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A barter system or bartering, simply, is the form of trading that allows exchange of commodities without using money or cash. This market has developed and evolved over the years and with the introduction of Virtual currency, it has become very important in the community of its subscribers. Virtual currency is digital money accepted for transactions within a virtual community. Over and above, bartering has become modernized, and is termed as ‘local credit trade market’.
The modern-day Barter Exchange industry operates via Trade Exchange which are identified, well-controlled and decentralized organizations. These organizations bring about bank-like virtual transactions (barter) using online software recording, making use of localized non-fiat currency called a ‘Barter Credit’ as an accounting unit of payment used to record the value of barter transactions.
In fact, most government and sovereign states all over the world recognize barter credits as a form of payment.
Presently, the World Bank estimates annual barter transactions to be worth 23Billion US-dollars. Nonetheless, despite this large volume of trading, the local credit trade market, also known as, barter market, is being currently faced with potential difficulties and technical constraints. These are basic problems in both offline and online barter market.
In response to these, BIZpaye, a Variable Currency Transactional Platform, and a company that operates within the virtual currency market aims to solve these problems with its effective BIZpaye “CRYPTO” Token for [Online Crypto Marketplace]
(https://www.bizpayecrypto.io//) and the already instituted and growing BIZpaye ecosystem.
BIZpaye is an international barter trading platform that operates in 12 countries and registered in Singapore. The BIZpaye “CRYPTO” offers betterment to existing local barter credit system and the way international trade is done- in general. It utilizes the power of Blockchain technology to make virtual market trading across the world cheaper and easier through Multi-transactional B2B & B2C Online.
Problems of the current Virtual (Barter) Market
The current challenges faced by the current local-credit trade market are highlighted below:
Unsold Spare capacity: there has been the inability to clear idle stocks and inventories that have become unused due to political interference, lack of trust, market assumptions on quality, etc.
Payment Inflexibility: another challenge in the history of transactions is the inflexibility to enter into a transaction with the option for an applied mix of currency type.
No Liquidity to Fiat Conversion: even in today’s modern-day barter market, to monetize barter or barter credits into Fiat or a globally accepted borderless currency has been an inherent problem.
No Global currency: there’s yet no single universal currency for price comparison and simplicity of international trading transactions.
Lack of Trust/ No Price Transparency: everyone seems to be anxious about ‘whoever actually controls my money’. Fundamentally, in business, no one fully trusts the other.
Lack of Common Measure of Value: this leaves either buyers or sellers with a disadvantage due to discrepancies in values of commodities being exchanged.
Problem of Storage of Value (Liquidity): conversion and storage of barter values is difficult due to market distances, political interference, technological changes, etc.
Lack of Global Centralized Recording and Facilitation of Transactions.
Solutions to the challenges facing the Virtual (Barter) Market
BIZpaye solves the current challenges in the following ways:
Unsold spare Capacity: to solve this, there is need for a way to provide borderless, cost-effective and non-government influence opportunities to reach new markets of buyers all over the world. BIZpaye “CRYPTO” Token provides and entire peer-to-peer network based on Blockchain technology and offers a refined ecosystem to market and fulfill sales of unsold spare capacities.
Payment Inflexibility: BIZpaye “CRYPTO” Token provides Payment Flexibility for both the seller and the buyer, by offering a payment gateway, whereby sellers were able to apply a variable mix of currency type into the transaction at the point of sale. BIZpaye “CRYPTO” Token gives this via Blockchain technology.
No Liquidity to Fiat Conversion: BIZpaye “CRYPTO” Token solves this problem by combining BIZpaye online software systems with the Token Blockchain system.
No Global currency: BIZpaye “CRYPTO” Token, itself, is a potential universal currency that unifies the globe by adapting BIZpaye global merchant network and Blockchain technology.
Lack of Trust/ Price Transparency: BIZpaye uses open, trustworthy, decentralized 2nd generation Blockchain to offer peer-to-peer transaction of value, storing all transaction records on the decentralized immutable ledger. This offers transparency.
Lack of Common Measure of Value: the universal (common) BIZpaye “CRYPTO” Token helps to eliminate the problem of lack of common measure of value.
Problem of Storage of Value: BIZpaye “CRYPTO” Token would provide great liquidity to commodities by converting them in to a tokenized stored wealth vehicle.
Lack of Global Centralized Recording and Facilitation of Transactions: BIZpaye uses Blockchain technology to keep record of every transacions.
In conclusion, although, the current virtual (barter) market is faced with challenges, the BIZpaye Company proffers solutions to them through its BIZpaye Ecosystem and BIZpaye “CRYPTO” Token.
For more information, visit Bizpaye's official websites below:
Website: https://www.bizpayecrypto.io/
Telegram: https://t.me/joinchat/Euq84EoblytkqcocQ9zuPQ
Twitter: https://twitter.com/BIZpaye
Facebook: https://www.facebook.com/BIZpayeCryptoToken/
Instagram: https://www.instagram.com/bizpayecrypto/
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Username: Jabatani