One of the top five blockchain projects in the telecom sector is Telcoin (TEL). Launched in 2017, Telcoin is an Ethereum-based token developed to bring instant international transactions to all mobile users. This peer-to-peer payment system leverages blockchain technology and mobile money infrastructure to enable users to send money instantly anywhere in the world. It collaborates with telecom providers worldwide to help them offer their subscribers quick and affordable remittance services. But what is Telcoin? And is Telcoin legit? Is Telcoin a good investment? And where to buy Telcoin?
As a side note, a remittance-transfer provider is a business that frequently transfers funds from its clients to organizations and individuals in other nations, including financial service companies, credit unions, or banks that send out more than 100 remittance transfers annually (e.g., Western Union).
What Is Telcoin?
To understand Telcoin crypto, one needs to understand some critical notions of the crypto world. First, Ether (ETH) is a cryptocurrency, while Ethereum is the network it runs on. Second, ERC-20 refers to Ethereum Request for Comments, with the number 20 representing the unique number ID distinguishing the standard from others. These tokens are digital assets designed, issued, and used just like the godfather of cryptocurrencies, Bitcoin. The only exception is that it runs solely on the Ethereum blockchain and mainly relies on a specific smart contract keeping track of that token’s transactions. As for Telcoin, it is an ERC-20 token based on the Ethereum blockchain.
What Makes Telcoin Different than the Others
Telcoin is a one-of-a-kind cryptocurrency as it has unique features.
- Affordable: The average transaction fee for international remittances is around 7%. Telcoin aims to bring that to less than 2%.
- Instantaneous transfers: The Ethereum blockchain technology helps make transfers or payments almost immediate.
- Mobile friendly: It ensures international payments and remittances directly from mobile phones and allows existing mobile money platforms to switch to the blockchain approach.
- API integration: The flexibility affords easier integration with online billing platforms. Users can also access their mobile wallets through online platforms with the help of application programming interfaces (APIs).
- Security: The Ethereum blockchain and the cryptocurrency’s decentralized nature offer a certain level of protection. In addition, its multi-signature approach, requiring more than one private key to authorize a transaction, provides a high-security measure.
- Supports multiple wallets: Instead of being limited to a wallet native to the platform, Telcoin can be stored in different wallets supporting the ERC-20 crypto standard.
It’s Not All Smooth Sailing
The challenges plaguing Telcoin are the same for every cryptocurrency. There are three main ones:
- A lack of strategic partnerships is slowing global expansion as they provide a competitive edge to businesses. A genuine effort to help all parties involved in the business can help overcome weaknesses and be pioneers in the specific field.
- The adoption of cryptocurrencies is slow, resulting in Telcoin and other projects struggling to earn consumer trust. For the average person, cryptocurrencies and digital finances are obscure for the most part, resulting in individuals lumping all currencies as scams. Furthermore, its absence from the mainstream media is supporting these seemingly unfounded claims.
- Many jurisdictions prohibit the trade and use of cryptocurrencies due to a lack of regulation as the government does not back them, unlike fiat currencies backed by the credit of the government body (i.e., European Central Bank).
Telcoin Value Cases
While financial inclusion is imperative for economic growth, a significant population in the world (esp. Africa and SEA) does not have or has limited access to traditional banking. However, most do have mobile phones. As a result, this cryptocurrency provides pseudo-banking services like remittance to these people via mobile money. Furthermore, large remittance companies like Western Union charge extremely high fees to their customers when sending money. By taking the middleman out, they can disrupt the market by offering lower costs.
In June 2021, Telcoin launched the “V3,” or 3rd version of the platform. This update introduced two user-owned financial products:
- Send Money Smarter (SMS) Network: This decentralized international money transfer platform allows Telcoin remittance senders to capture fees awarded to legacy financial institutions exclusively.
- TELxchange: This decentralized digital asset exchange network uses TEL as a reserve asset and medium of exchange.
By introducing more services, Telcoin V3 increased the use case of the TEL token, and with increased utility comes increased demand and investment potential.
Telcoin Price Prediction 2030 and Where to Buy Telcoin
Some crypto enthusiasts may wonder how high can Telcoin go. Based on a forecast by Cryptopolitan, Telcoin price prediction 2030 might reach a maximum value of 0.087 USD, higher than the predicted maximum 2023 value of 0.006 USD. And as for where to buy Telcoin, one can purchase the digital currency on a cryptocurrency exchange. Such exchanges allow the purchase of crypto with fiat money (i.e., USD or Euros) and then the trade of the bought crypto for Telcoin.
Is Telcoin Legit? Is Telcoin a Good Investment?
Based on Cryptogeek’s Telcoin review, there is no evidence against this cryptocurrency, as the team behind it has been quite transparent on their Medium page. Furthermore, its secured deal with several telecom providers adds to its legitimacy.
To figure out whether Telcoin is a good investment for you, tour best option is to consult a professional. Nevertheless, the prospects for this digital currency are promising.
The crypto world is challenging; many are scams, and others are difficult to operate. Telcoin is trying to simplify this complicated environment for the uninitiated into fintech and cryptocurrencies. So, what is Telcoin? The digital currency relies on Ethereum to run and follows the ERC-20 standards. Experts predict that this digital asset will be in an upward motion for years to come. The main reason is the lack of economy-shaking situations such as a recession or another pandemic. This technology could be the future of finance and banking.
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