Latest posts of: yamahaxt6600

Nuno Correia:
> Elliot Taylor
> Can you elabroate on buyer protection
Hi Elliot, sure. All the projects that claim to be the next online payment solution have a different perception of the market than UTRUST. Do you believe that people will pay for goods and services online without a guarantee of a third-party?

Centralized or decentralized, there is a need for a third-party because you are not doing the transaction face to face and 99% of the time you do not know the person/merchant that you are sending the payment to.

In my view, these online payment solutions are no more than a cheaper wire system, a more economical Western Union if you wish. Many years ago Western Union was not created for commercial transactions. Instead, it represents a platform for personal (peer-to-peer) transfers. You are sending money to people that you know, such as friends and family.

At the end of the day what makes online payments viable is the layer of protection that guarantees a safe environment between buyers and sellers. In traditional payment solutions, such as PayPal or credit card, we consider this protection for granted (disputes/claims/chargebacks). But imagine that someone is selling a laptop online, only offering Western Union and bank wire. Would you take the risk, or would you rather pay with PayPal and have buyer protection?

For most end-users, the answer is obvious. We choose PayPal as we naturally prefer the added layer of safety in your payment. That’s why it is so widely used.

All solutions that are available now in the crypto space are cheaper wire systems that — in my opinion — are not online payment solutions.

We need a viable payment solution in the crypto space and in order to be considered a viable online payment solution you need to provide safety to the transactions, and this is exactly what UTRUST aims to provide to buyers and sellers in 2018. This is a missing link that will further help to catapult cryptocurrencies to a hole new level of practical use.