SpotCoin – the bridge between fiat and crypto currencies

The cryptocurrency market is expanding day by day, and a lot of its members own thousands of various virtual coins. Earning online seems to be a piece of cake, however, any user of a crypto wallet can tell you it’s not so: you have to invest heavily in mining hardware, spend a lot of time trying to find a reliable exchanger, and face the limits of trading and exchange volumes. Moreover, it’s simply hard to find a decent platform where you can exchange crypto into cash, fiat, virtual money, or other crypto coins without paying unbearably high transaction fees.

Main issues of cryptocurrency market

Although the cryptocurrency market it’s flourishing, it cannot provide people with high-end service and technological solutions promoting enough liquidity. People are simply discouraged from selling and exchanging their coins due to their unexpected ups and downs (many wait until the coin value raises), as well as high fees charged for operations. At its current stage, we face the following problems:

· Harsh limits of exchange volumes – again, it’s conditioned by a low level of liquidity on the market.

· Lack of trustworthy brokers.

· There are not enough ways to connect the large traders.

· Lack of flexible and useful customer service.

What we need is exchange platforms tailored specifically to the needs of traders and token holders. There’s a myriad of such projects popping up, and one of them is SpotCoin.

What is SpotCoin?

This is a Georgian company that’s actually has been around for some time. It started processing virtual transactions in 2016, and after getting enough acclaim from the cryptocurrency projects and investors, the startup expanded its team and started elaborating the platform. SpotCoin is the virtual environment aimed to close the gap between the fiat and digital economy. This project is aimed to help people from Black Sea region exchange, mine, and trade cryptocurrency easier.

So where SpotCoin project can be applied?

Digital exchange. The platform supports a lot of local fiat currencies, so the crypto coins can be easily converted without intermediary currencies as USD and EUR. All transactions are transparent, and audits are provided.
Retail payments with cryptocurrency. Even if you own some virtual coins, you cannot use them in the Net to make purchases. SpotCoin promotes the integration of retail payment by crypto and provides a consistent API for simpler developer integration. Users will be able to pay with its proprietary coin, as well as other digital currencies.
Mining. Did you know that Georgia is a great spot for mining? In fact, more than 75% of hydropower electricity is generated there, and SpotCoin has built its own facilities that allow 4,500 miners to lease them. This is a very cost-efficient solution. Besides, the mining facilities are properly maintained, and government regulations aren’t the problem.

Therefore, this project gives cryptocurrency owners more freedom – with its advanced solutions, they’ll enjoy a better control over their digital assets.

SpotCoin’s Mission

It should be mentioned that SpotCoin’s interests aren’t simply commercial – the team strived to upgrade the level of awareness and knowledge in everything connected with the cryptocurrency. To help the region become more competitive in this sphere and promote research, they establish the Black Sea Blockchain Institute. It will serve to:

teach students progressive blockchain technologies;
perform research to address the existing problems and come up with useful technological solutions;
introduce innovations in the blockchain sphere.

The Institute will also fund the most promising projects.

Technological peculiarities

Unlike many similar startups, this one is fueled by NEO blockchain. Thanks to such choice, they are able to introduce the Smart Economy, which means total transparency and reliability of transactions taking place in the frames of this platform. NEO is perfect for addressing the jurisdiction and regulation requirements for digital assets. Besides, it allows for the introduction of KYC and compliance with anti-money laundering (AML) demands. The team plans to reach the processing speed to 100,000 TPS by 2020.

The Pre-ICO has ended with the company gathering investments of $500,000. Pretty soon, they’ll launch the ICO with 1 SPOT coin = $0.5. It should be noted that the ICO details are well-thought: you can invest at least $25 to buy 50 SPOT coins, and the maximum personal cap is 1 mln SPOT. Various currencies are accepted (both crypto and fiat).

Is SpotCoin worth my attention?

Although this project is mostly targeted on the CIS counties and Western Europe, it can be helpful for many users. If you want to mine or trade cryptocurrency, it can be a convenient and reliable platform to perform operations, especially if the creators would be able to boost the level of liquidity and enable large-volume trading.

From the point of investments, SpotCoin can be a great choice: 1 SPOT is not expensive, and even if it doesn’t grow in value much, you’ll be able to exchange it for any other digital currency.