New Partnership : Bitcoin.com
On July 22, 2018, FuzeX Team publicly announced its support for Bitcoin Cash (BCH) and signed a Memorandum of Understanding (MOU) with Bitcoin.com at the Blockchain Partners Summit. FuzeX is excited to aide in the growth of the project and community through this cooperation, and happy to announce that Bitcoin Cash (BCH) will be added as a default coin on FuzeX card at launch.
With their strategic partnership, FuzeX and Bitcoin.com will discuss and unveil various projects that will boost the applicability of cryptocurrency in real transactions. This MOU will allow FuzeX card to include FuzeX’s own token FXT, Ethereum (henceforth ETH), BCH and other coins as default payment coins at its launch.
FuzeX Project ultimately aims to allow users to utilize cryptocurrency for payment at any affiliated stores worldwide, to popularize and practicalize cryptocurrency. For this, FuzeX initially chose Bitcoin Core (henceforth BTC), ETH, and FXT as the default payment coins, which were the few of the top major coins owned by many cryptocurrency holders.
However, through this partnership, FuzeX has replaced BTC with BCH. We are fully aware that this decision may raise some questions among the community, and here is what FuzeX Team would like to inform the community about the background behind the partnership with Bitcoin.com.
BTC was developed with the vision of transparent transactions and everyday “Digital cash” through decentralization. But as the number of its users increased, its speed slowed down while the fee increased consistently. To address these problems, BCH came to life as a successor with the same vision with more focus on making it a “transactional currency”. BCH fees are consistently about $0.05. As each cryptocurrency is applied to its own exchange rates, BTC is compelled to apply a relatively higher exchange rate which results in a significantly less payment efficiency.
FuzeX Project applies real-time exchange rates for cryptocurrency when FuzeX card is used and allows the users to spend cryptocurrency to pay for products at general stores through FuzeX card. For the transaction authorization, FuzeX checks the remaining balance of hosting wallet account, and then moves the corresponding amount in cryptocurrency to FuzeX account, then finalize the transaction. Afterward, FuzeX converts an equivalent amount of cryptocurrency used for the transaction into Fiat currency or USDT. FuzeX pays for the transaction time or networking fee that occurs during the process. Therefore, when FuzeX is providing a service for a coin with a higher fee with slower transaction time, there is a higher probability of risk on the project side to be responsible for which may result in higher service fee rates.
As of December 2017, BCH fees remain today at less than $0.01 per transaction (source: https://bitinfocharts.com/comparison/transactionfees-btc-bch.html#1y).
FuzeX team reviewed BTC in many aspects including marketability, usability, popularity, and community, and deemed that BTC is used less as payment in daily life and more as an investment asset. The team reached a conclusion that in order to make the FuzeX card more accessible for more users, the risks deriving from convenience, and fluctuating exchange rates need to be minimized. In this regard, the team has considered that BCH would be a more appropriate default coin for FuzeX card at launch. With low transaction fees, larger blocks (32mb), instant transaction (0confirmation), and a capability for more transactions per second, BCH is a strong contender for digital cash. After FuzeX card is successfully launched, the internal risks associated with volatile exchange rates become minimized and stabilized, the team plans to support more coins with low fees, and similar goals to Bitcoin Cash.
Click here for more information on BCH Partnership with FuzeX.
New Advisor On Board : ‘Roger Ver’
FuzeX is very pleased to announce that through this partnership, Roger Ver, CEO and Founding Member of Bitcoin.com and an open supporter of Bitcoin Cash, has joined us on board as a new advisor! Currently, Roger Ver is one of the most renowned go-to specialists in the cryptocurrency market. He played a crucial role in fostering the cryptocurrency market, and upon recognizing that BTC has limitations as a “digital currency” to be traded during real transactions, began to support Bitcoin Cash.
Roger Ver and members of Bitcoin.com will be fully supporting FuzeX Team to bring about a healthy and stable payment model. FuzeX will be contributing its own technology to establish Bitcoin.com’s own independent payment system as well.
We invite you to join our collaborative journey of Bitcoin.com and FuzeX to build a new bright real future. This is our time now!
Thank you!
<Team FuzeX>
