Well the plan is to at the same time create ways to earn ETN while also creating more and more places to spend ETN without ever having to convert it into fiat.
This was never going to be a quick process, but the more places there are locally to spend ETN on goods and services the more demand it creates.
They are already commenting on the Electroneum Uganda Mart twitter page about how quick, easy and cheap it is to use for remittance to someone in another village in Uganda compared to Mobile Money’s fees.
The key is to just continue to develop use cases and get retailers, vendors, shop owners, businesses of any kind locally to accept ETN.
Someone in each area will recognize the potential for profits and begin offering fiat in/fiat out services for ETN conversion I’d bet.
o that just increases the use and demand and remittance possibilities.
Eventually some larger remittance players will see the potential and be willing to take on the risk of holding ETN while offering purchase of ETN for remittance and cashing it out on the receiver end if that’s the option the receiver chooses.
If someone is willing to do it with bitcoin and it’s slow transaction processing, high fees and volatility, then it’s a no brainer with ETN since they can get out of it lots quicker than they can with Bitcoin. I mean the Agent being able to convert their ETN to fiat if they so chose to.
See https://rebit.ph/ in the Philippines as an example of the non traditional money transfer remittance service I am talking about.
They don’t charge any fees except the fees they are charged by the remittance network they use, which is the same as remitly, world remit and dozens of others.
I believe that some local entrepreneurs in live countries will do something similar to what rebit.ph is doing, then eventually a big remittance player or more than one will incorporate ETN into their model.
Or a new player will come along and make ETN their main source of remittance and tap into all the existing send/receive locations that already exist…not run by Western Union or Money Gram.
Wich are tens of thousands, maybe hundreds of thousands all around the world.
People in Dubai, spend all day standing in line on Fridays or Saturdays just waiting to send money home via Western Union and Money Gram. Their entire off day is wasted on waiting.
Higher fees, huge loss of time.
There’s no way ETN doesn’t become a player in the money transfer game at some point…despite any worries about price fluctuations.
Fiat Currency values fluctuate too in a 24/7 forex market.
