How to buy and to sell crypto coins without a bank account or why Dether goes mass?
Do you think it’s easy to buy and sell Ethereum or Bitcoin without a bank account? You might suppose that there is a significant amount of options because the cryptocurrency symbolizes borderless economy by itself. However, it is almost impossible for unbanked individuals. Imagine that 2 billion adults worldwide still don’t have a bank account, though many of them dream of entering to the crypto world where there are no currency barriers and anyone can participate in the crypto economy, developing their projects or taking part in ICO.
Even if you have a bank account, you might still have problems buying cryptocurrency, and you can face the lack of solutions in case if you have an urge to buy Ethereum right here right now. By the time the person has an opportunity to buy ETH, the prices can increase dramatically. The last one is the most common scenario for the bank-exchange communication. The whole process of transferring money into a bank account / sending it to the exchange / buying cryptocurrency may take at least three days if it’s not a weekend. Don’t you think it’s bizarre that electronic transactions have days off? Besides the exchange can be offline due to Meltdown attack.
Cryptocurrency trading platforms’ compare
Here is the comparison table which indicates the main crypto services’ merits. It simplifies a decision-making process and filters out the options that don’t meet relevant criteria. Keep in mind there are other grey zone services that I don’t consider due to questionable legitimacy.
Bitcoin ATM is like a real unicorn. My friend says that his friend knows one guy who has seen it once. Also, it has a high commission rate they say. So we can not consider it as a convenient solution.
Another way to spot a private buyer or seller is using LocalBitcoin or LocalEthereum services with a limited variety of tokens, naturally, high exchange rate, without geolocation.
If you are lucky to have a friend who is a real expert in crypto and he already created the successful portfolio, so you can ask him to do the same for you. But he is still human; he doesn’t have everything you might be interested in.
Dether leads to Ethereum mass adoptation
Dether is an Ethereium based dApp implementing the P2P exchange of ETH and ERC-20 tokens for cash and trading of goods and services in physical stores.
There are several advantages of Dether over existing options:
- Exchange quickly with other people for cash in local currency where you are
- Progressive web app with friendly user interface and map search
- Trusted buyers and sellers with global rating and verified accounts
- Safe communication through instant, secure messenger
- Safe trading using smart contracts system and public places
- Funds are kept on the seller’s wallet until the exchange is made
Dether’s function is to help anyone to participate in the crypto economy. Maybe it’s Dether that is the next breakthrough in the cryptocurrency world, which allows better interaction between merchants and customers.
Dether was created to help the public to adapt ETH by creating functional space and robust business environment. There are many exciting features that Dether offers for local businesses that are willing to trade goods and services for crypto and do cash to currency exchange:
- Locate your shop on the Dether map
- Expand your visibility on map and reserve keywords using loyalty points earned from trading
- Convert cryptocurrency to fiat currency to prevent volatility
Dether’s Token economy
“The utility role of the token is a primary consideration in the success of the models that intend to exploit their powers.”
William Mougayar — Dether’s advisor
The ecosystem of Dether is based on Ethereum ERC223 standard ÐTH tokens which incentivize network participants and increases market safety.
Ethereum network is used due to several reasons:
- Smart contracts to run the system for security
- Believe for a growing demand for easy access to ETH and ERC-20 tokens
- General adoption of the protocol
To start trading Dether users need to stake in a minimum amount of ÐTH tokens, depending on the expected monthly trading volume sellers would need to stake in more.
Depending on the number of trades in ETH being made merchants and shops are receiving loyalty points that might be exchanged for Dether’s premium services. Such as booking of search keywords and “owning” of map areas with the specific zoom level in app.
To increase visibility on the map users are bidding with loyalty points in an auction for a given period. A user with higher bid is holding area or a keyword on the map. Every period percentage of loyalty points is being burnt from this time contract.
ÐTH’s owners are also incentivized to be a part of affiliate/referral program and build decentralized business community. It proves that the intentions of the Dether’s team in building trusted ecosystem are sincere and honest.
Dether is planning integration with other DApps which need to get exchange of ether/tokens and cash. Usage of token for access to Dether network is more transparent rather than creating centralized payment API for third-parties.
Dether’s Team and advisors
The team behind requires special attention. Dether’s co-founders are Paris based specialists and entrepreneurs connected by blockchain community. Some of them have Algerian background, so they have a deep understanding of the third world countries’ problems — very limited number of the ways to enter into the crypto world.
Dether’s advisors are respected people in the business blockchain field. One of them William Mougayar who wrote a book a “The business blockchain” together with the Ethereum founder Vitalik Buterin. William is also Token Summit producer. Another one is Eddy Travia, a pioneer investor in blockchain technology start-ups. Among the companies, he led his investments are Factom, RSK, SatoshiPay, Minebox, CoinDash, and Indorse.
Dether’s current progress status
The platform is currently available in kovan testnet as a progressive web app in Chrome on Android and in Safari for iOS. Recently Dether developed an open source javascript library to interact with its contract easily and launched Toshi app bot as an example implementation.
Further steps
- Mainnet launch in Q1 2018
- ERC-20 Token trading integration
- RSK Integration to trade BTC
Dether’s ICO details
- Token type: ERC-223 standard compatible ÐTH token
- Total token supply: 100.000.000 ÐTH max
- Hard cap on crowdsale (60%): 15000 ETH
- Collected on presale: 3956 ETH (with average of 14.7% of bonus locked up)
- Accepted currency: ETH
- Whitelist applied 25000 and accepted 3368
- Individual cap: 4ETH max (first 48hours)
- Price per 1 ETH: 4000 DTH (if hard cap is reached)
- Crowdsale date: February 7th 2pm (UTC+1)
Decent.fund look towards mass adoption of Ethereum and ERC-20 tokens usage in 2018. Dether seems to be the right product with the excellent team involved in that process, and we are happy to be one of its six early backers.
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Co-authors are Igor Line, Infographics design by Alina Loseva.
