Qoin Tax Advice
What is Qoin?
Qoin is a smart cryptocurrency that’s built on enterprise-level blockchain technology. Qoin’s mission is to create a highly reliable and credible global digital currency platform that gives millions of merchants the ability to accept an additional payment option from customers all over the world.
Qoin Is Built On Secure, Scalable and Reliable Enterprise Blockchain Technology
Qoin’s mission is to act as a highly-reliable digital currency and distributed ledger platform for payments which can meet the daily transactional needs of millions of consumers and merchants. In order to do so, it has to satisfy these three requirements:
- Fast transactions for high transaction volumes, as well as being scalable for millions of accounts in a high capacity storage system.
- Ultra-secure, to ensure the absolute safety of funds and financial data
- Governance-friendly and interoperable with other tokens, blockchains and digital currency exchanges.
To achieve this, Qoin is built on the Quorum enterprise blockchain platform, which features a Byzantine Fault Tolerant (BFT) consensus protocol. Quorum was developed by JP Morgan Chase and Microsoft to power the JPM coin. In addition, Amazon Web Services (AWS) will initially host Qoin, which provides the necessary security and firewall protocols.
Qoin Is Backed by Real Goods and Services in A Fast-Growing Merchant Ecosystem
What separates Qoin from other digital currencies is the fact that it’s underpinned by an ecosystem of merchants that will all accept Qoin as a form of payment. As a result, Qoin’s value won’t be purely speculative, as is the case with other digital currencies that have so far failed to achieve mainstream acceptance.
Most importantly, Qoin is backed by a global sales initiative, in which agents proactively approach merchants and bring onto the platform. So far, these agents have brought over 21,000 merchants and 40,000 cardholders across 4 countries onto Qoin. The Qoin Association, who oversee governance of the currency, aims to expand the merchant base to ten million merchants, businesses or sellers, in the next 20 years.
Based on 10 million merchants, the Qoin ecosystem will see approximately AUS$1.373 Trillion (US$1.0 Trillion) worth of goods and services transacted per annum. This is based on:
- An average spare capacity of 25% per merchant.
- Average annual revenues of AUS$686,000 (US$500,000) per merchant
What Are the Benefits of Qoin?
Qoin offers a variety of benefits for merchants, consumers, and traders.
By joining Qoin’s digital currency platform, merchants have the opportunity to tokenize their spare capacity – instead of discounting it as they normally do.
Better yet, it increases products and services put onto Qoin will increase in value when the currency increases in value.
✔ Additional Payment Option
By accept Qoin as a payment option, merchants increase their pool of potential customers. Also, merchants have the chance to profit even further if they hold onto the Qoin they’ve received and it increases in value.
✔ Reward Customers
In the near future, merchants will be able to reward customers the make purchases using Qoin. This will lead to increased customer loyalty.
✔ No Fees
Unlike other conventional payment methods, Qoin offers fee-free merchant trading.
✔ Simple and Secure
Qoin’s easy to use wallet makes it easy and, most importantly, safe to buy goods and services from merchants that accept it.
✔ A Digital Currency You Can Actually Spend
As well as Qoin being a tradable asset, you can spend it as a currency with a rapidly-growing number of merchants.
✔ Additional Rewards and Bonuses
They will enjoy rewards and other privileges from merchants who accept coin shortly. Consumers will earn these rewards for introducing friends and family to Qoin as well as making purchases.
✔ Real Potential for Growth
The reason so many other cryptocurrencies wildly fluctuate in price, or ultimately fail, is that their value is based on market confidence and potential – and not much else. Qoin, on the other hand, is based on Metcalfe’s Law and has several similarities to a commodity. Qoin’s value is based on how many merchants join the platform and subsequently tokenize their excess capacity of goods and services.
✔ A Currency – Not Just a Concept
Traders don’t just get to realise Qoin’s value when they sell it, as with other digital currencies, they can actually use it to purchase real goods and services. Better still, as their Qoin’s increase in value, as more merchants join the platform, the amount of goods and services they’re able to purchase also increases.