- Jan 17, 2014
- 773
- 262
I've been following it since they started and I really believe in this project as it's going to solve real-world problems.
Would love to see what people from BHW think about it.
What does TELcoin actually do?
it provides users with the ability to send money abroad (a remittance). Typically, sending money from a well paying job in a country such as USA, Canada or Australia sending money back home to family in Nigeria, Vietnam & Phillipines etc.
There's tons of those type of services, or just send it from a bank?
Yes, the biggest being Western Union. But TEL's Unique Selling Points (USP) are:
- that a typical remittance with Western Union has a 7%+ transaction fee. TEL will remit for 2.5%.
- users of Western Union or receviing money sent by banks need a bank account to get that money OR they need to goto the nearest store to receive the money, the target market dont have bank accounts. Think of a Phillipino market worker selling food, they buy and sell for cash and have no bank account. TEL users only need a smartphone.
- banks and western union type services take 2-5 business days to transfer the money. TEL sends it in a few seconds.
Wait, so you target users who have no bank yet they have a phone, how do they pay their phone bill then??
If you've ever travelled to Africa or SE Asia its a necessity to have a phone, a much higher priority than a bank account. Everyone has one. The bill is paid by top up cards bought with cash adding credit to the mobile account.
But i can buy Bitcoin today and send it to anyone across the world, how is this different to any other crypto or money sending app?
crypto to crypto transactions are borderless, correct. However, if you live in Canada and want to send money to your family in Vietnam, you can buy bitcoin with your card, but how do they convert it to Vietnamese Dong (yes thats the currency of vietnam?) Remittances involving fiat (real world money) require licences that governments regulate. TEL has a bunch of these for the corridors they intend to rollout to.
If users receive their TEL in an app then how do they spend it without a bank account or card?
In the receiving countries such as Phillipines the mobile phone companies have a huge infrastructure already in place to allow users to use their phone credit to pay for things in store with QR codes similar to you using Apple or Google Pay. This is common place for the receiving users, as long as they have phone credit.
If TEL are targeting poor people with no bank account then how will it make money ?
The global remittance market was US$715 billion in 2019, including US$549 billion to developing nations. Western Union (the current biggest player in the market) is valued at US$10 billion with US$6 billion in annual revenue.
Sending money using crypto is no good as the price spikes and dips all the time
TEL plan to use a stablecoin feature during remittance so the money sent is the value received irrelevant of any spikes or crashes occuring. But at all other times the coin is variable and so can be traded with spikes and crashes as usual.
What about funding terrorist groups? my grandma says thats all this fake internet money is used for
All users for TEL have to go through KYC (know your customer) as part of TEL being allowed a remittance licence. In other words they need to verify themselves so that their identity is known and therefore there transactions are traceable. TEL has said since day 1 that they are a compliance first company. This includes working with SEC and other government bodies to ensure they are all above board
Great, so it has a real world case, why does it do for me?
The app will be a combination of Coinbase, Binance and Trust wallet all wrapped into 1 app. It has the on/off ramp ability to buy crypto with cards or withdraw to bank accounts like coinbase, it will be its own DEX allowing you to trade coins like binance (but you own your own keys so no withdrawl fees as its direct from wallet) and it will have the ability to store ALL crypto coins in the wallet not just TEL the same as a Trust Wallet does.. oh and if you want to send money to friends in open corridors thats a bonus.
Why didnt I know this before, I need more TEL.. we all do. TEL is a GEM
Would love to see what people from BHW think about it.
What does TELcoin actually do?
it provides users with the ability to send money abroad (a remittance). Typically, sending money from a well paying job in a country such as USA, Canada or Australia sending money back home to family in Nigeria, Vietnam & Phillipines etc.
There's tons of those type of services, or just send it from a bank?
Yes, the biggest being Western Union. But TEL's Unique Selling Points (USP) are:
- that a typical remittance with Western Union has a 7%+ transaction fee. TEL will remit for 2.5%.
- users of Western Union or receviing money sent by banks need a bank account to get that money OR they need to goto the nearest store to receive the money, the target market dont have bank accounts. Think of a Phillipino market worker selling food, they buy and sell for cash and have no bank account. TEL users only need a smartphone.
- banks and western union type services take 2-5 business days to transfer the money. TEL sends it in a few seconds.
Wait, so you target users who have no bank yet they have a phone, how do they pay their phone bill then??
If you've ever travelled to Africa or SE Asia its a necessity to have a phone, a much higher priority than a bank account. Everyone has one. The bill is paid by top up cards bought with cash adding credit to the mobile account.
But i can buy Bitcoin today and send it to anyone across the world, how is this different to any other crypto or money sending app?
crypto to crypto transactions are borderless, correct. However, if you live in Canada and want to send money to your family in Vietnam, you can buy bitcoin with your card, but how do they convert it to Vietnamese Dong (yes thats the currency of vietnam?) Remittances involving fiat (real world money) require licences that governments regulate. TEL has a bunch of these for the corridors they intend to rollout to.
If users receive their TEL in an app then how do they spend it without a bank account or card?
In the receiving countries such as Phillipines the mobile phone companies have a huge infrastructure already in place to allow users to use their phone credit to pay for things in store with QR codes similar to you using Apple or Google Pay. This is common place for the receiving users, as long as they have phone credit.
If TEL are targeting poor people with no bank account then how will it make money ?
The global remittance market was US$715 billion in 2019, including US$549 billion to developing nations. Western Union (the current biggest player in the market) is valued at US$10 billion with US$6 billion in annual revenue.
Sending money using crypto is no good as the price spikes and dips all the time
TEL plan to use a stablecoin feature during remittance so the money sent is the value received irrelevant of any spikes or crashes occuring. But at all other times the coin is variable and so can be traded with spikes and crashes as usual.
What about funding terrorist groups? my grandma says thats all this fake internet money is used for
All users for TEL have to go through KYC (know your customer) as part of TEL being allowed a remittance licence. In other words they need to verify themselves so that their identity is known and therefore there transactions are traceable. TEL has said since day 1 that they are a compliance first company. This includes working with SEC and other government bodies to ensure they are all above board
Great, so it has a real world case, why does it do for me?
The app will be a combination of Coinbase, Binance and Trust wallet all wrapped into 1 app. It has the on/off ramp ability to buy crypto with cards or withdraw to bank accounts like coinbase, it will be its own DEX allowing you to trade coins like binance (but you own your own keys so no withdrawl fees as its direct from wallet) and it will have the ability to store ALL crypto coins in the wallet not just TEL the same as a Trust Wallet does.. oh and if you want to send money to friends in open corridors thats a bonus.
Why didnt I know this before, I need more TEL.. we all do. TEL is a GEM
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ill support too,it will give some value that will help others<3
