An iTransa network’s native currency, abbreviated as XiK, is a digital currency that serves as a means of collecting network fees, as a means of compensating ambassadors and freelancers, converting iTransa points into bonus, as a means of exchange (cross-border) between buyers and sellers and p2p loans & transfer. XiK is designed to overcome the scalability challenges associated with incumbent digital currencies, and will excel in common payments scenarios by supporting instant, zero-fee transactions. After first achieving widespread usage in direct network use cases , XiK will have a robust foundation on which to become more widely-used as a means of exchange.
XiK’s value will be completely tied to the growth of the iTransa Network.
XiK can be bought and sold in local currencies where other digital currencies can ONLY be bought in USD, EUR or GBP.
Why do we need XiK ?
It takes seconds to perform the transaction, and this time is not affected by how far apart the parties are.
The cost of the transaction is reduced to just a fraction of a percent of the amount being transferred.
Traditional financial system has inability to offer accesseible,reliable and affordable services to people around the world with almost 3 billion people lack access to banks or similar institutions. With very complex operations and cost structures burdened by overheads, traditional financial service providers put a hefty price tag on inclusion in the global economy.
Any exchange can offer USD to Bitcoin or other digital currency conversion. Some are also able to convert to GBD and EUR. However, the number of people living in countries where these three currencies are used barely reaches 1 billion. This still leaves around 6 billion potential cryptocurrency users unaccounted for, stifling the adoption of cryptocurrency.
At present, cryptocurrencies function fairly well as an asset, but remain virtually impossible to use as a means of payment in everyday life: users have to manually sell their crypto assets on an exchange, then transfer the resulting amount in fiat currency to their bank account. Only when this transfer is completed can they use these funds to make purchases.
Blockchain might just be the technology that will change how we perceive financial and banking services; completely new ways of adding value to customers will emerge.
Cryptocurrency has NO effect on region’s social and political situation !!!
Effectively managing assets and providing safety in times of economic decline is vital for any financial service provider. For hundreds of years these providers relied on precious metals, mostly gold, to preserve the value of assets during economic downturns. It is still widely believed that gold can withstand and hedge the risks caused by economic uncertainty and political upheaval. The major advantage cryptocurrencies have that no other asset class has ever had is decentralization. Yet there is a risk inherent in physical asset classes like gold. In times of unrest, these asset classes can break down because they are still attached to physical locations like land or bank vaults. By contrast, cryptocurrencies benefit from being decentralized – they are free from any physical location. There are no known ways to stop block chain based currencies from distributing information updates, whatever the political circumstances. This means assets are kept safe around the world, around the clock. Bitcoin and other cryptocurrencies are gaining increased interest from investors as their immense potential becomes clear. On the one hand, they provide the hedge investors need. On the other hand, they’re currently also a great short-term trading resource because of the volatility in price. This makes them high-risk, short-term investments with high-yield potential, something every trader is looking for and they have the capability to hedge traditional financial derivatives. This unique combination is what makes cryptocurrencies a true phenomenon.
Using the current methods used by traditional banks there is simply no way to include residents of developing countries in the global financial system but a potential solution to this problem is now available, and it’s connected to the fact that almost half the world now has access to the internet. This is important because access to the internet means access to blockchain based financial services, with their much lower costs and much greater efficiency. Blockchain technology is based on information distribution through the web. This enables financial data to be transferred at a tiny fraction of the cost incurred by traditional banks.
Using XiK as a means of payment has incredible potential in developing countries. In the short term, iTransa’s strategy is aimed at increasing the adoption of XiK by utilizing existing payment infrastructure as a stepping stone.