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What is Qoin and How Can it Help Your Australian Business?

Qoin is a digital currency, based on the Gold Coast, that is used to pay for goods and services. So, it is ideally suited to Australian business as something of a local currency, as well as being a method of payment that is in digital form. It represents a convenient method of payment for any retailer participating in the scheme.

More information on Qoin and how to go about accepting it from those paying you as a business can be obtained from clicking on the link and visiting the webpage. In addition, the remainder of this article should assist with explaining just what Qoin is all about. It will help you to understand what Qoin is and how it can only be a good thing when it comes to accepting Qoin payments from all the people buying from your business, and so not allowing you to fall behind in terms of what payment methods your competitors are offering customers.

How Does Qoin Work?

The value of Qoin is realised when payments are made to participating merchants. The value of Qoin is most often calculated using an algorithm. This algorithm is based on the price of the USD as well as on the supply of Qoins circulating and the average spare capacity of the merchants that are validated.

How Many Transactions Does Qoin Equate To?

Basing the calculation on 10 million merchants, Qoin’s ecosystem will process transactions valued at something like AUS $1.373 (US$1.0 Trillion) in terms of goods and services. So, a lot of retailers are already on board with it. A retailer not signed up to the scheme would seem to be missing out when those with the currency are likely to spend it elsewhere where it is accepted. As a business, it will help increase your customer base by giving them a convenient way to pay that fits in with the fact they have invested in the currency.

Advantages of Qoin to a Business

In terms of usefulness, Qoin is interchangeable with cash because it can be converted directly into services or goods via the Merchant network. With it being backed by the Qoin Association, business owners can make use of a currency that is reliable and stable and build a secure system using it.

How Can you Become a Qoin Merchant?

Becoming a Qoin merchant, for the advantages it will bring as a business, is as simple as downloading a Qoin Wallet from an Apple or Android store, registering your business as a Qoin merchant, and then compiling your listing. Completing your direct listing details will display your business in Qoin’s directory. It is simple to register and to use.

There is now something like 35,000 merchants signed up to the Qoin directory. Not all of them will be active but you will be among many merchants who accept payment in this way.

As far as your customers go, any individual who is over the age of 18, as well as valid businesses in Australia and New Zealand, can download the Qoin Wallet using their mobile device and join the community. This means that anyone over 18 can be your customer in using this system. You want to make it as easy as possible for them to pay you and conduct business with you. Convenient payment methods are the future.

To summarise, Qoin can work for our business because it attracts customers who like to pay this way. It is a scheme that is easy to set up and one that is well supported. So, why not consider creating a Qoin Wallet today?

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