Telcoin Review: Will It Transform the World of Telecommunications?
Telcoin is the native token for a platform that aims to bring blockchain to telecommunications. As a niche project with a specific use case, it has attracted a lot of attention, and, at one point at least, its value soared to 80,000% in just 12 months. Does this project have legs, and does it mean telcoin is a good investment?
Telcoin (tel) is the native cryptocurrency and utility token that powers the user-owned and decentralized financial platform based on the Ethereum blockchain. It primarily functions as the medium of exchange, reserve asset, and protocol token of the Telcoin platform.
The Telcoin platform is a decentralized financial platform designed to streamline the global remittance of money by facilitating the seamless integration between the telecommunications industry and blockchain technology. Think online remittances, transfers, payments, and e-commerce.
The financial platform powered by active users, mobile network operators, and mobile financial service providers aims to increase cryptocurrency adoption and provide the unbanked in developing regions with seamless access to the growing global digital economy.
One of the many ways telcoin shines is in its real-world utility. As the primary medium of exchange on the Telcoin platform, the entire protocol depends on telcoin to function smoothly.
Telcoin users can:
- Facilitate cheap and easy remittances from mobile money platforms.
- Easily access cryptocurrency through their phones without having deep knowledge of how blockchain works.
- Transfer and purchase airtime using telcoin.
- Make cryptocurrency-backed card payments in real-time.
Outside its use on the Telcoin platform, you can trade telcoin like any other cryptocurrency in the market and profit based on the difference in buying and selling prices. You can also hold it as a store of value.
Telcoin price history
Like every cryptocurrency in the market, telcoin has had its fair share of price jumps and slumps.
After raising $25 million with its initial coin offering (ICO), where it sold 20% of its total supply at $0.0013 in 2017, telcoin’s price climbed quickly and had early investors excited for a brief moment after jumping from $0.0049 to $0.011 within three days of entering the market in January 2018.
However, investors had to go through a problematic two-year streak of steady decline in price until it hit its all-time low of $0.000065 in March 2020. Telcoin began to experience slow growth in price over the next year until February 2021, when the prices started climbing faster with the release of the Telcoin V2 mobile app.
Telcoin price hit its all-time high of $0.065 after a massive spike in May 2021, sending investors into a frenzy. The price has steadily declined since, but it has had a good year.
Today, telcoin’s price is $0.0061. With a 24-hour trading volume of $8.5 million on Coinmarketcap and a market cap of $368 million, telcoin currently ranks 148 among the most prominent cryptocurrencies ranking by market cap.
Where to buy telcoin
Telcoin is a freely-tradeable token on thriving exchanges like KuCoin, Uniswap, Balancer, Bilaxy, and Sushiswap with good liquidity. You can also store your tokens on these exchanges, but it’s safer to store your assets on a private wallet like Trezor or Trust Wallet. Hardware wallets are the safest way to store your cryptocurrency assets.
However, for Telcoin’s intended audience groups, the Telcoin wallet will be the best bet. The Telcoin team developed the wallet to be as intuitive and straightforward as possible to reduce the complications experienced by individuals unfamiliar with the mechanics of cryptocurrencies.
Note that digital currencies can be volatile, and buying them can be risky. While telcoin will always have utility within its ecosystem, its price denominated in fiat currency may change, and you could lose significant value.
Founded in July 2017 by Paul Neuner, a serial entrepreneur with about two decades of experience in telecommunications and cybersecurity, the Telcoin platform has big dreams. It is operating in a largely untapped domain. Will the first-mover advantage pave the way for a successful future, or will it be Telcoin’s Achilles heel?
Telcoin platform explained
Telcoin did not embark on increasing cryptocurrency adoption by bridging the gap between telecoms and blockchain with its mobile money solutions to help the unbanked in developing regions access the growing digital economy solely out of philanthropy.
According to the World Bank, nearly 5 billion mobile phones operate globally, but just 1.2 billion bank accounts. That’s because it’s far easier to access mobile services in many parts of the world than it is to access banking services.
The innovative platform is looking to capitalize on this gap by partnering with telecoms companies to provide their customers with access to cross-border remittances, payments, and ecommerce.
A potentially brilliant value proposition
The remittance market is a $500 billion market, and Telcoin aims to become a part of the global financial system by delivering mobile money solutions. Through its strategic partnerships, Telcoin will gain access to the massive user base of the telecoms corporations at no extra marketing cost.
By tapping into the reach of mobile telecoms and the borderless nature of blockchain technology through its strategic partnerships with leading corporations, Telcoin seeks to remove the hassle that exists between mobile money and billing platforms.
The unbanked can now access cryptocurrency and conveniently, affordably, and securely send and receive money globally, right from their mobile phones. Thanks to Telcoin’s remittances focused on high-speed, low-cost digital money transfers to mobile money platforms and e-wallets.
Three main things stifling cryptocurrency adoption are trust, reach, and compliance.
By partnering with these corporations to introduce their customers to the world of digital currencies, Telcoin has a better chance of leveraging the trust the corporations’ customers already have in them to provide a bridge between cryptocurrencies and mobile money. All while building their brand with the mobile partners’ customer base. That’s increased reach coming as a packaged deal.
These strategic partnerships will also tackle the issue of compliance since the mobile operators already have their users’ information and are know-your-customer (KYC) compliant.
How Telcoin’ platform benefits telecommunications
Telcoin’s solution is a potential win-win for all the parties involved.
Telecoms increase their revenue and have another avenue of growth, as platforms like Facebook and WhatsApp are already invading their territory with free calls and texting.
Telcoin gains instant access to a massive customer base, generates revenue through transaction fees of 0.5%, and achieves its aims of global financial inclusion.
The subscribers gain access to accessible, secure, and affordable payment gateways for their financial transactions and an introduction to the crypto market and its opportunities.
There’s a bit of a gap between its ambitions and what it has achieved so far. There’s a lot of promise but also a lack of strategic partnerships, which seems to be holding the project back.
Telcoin’s success depends on external factors. Until Ethereum 2.0 launches, Telcoin might not be able to guarantee the lowest transaction fees. Also, regulations need to loosen for both cryptocurrencies and financial services before Telcoin can see significant progress and growth in many areas of the world.
Will Telcoin survive the battle ahead? Only time will tell.
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