurrencies, CafeCoin makes use of complicated cryptographic methods in order to secure the transactions being made on the network. Aside from this, there are also other security measures The Foundation plans to implement in order to exponentially increase the users’ security, thereby ensuring they will have the ultimate control over their data. This is one of the main assurances of CafeCoin to its users, as consumers are able to share transactional data with merchants, but only under the consumer’s volition.
- Reduced transaction costs
Another factor that is stopping wide-scale implementation of cryptocurrency is that transactions usually take a chunk out of the amount being transacted. It is different for each cryptocoin, but in general, these fees are rather expensive. CafeCoin has taken steps in order to prevent this from happening in their network. Upon the creation of the CafeCoin blockchain, the variable cost of transactions is anticipated to noticeably go down. This will incentivize merchants and customers to make use of CafeCoin, which will then increase the adoption rate of the coin.
The initial target for CafeCoin will be merchants who are willing to implement it into their existing point of sale solution, or they can also choose to replace their point of sales with CafeCoin. Once a merchant has agreed to go with CafeCoin, they will then receive the following benefits that are specifically tailored to incentivize them to keep allowing CafeCoin as an alternative mode of payment.
- Avoid Credit Card Payment Processing Fees – From this benefit alone, many merchants will find themselves willing to listen to what other benefits CafeCoin will provide. This is because credit card companies charge on average 1.5% to 2.5% for transaction fees. While utilizing CafeCoin, merchants will only pay the substantially reduced transaction fees, and even this can possibly be virtually eliminated.
- Tailored Consumer Marketing at Point of Sale – Merchants are able to create marketing messages or personal discounts that will increase demand for their business. This can be triggered when consumer and merchant share information about the purchase via the generated QR code. This is also beneficial on the consumer’s side, as only those utilizing the CafeCoin mobile app will be privy to such promotions.
- Instant Payment Settlement – Wholesalers and other merchants will no longer have to wait to receive their payments from third-party payment processors. The process is instantaneous, and the amount will be immediately reflected in the merchant’s wallet.
- User Adoption Drives Traditional Business Expansion – Similar to prepaid charge cards, consumers are also able to purchase CafeCoins from any participating merchant. This will result in greater adoption by traditional business all over the world, thereby boosting the utility of CafeCoin even more.
CafeCoin also has a set of benefits that are tailored to the consumers. Because of its decentralized nature, there will no longer be any third-party intermediaries that facilitate the transaction between merchant and consumer. Direct exchange of information will now happen, and aside from that, consumers will also get to enjoy the following benefits.
- Immediate Savings – The Foundation anticipates that goods sold through the CafeCoin transaction process will have a substantial price discounts at participating merchants. This will be particularly felt in the high-end café industry.
- Strong Transactional Ecosystem – The Foundation expects that the ecosystem they proposed for CafeCoin will boost liquidity and value. Users and café customers get and demand substantial savings from using the mobile app, the merchants will then benefit from increased sales volume and other users will enhance liquidity by participating in the market.
- Secure and Private Transactions – One of the biggest concerns that users have when it comes to cryptocurrency, or any other alternative payment vehicle for that matter, is their security. They don’t want their assets to be transferred somewhere else, or for another entity to gain access to it. With CafeCoin, users will not have cause for concern as they will be able to do transactions through the privacy of their own mobile device, and no personal information will be released to a governing body, unlike credit or debit cards.
- Easy Conversion to Fiat Money at Fractional Possibility – Both consumers and merchants of CafeCoin will find this to their benefit as not all cryptocurrencies allow this. All users will be able to easily convert their CafeCoin into traditional money, or other cryptocurrency, and they will also be able to do so at fractional units if they wish.