Some people have asked, "Will Goodomy be worth more than _____?"
There's no way to predict a future number. But today, U Cash has an almost $2 billion market capitalization.
However, Goodomy is doing something very different than U Cash, OmiseGo, and others in the space. U Cash began in 2014 as 'Securacoin', a service for businesses to buy & sell bitcoin through their storefronts. U Cash seems to be an extension of the same concept, but for its own currency. Whether or not local users will want to buy/sell U Cash from businesses much more than they wanted to buy/sell Bitcoin is something for the marketplace to decide.
More importantly, though,
users need a reason to use any network. Many of these companies and websites are built to impress speculators, not really to provide value to its target market. It is not enough to just have a way to transfer value. "
Why would users value it in the first place?" is the important question. If users don't value it, its transfer becomes irrelevant.
Users need a fundamental reason to...
1) "Convert between many popular cryptocurrencies and other digital assets through the website and apps."
2) "Send/receive funds to/from anyone in the world through their email address, phone number or the U.CASH portal."
3) "Lock digital currency / asset in your wallet to a local fiat currency for easy value storage without volatility."
etc, etc.
I can't imagine more than 10-50,000 users around the world having the problems solved by 1-3 above. (And number 3 seems to be another way to say that you can convert your digital currency into fiat in the app.)
Goodomy is actually solving a problem that most consumers and small businesses around the world have, not creating complicated solutions to problems that don't exist. More details about the kind of problems Goodomy and Shopomy solve will be revealed closer to Shopomy launch.
Most importantly, the Shopomy platform (our flagship product) will be
FREE for everyone to use. The value of GOOD will not depend on fees. (Fees generally go to pay for all the overhead, though Goodomy has a much better method for this.) OmiseGO charges upwards of
3.65% per transaction. Although U Cash's fees are difficult to understand let's check out their fee schedule from their FAQ section:
FUNDS LOAD/UNLOAD (3% additional charged to customer):
Tellers (Globally) - The higher of 21% of the fees charged by the teller or 0.3% of total transaction, paid to U.CASH
RETAIL BITCOIN BUY/SELL (4% additional charged to customer):
Tellers (Globally) - The higher of 21% of the fees charged by the teller or 0.3% of total transaction, paid to U.CASH
ONLINE DIGITAL CURRENCY CONVERSION
Users (Globally) - 0.8% fee for the value of the conversion between a U.CASH balance and digital currency.
U.CASH USER LOAN ORIGINATED (from 10% to maximum regulated interest for customer):
Tellers (Canada) - 3.0% of the total amount loaned is payable to U.CASH at loan issuance.
TELLER CUSTOMER LOAN ORIGINATED:
Tellers (Canada) - 0.3% of the total amount loaned is payable to U.CASH at loan issuance.
IN-PERSON BILL PAYMENTS ($3.00 additional charge for customer):
Tellers (Canada) - 21% of the fee charged by the teller is paid automatically to U.CASH at transaction time
ONLINE BILL PAYMENTS:
Users (Canada) - $2.00 CAD fee charged to the U.CASH user. 21% of fee goes to registering teller.
When a user wants to add value to their U Cash account there are 2 fees. The first is what the person buying/selling the U Cash is charging (3%). The second is what U Cash charges (21% of 3%, or 0.3% of the transaction total, whichever is higher). There may be other fees as well, such as network fees.
These fees are too confusing for the average person. Besides that, they're high.
There is no good reason to shift fees traditionally paid by the merchant onto the consumer.How can anyone 'free their money' when doing so incurs a transaction fee? The high fees actually put their money in shackles.
Shopomy's fees? Zero, for both buyer and seller. The crypto market may not care about high fees,
but users will. This, of course, has the effect of the crypto market starting to care about high fees more, as better solutions such as Shopomy are introduced.
The 'unbanked' are used to using cash, which has NO fees by itself. Such populations would need a very compelling reason to use something that isn't "real" money and for which you must pay upwards of 4% to use. It should really take only 1 person to figure this out.
tl;dr: David has two choices: 1) free transactions and simple to use to buy anything; 2) 3.30% of his transaction amount and complicated to use, with an unknown purpose to match. Which one does he pick?
Poll
