Entry Money Review
The financial crisis of 2008 sent shockwaves throughout the world, and the effects of it can still be felt to this day. People were made homeless, others lost their jobs, and mistrust in the banking system was widespread. The financial crisis gave birth to movements like Occupy Wall Street. At the same time, another movement was born: blockchain.
The emergence of cryptocurrencies threatened to destabilize the status quo by offering the people a new way of conducting financial transactions. As the technology behind cryptocurrencies has continued to gain ground, people are also getting increasingly fed up with the current banking system.
International transactions cost a lot of money and take a lot of time, without adding any benefit to the users whatsoever.
The current banking model is flawed and outdated. There is too much paperwork, bureaucracy and risk involved.
ENTRY is a project that aims to disrupt the current system by offering a better alternative.
Say hello to a faster, cheaper and safer way of making financial transactions.
The ENTRY platform is based on blockchain technology and makes use of smart contracts. The aim of the platform is twofold.
First, it will act as a bank where users can store their cryptocurrency tokens, make payments and lend money out.
They will also be able to transfer both cryptocurrency tokens and fiat money internationally, as well as make use of withdrawal services like ATMs.
The second aim is to function as a cryptocurrency exchange for businesses and private persons.
The team behind ENTRY realizes that transitioning from the current financial system to a new one will not happen overnight.
That is why their mission statement is to be “the gateway between traditional and new financial paradigms and systems led by cryptocurrencies and empower the financial ecosystem to have a framework that allows for interoperability between the two.”
With that said, the aim of the ENTRY project is to eventually phase out fiat money in favor of an economy based on cryptocurrencies.
How does it work?
The general idea is to allow consumers to purchase goods and services online for cryptocurrencies, and the merchants to be paid in fiat money.
The online exchange will allow merchants to do conversions on the platform.
This will ensure they get the right price (minus the transaction fee) and avoid fluctuation and differentiation.
The only fiat currency that will be available in the beginning will be EUR, as the ENTRY project will target the Eurozone first.
The plan is to eventually expand to the global market and cover all fiat currencies.
What do you think?
For cryptocurrency enthusiasts, Entry sounds like a dream come true – maximum financial freedom and flexibility.
For online merchants, this project could also open up a whole new market of customers paying for goods and services with digital currencies.
Does Entry have the potential to revolutionize the way we do banking? Have you already invested in tokens?
Leave your comments below and let us know what you think about the Entry project!
bitcointalk username: Ico Friends