TerraCredit: A real fiat alternative that already exists?

Due to the current situation in the world the question of borderless payments is very important because there are still a lot of countries that have not opened the borders and banks are charging unbelievable amounts for money transfers. So what is the solution to such situation? What payment method can be used to transfer money all over the world to friends and family within seconds with almost no costs? The answer is crypto currencies, specifically cryptocurrencies that were created with a goal to provide the access to payments to people that do not have a banking account for example. Today we are going to talk about TerraCredit, a cryptocurrency that aims to become a complete alternative to cash.

So what is TerraCredit? It is a cryptocurrency that focuses on worldwide mobile payments. The core principles are to deliver the fastest, cheapest and the most efficient way of transferring your funds. They are also focusing on a great goal, which is to provide assess to digital payment solutions to people that do not have access to banking. TerraCredit is a proof of stake cryptocurrency that allows users to stake their coins and earn some additional profit, just by holding your assets. We will go through all the details later, when we will take a look at TerraBit wallet.

The biggest goal of TerraCredit is to achieve the mass adoption by providing an accessible and flexible way of money transferring. Lets' take a look at their roadmap and find out what was already achieved and what are the future plans. Terra was born two years ago, in November 2018. An interesting fact that this coin was not always a Proof of Stake . Only after 10.000 minted blocks the decision was made to get only on POS. Anyways, the last months of 2018 were very productive, because the team has launched their website, released staking wallets for all platforms and conducted 3 big airdrops in January and. February 2019. In 2019 things got even bigger, apart from launching an android wallet and several rounds of airdrops, Terra launched their own exchange called TerraBit and got listed on Coinmarketcap. The first half of 2020 was amazing as well. Terra team updated APIs, Whitepaper, got launched on Playstore, had several big press releases and announced a hardfork that will take place in August. Speaking about future plans you can see that the future is planned literally by weeks, but the most interesting part are the upcoming IEOs, starting in early September and ending in December 2020.

Lets' take a look at their technology. As it was already mentioned TerraCredit was originally a Proof-of-Work blockchain but switched to Proof of Stake after reaching 10.000 blocks. We can totally understand this decision but lets' go through some advantages of POS in front of POW. The most important one is that POS has faster transactions and lower fees which is essential for a crypto currency that focuses on payments. Furthermore POS coins are more energy efficient, have lower cost production and the last but not least, they are more secure, because are safe from 51% attack.

So now, as we got familiar with the general idea of TerraCredit, lets' take a look at their wallet, what features do they offer and how can it be useful for all of us. You can make financial transactions, and store your crypto securely with TerraBit. So it is a crypto wallet and a centralised exchange within one application. TerraBit was designed in South Africa and used in countries like Columbia, Kenya, Ghana and Nigeria. TerraBit is available as an online platform as well as an google play app, so you can download it to your mobile device. Among advantages of TerraBit are fast and secure payments, lack of third party, and extremely low transaction fees. TerraBit has also a great media coverage, including press releases in CCN and Yahoo Finance. So now as we know what TerraBit is it is time to test things out and to create an account. Click on Register in the right top corner, fill all the needed data to required fields, also do not forget to set your trading pin as well. When everything is filled click on Register and you are ready.

What do we have here: crypto and fiat wallets like Bitcoin, Ethereum Credit, LTC and much more. As well as fiat currencies of a bunch of countries like ZAR, NGN and surely USD. IF you go to a BUY tab, you will be able to purchase different currencies, just select the right coin, enter the amount and click on buy now. You can sell your crypto as well by doing same steps but in the sell tab. The next two tabs are Send and Receive, so they are pretty self explaining, however it is awesome that you can send not only crypto but fiat currencies as well. You will get you addresses for deposits when you click on any crypto of your choice. The MiniPOS section is the staking part. You will get additional CREDIT coins just for holding them in your wallet. In this section you will be able to see your staking earnings.

Lets' take a look at the exchange. So just basic trading functions, where you can purchase CREDIT with Ethereum. You can click on markets and select other pairs and do your own trades. For example ZAR is tradable against BTC, ETH and Credits. You can also go to an ICO tab. It is now empty, but we assume, Terra plans to hold IEOs on this exchange in the future and all of them will be listed in this section. You will be also able to bind your bank accounts and refer your friends to get a commission from exchange fees. There is a FAQ section as well, where you can ask all your questions.

Now lets' take a look at the core heart of TerraCredit ecosystem. It is going to be their token that will run through the whole system. It is called CREDIT, their own Proof of Stake blockchain with a total supply of 74,8 billion tokens. Each block will be minted with 60 seconds with a block reward of 5000 tokens. As we have already stated it is possible to buy CREDIT coins on TerraBit exchange but there are a few more. For example you can buy tokens on Bitforex exchange or Catex exchange.

TerraCredit is also already listed on Coinmarketcap with a circulating supply of more than 21 billion tokens. All in all TerraCredit has a good mission by providing access to worldwide money transfers for everybody. The core advantages are transaction speed, very efficient Proof of Stake model and the low transaction fees that are nearing 0. The price of 1 CREDIT is now around 0,00002 USD and the fee is generally silly. So to send every amount of money you would like you would have to pay 0,00000003 or near to nothing. Generally speaking TerraCredit has potential to become worldwide accepted payment, we should wait till the IEO announcement to see how big it would be. It is worth mentioning that on the 1st of August there will be a hardfork and a token swap, which will make 1 CREDIT worth 1 USD.

All in all, TerraCredit is worth attention, because there are still a lot of people that do not have access to financial transactions all across the globe. TerraCredit gives an option to do those transactions for very cheap fees and makes it accessible to everyone. Besides such a payment method has a lot of advantages in front of fiat currencies, which are once again the fees, transaction speed and the easiness of access.

Useful links:

Website: https://terra-credit.com

Product: https://app.terra-bit.io/register?ref=24821DxlE8Z6T

Telegram: https://t.me/terracredit

Twitter: https://twitter.com/terracredit

Facebook: https://www.facebook.com/terrabitofficial/

Linkedin: https://www.linkedin.com/company/terra-bloockchain/

Whitepaper: https://terra-credit.com/wp-content/uploads/2020/03/whitepaper.pdf

Youtube: https://www.youtube.com/channel/UCPuDgHaN3yKPP945YfLQkcg

Bounty: https://bitcointalk.org/index.php?topic=5260785

Bitforex: https://www.bitforex.com/en/spot/credit_usdt

Catex: https://www.catex.io/trading/CREDIT/USDT