CEO - WIREX: "GOODBYE Banknotes... Payments will be DIGITAL" - Cryptonites

[fiulpro]

In some countries the government is trying to make the payments in non conventional methods, in most countries if you pay with the help of visa and all , online then you actually receive like 10% discount on whatever you are paying and there are special schemes for people who are doing so.

At the same time there are also companies selling stuff, who gives discount on purchasing any item through paytm , PayPal and stuff therefore we are seeing an era in which they are discouraging the conventional payment by cash and I think cryptocurrencies have just entered this too .

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[DaCryptoRaccoon]

WXT has purpose and gives those who hold it cheaper fees and more cashback on purchases.  
If the funds help the system grow the I don't see what the issue with is.

Not like there going to vanish overnight (Not working with visa they won't)

Do you know what purpose means?
How is holding wirextoken in your account serve any purpose?  That's not a purpose, that's a reward.

Oh, it would grant you cheaper fees and better cashback. Why it only applies for their tokens, you could hold 5000 euros on your account, why not give those users also better cashback and better fees.
ESPECIALLY!!!! since you have to hold those tokens in your account, letting them act as collateral.

Do you realize what insane cash grab this IEO is?
Not only do they sell you a worthless token, but they force you to keep them in your account if you want to enjoy better fees, making sure you won't sell even one or try to redeem them.

And further, let's do some math.

Since crypto back for normal accounts is 0.5% and for holding 5000$ is 1.5% it means you will have to spend 500 000$, half a million with their card to get even!!!!
And you're going to see those benefits only starting September!

And it doesn't stop there.
The total supply is 300 000 000 tokens, so only 600 people would be able to benefit from it.

Lols, lols and rolf and lmao!

In a perfect world..

End of the day they are not forcing you to buy them are they? 
Not like they are saying buy or you won't be able to use our cards.

I'm supporting them as they have supported us by pushing to get conventional ways to spend your crypto they also did  hell of a lot for adoption if they are looking to raise capital (from what I see to get CBS core banking software) then really I don't see the issue 1. you get something for the token back (where as 99% of other tokens have nothing to show)    and your helping to boost one of the best platforms to use for crypto IMO.

And I know a lot of users who make extremely large transactions there some of who spent way over the 500k so yes do your math if your buying the token to try turn a coin that's not what it's for and should not be viewed as that either.

Your looking at it as investment token which it's not.  Oh if I but 5000 today I want to sell at x5 in 2 weeks that is NOT what WXT token is for and it says that clearly.

[Ebrahmos]

Wirex will not be the only provider to issue crypto cc. Larger banks will follow, and whether wirex can last against them is questionable, but despite your criticsm: it is now more a step towards the digital financial era. And I appreicate that really.. thanks ceo of wirex.

[stompix]

In a perfect world..

End of the day they are not forcing you to buy them are they? 
Not like they are saying buy or you won't be able to use our cards.

Just like nobody can force me to stay silent and not call all this ICO bs.
And yes, this is what I'm afraid, of them actually having lots of troubles and this ICO is a way to keep running their business.

I'm supporting them as they have supported us by pushing to get conventional ways to spend your crypto they also did  hell of a lot for adoption

Wirex hasn't done for adoption even 0.00001 of what MtGox did /s

And I know a lot of users who make extremely large transactions there some of who spent way over the 500k so yes do your math if your buying the token to try turn a coin that's not what it's for and should not be viewed as that either.

Probably you've got this wrong.
You have to spend 500 000 to get even with your token buy.
But no amount of spending would be able to cover the difference that comes from their fees compared to other cards.

Spending 500 000 with wirex? Why would you do that?
You could simply transfer those 500 000 from an exchange to your bank account and load your debit cards with them.
Look at people on the wirex topic waiting 7 days for a SEPA transfer,  risking 500k on wirex? Get real.
It's nice as a novelty, it's nice for one-time payments when you don't want to expose your credit card, but other than that the fees are such a turn off no amount of ICOs would make it better.

[sana54210]

Pavel - WIREX: "GOODBYE Banknotes... Payments will be DIGITAL", Crypto Debit Cards & Stable coins

Dear crypto community and blockchain buddies across the globe...
 
Welcome back to the no BS blockchain channel covering bitcoin,  cryptocurrency and everything around FinTech. Episode 6 is here with Pavel Matveev, the CEO of WIREX, the leading crypto payments company in the world! In this episode, Pavel tells us his quest to making bitcoin and cryptocurrency a globally recognized payment method so that we can finally classify bitcoin as THE first borderless internet of money. Wirex are also working on a IEO with OKEx which has been a really hot topic for the past few months...

[img]https://i.ibb.co/WVHXhzw/wirex.png[/im g]

(click on the picture to be redirected to the youtube video)

Good news for cryptocurrency users and believers, this will at least create a good awareness again with what wirex has really done in this little interesting cryptocurrency interactive session, and while this serves as good news to us, I bet it will be a sad one for the banks seeing this, as it will be of more threat to their existence.

Banks are quite relevant now because of the involvement of notes, and honestly, cryptocurrency really has the ability to reduce the rate of note usage, and for the fact that it is a technology based system and now that we are rapidly shifting from the age of traditional industry into technology one, and also everything may all be based on technology one day, which crypto as already made it easy ahead of that for the financial institutions.

[FanEagle]

I would love to agree but isn't it already way too digital anyway? I mean banknotes still do exist and we do still spend them but if you ask me in most countries people already moved to debit cards and credit cards and spend that as much as they can without really spending too much banknotes. If you mean they will be totally gone and nobody will ever use it again that may take sometime but bitcoin is chewing a market share from other digital payments like bank movements and wire transfers or debit cards and credit cards and they are not taking away from banknotes as much, they are not even touching it because banknotes are something we are forced to use in some times whereas if it can be digital then it is already digital and could be fiat banking or crypto currency.

[NeuroticFish]

Good news for cryptocurrency users and believers, this will at least create a good awareness again

Actually Wirex services are disappointingly poor - especially their support - so what they do for the "awareness" may not be as great as you'd think.
On the other hand, although I agree with @stompix that this ICO/IEO (or whatever you call this token sale) looks like fool trap, the extra money, if used for the business, could make it "great again" and maybe, just maybe, make the price of those tokens grow so the "investors" could actually benefit. But all my senses tell that the chances for this to happen are slim.

[Lawrenzoo]

Pavel - WIREX: "GOODBYE Banknotes... Payments will be DIGITAL", Crypto Debit Cards & Stable coins

Dear crypto community and blockchain buddies across the globe...
 
Welcome back to the no BS blockchain channel covering bitcoin,  cryptocurrency and everything around FinTech. Episode 6 is here with Pavel Matveev, the CEO of WIREX, the leading crypto payments company in the world! In this episode, Pavel tells us his quest to making bitcoin and cryptocurrency a globally recognized payment method so that we can finally classify bitcoin as THE first borderless internet of money. Wirex are also working on a IEO with OKEx which has been a really hot topic for the past few months...

(click on the picture to be redirected to the youtube video)

Banknotes will nevr seize to exist, since we still have goivernmen in power

[bitgolden]

Banknotes will nevr seize to exist, since we still have goivernmen in power

I don’t even see government has the barrier to digital currency, what government is fighting in digital currency is cryptocurrency and not the digital payment itself, various country’s government too wants a cashless society, and in my country, they have even advertised cashless society several times, they want all payment digital and has done everything possible to encourage people to go cashless.

One thing that is still making bank note very effective is the illiteracy in various countries, there are people who would not be able to cope if they completely enforce cashless policy because of their lack of education. Government too wants to stop printing note because it seems too expensive for them. Hey would have actually supported bitcoin whole heartedly, but what is discouraging them is the part of decentralization that it operates on.

[eaLiTy]

Banknotes will nevr seize to exist, since we still have goivernmen in power

The governments around the world will love to make everything digital as they can monitor every transaction that is being made and collect the taxes from each and every citizens, it is hard to imagine a scenario where the notes will be completely replaced in the near futures.

One thing that is still making bank note very effective is the illiteracy in various countries, there are people who would not be able to cope if they completely enforce cashless policy because of their lack of education. Government too wants to stop printing note because it seems too expensive for them. Hey would have actually supported bitcoin whole heartedly, but what is discouraging them is the part of decentralization that it operates on.

How can you change a mode of transaction that is carried on for centuries and replace everything digitally and illiteracy is not the only factor that is not forcing the government to enforce the situation, mode of living and poverty is a basic factor as no government can enforce anyone to have a mobile phone or an internet connection to carry on these transactions . Only in a prosperous futuristic world you will see that paper currency will be replaced by digital ones and it is a dream situation that will never happen  .

[stompix]

One thing that is still making bank note very effective is the illiteracy in various countries, there are people who would not be able to cope if they completely enforce cashless policy because of their lack of education. Government too wants to stop printing note because it seems too expensive for them. Hey would have actually supported bitcoin whole heartedly, but what is discouraging them is the part of decentralization that it operates on.

So illiteracy is a barrier to use a credit card which you basically just have to swipe on a PoS but it's not a hurdle when you have to count thousands of banknotes There are places in this world were even villages have more than 50-60% illiteracy rate, how do you think things work there, only though barter?

But hey, instead of things illiteracy can be a thing of the past with simple basic education that is so easy to achieve let's postpone everything because of it. When you're illiterate I think your last concern is that you might be forced to use a debit or credit card.
Besides, the only countries where illiteracy is a problem are nowhere even close to becoming a cashless society, the ones that are close to do it or plan on doing it are already between the 99-100% literate rate.

[Mpamaegbu]

One thing that is still making bank note very effective is the illiteracy in various countries, there are people who would not be able to cope if they completely enforce cashless policy because of their lack of education.

I am one of the few who believe illiteracy is a bane to the good of digital payment, howbeit cryptocurrency. The complexity and modus operandi of this isn't that easy to grasp by an illiterate folk. Though this may not seem a problem for the infotech suave dudes, it isn't that way for others especially the elderly ones. Again, lack of constant electricity supply in poor regions and third world countries can not be ruled out as a force against digital currency growth. You need not necessarily need electricity to check and count fiat. But you definitely need that for digital stuff to go through.

[FanEagle]

One thing that is still making bank note very effective is the illiteracy in various countries, there are people who would not be able to cope if they completely enforce cashless policy because of their lack of education.

I am one of the few who believe illiteracy is a bane to the good of digital payment, howbeit cryptocurrency. The complexity and modus operandi of this isn't that easy to grasp by an illiterate folk. Though this may not seem a problem for the infotech suave dudes, it isn't that way for others especially the elderly ones. Again, lack of constant electricity supply in poor regions and third world countries can not be ruled out as a force against digital currency growth. You need not necessarily need electricity to check and count fiat. But you definitely need that for digital stuff to go through.

That is why the people that will really benefit from blockchain technology/cryptocurrency more are the next generation, by the time these elderly ones die, the younger ones would have already been  knowledgeable about the whole crypto system, every year, technology keeps advancing and as it advances, it exposes lots of people to the world of technology and even the ones that are not literate, these ones will never see their younger ones be like them which is why they try everything possible to ensure that they are well educated.

So illiteracy should not really be a problem in future, so I fully see a world of digital payment in the next generation to come, and probably there would have been another advanced technology by then.

[Argoo]

I do not think that in the near future anything will change in relation to paper money. They have existed for almost 400 years and will continue to exist for a very long time. I understand those who advertise their product, which is an alternative to paper money. However, the world will not change so quickly. Unfortunately, the material problems of humanity are only increasing. Therefore, we will not get away from paper money.

[el kaka22]

It is sad to thing it that way, like "when these old people die" I mean sure thats the truth, in 50 years there will only be people who grew up with technolog left alive, even the 20 year old today will be 70 year old and even the 40 year olds will be 90+ and hardly will use tech anyway at that age but if they have to people who are 40 right now are not that backward in tech stand point.

Hence, in 50 years ALL world will be capable of catching up with technology. Don't get me wrong there will be a lot of high tech new stuff, way above bitcoin, there will be stuff that we can't even imagine right now, like things we assume impossible will be quite possible by that time. However, since we grew up with technology we will be able to adapt to it and use it for our advantage.

[Kakmakr]

The main aim of most countries are to have a cashless society and have some digital payment or a bunch of them that can replace fiat cash. The problem with solutions like this is the centralization and also the lack of anonymity for it's users. Once you have a centralized payment option it becomes easier for corrupt governments to take them down or to force them to share sensitive financial information with these governments. <Examples : PayPal / Banks and most Forex exchanges>

Borderless payments should not come with a bunch of ToS restrictions and KYC requirements. 

[timerland]

I don't think that anyone denies the fact that payments will go digital. In fact, there has been countries (e.g. China) that have already essentially switched exclusively over the digital payments, and cash is essentially made obsolete.

That's not the question here. I think that the question is in what form will the adoption of digital payments be in, whether it will be decentralized, centralized, or issued by various financial institutions themselves, like Wechat and Alipay's duopoly.

Furthermore, my personal stance on any sort of cryptocurrency that is pegged to a fiat currency is that it's intrinsically nothing different from a bank deposit, except with way more risk as it's unregulated.

Some crypto which are pegged to fiat are really not stable as they seem. Do they honestly have the actual fiat money backing it? And more than likely, if the government will finally opt to digital payments, it would be centralized. I don't think they will permit a decentralized one. But switching totally to digital currencies is I think still far from many. Banks will not disappear anytime soon.

It depends, if stablecoins had actual fiat money backing it, I would say that they are secure, which I feel is very fair.

The problem with decentralization is that the government will still need to approve it because I doubt random shops will just start accepting BTC, without government backing. One option that does sound interesting is a crypto-coin generated by the government, but that completely defeats the point of bitcoin. Very excited to see what new developments are going to be made, but if anything does happen, it'll be slow and steady, and banks will definitely play a part in it, as well as the government.

[senin]

Only leading states with a high level of income of citizens and a high degree of urbanization can set themselves the task in the future to switch to the use of non-cash and digital money. Other states will not be able to do this in practice. I think that about 90 percent of states in general are still too early to even think about it. Paper money will still exist for more than one generation.
If natural disasters and further climate change begin in us, then there will be more important and more pressing problems for us than the transition to non-cash money.

[ChrisPop]

We all knew that banknotes were going to belong to the past once credit/debit cards were introduced by banks. But now cryptocurrencies will get us one step further into the evolution of our financial system. However it is going to be a long process. I mean even now there are a lot of people unbanked or who still don't know how cards work. IMHO the govts. or NGOs need to invest a considerable amount of funds and time into educating the population.

[Micerker]

We live in a digital generation, all transactions and exchanges done via the internet. More and more users are giving up paper money, and instead of using digital money, all transactions through smartphone applications make things more comfortable than ever. In the next 10 years, we may no longer see banknotes.