Hello, friends! Today, we’re going to talk about a company called TrustLinq and how they’re trying to fix a big, big problem—like the biggest puzzle in the world of digital money!
Imagine you have a shiny, invisible coin called cryptocurrency. It lives only on computers and phones. But when you want to buy a toy or a pizza, most stores say, “Sorry, we only take real money.” That’s a problem! TrustLinq cryptocurrency wants to help people use their invisible coins to pay for real things.
Let’s dive into this story step by step, okay?
What Is Cryptocurrency?
Cryptocurrency is a kind of money that isn’t paper or coins. It’s digital! Think of it like game points, but real people use it to pay for things. There are many types, like Bitcoin or USDT. Millions of people around the world have it.
But here’s the tricky part: Even though many people have cryptocurrency, only a teeny-tiny number of shops accept it. It’s like having a superhero cape but never being allowed to fly!
The Usability Problem
The news article says that about 580 million people and businesses have cryptocurrency. But guess how many shops accept it? Only about 15,000! That’s less than 0.003%—a super small number!
So, most cryptocurrency just sits there, doing nothing. It’s like having a toy car you can’t drive because there’s no road. This is called the “usability problem.”
Why is this happening? Because there’s no easy, safe way to turn your digital coins into regular money that shops understand. Regular money, like dollars or euros, is called “fiat.” When you want to pay for something with crypto, it’s hard to do it smoothly.
That’s where TrustLinq comes in!
How TrustLinq cryptocurrency Works
TrustLinq is a company in Switzerland. Switzerland is known for being very careful with money, so that’s good! They follow strict rules to keep everything safe and fair.
Here’s the magic: TrustLinq helps you use your cryptocurrency to pay people in regular money, without you having to open a bank account. It’s like having a secret bridge between two worlds:
- The world of digital coins (crypto)
- The world of paper money (fiat transactions)
They do this using something called “global settlement channels.” Think of these as super-fast roads that money can travel on, all around the world. TrustLinq uses these roads to send payments in more than 70 different currencies!
So, if you have crypto and want to pay your friend in Japan with yen, TrustLinq can help. It’s like saying, “I’ll use my invisible coin to send you real money, and you can spend it right away!”
They don’t hold your money. You stay in control. They just make the magic happen behind the scenes.
Do you know why this matters? Because it means more people will want to use cryptocurrency if they know they can easily pay for things with it!
The Special Technology and Rules
TrustLinq isn’t just magic—it’s also very smart and careful. They follow Swiss rules that keep everything safe. These rules are about things like “AML,” which means “Anti-Money Laundering.” It’s like a superhero team that stops bad guys from using dirty money.
The system they built is hard to copy because it needs special knowledge, special rules, and special connections in many countries. It’s like having a secret recipe for the best cookies ever—only TrustLinq has it!
They also use something called “Self-Custodial Crypto to Third-Party Fiat Settlement.” That’s a long name! Let’s break it down:
- “Self-Custodial” means you keep your crypto safe with you.
- “Crypto to Fiat” means turning digital coins into regular money.
- “Settlement” means finishing the payment so the other person gets the money.
So, it’s a fancy way of saying, “You keep your coins, but someone helps you pay others with regular money.”
This is a new kind of technology in the world of finance. It’s not just a bank, not just a crypto app—it’s something new that mixes the best of both!
What Can You Do With TrustLinq?
Right now, TrustLinq works for people and businesses in some countries (they call them “eligible jurisdictions”). You can use certain types of crypto, like:
- USDT on ERC20 and TRC20
- USDC
- EURC
These are names of digital coins. Don’t worry about the hard words—just remember they’re types of crypto you can use.
And TrustLinq can send money in more than 70 currencies! That’s like speaking 70 different languages of money.
In the future, they plan to do even more. They want to add more ways to send money, more technical tricks, and more cool features. It’s like they’re building a spaceship that will go faster and faster!
They also want to make debit cards one day. Imagine a card that turns your crypto into money you can spend anywhere. How cool is that?
FAQs
Q: What is cryptocurrency?
A: It’s digital money that lives on computers and phones. It’s not paper or metal.
Q: What is fiat?
A: It’s regular money, like dollars, euros, or yen—the kind you use every day.
Q: Do I need a bank account to use TrustLinq?
A: No! That’s one of the cool things. You can send money without a bank account.
Q: Is TrustLinq safe?
A: Yes! They follow strict Swiss rules to keep everything fair and safe.
Q: Can I use TrustLinq everywhere?
A: Not yet. It works in some countries for now, but they want to grow bigger soon.
Learn how crypto is changing the world of money here.
Discover how rules for crypto are being made here.
Find out about amazing AI tools that help with crypto here.
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Conclusion
So, there you have it! TrustLinq is like a friendly bridge between two worlds: the world of digital coins and the world of regular money. They want to solve the big puzzle of why so much cryptocurrency just sits around doing nothing.
By making it easy to pay people with regular money while using your crypto, they’re helping more people use digital coins in real life. It’s like giving wings to a superhero who forgot how to fly!
And remember, this isn’t just about money—it’s about making life easier for people all around the world. If you can pay for things with your crypto, you might not need a bank account. That could help lots of people who don’t have banks nearby.
Isn’t that exciting? The future of money is being built right now, and companies like TrustLinq are showing us the way!
Thank you for listening, my young friends. Keep learning, and maybe one day you’ll build something amazing too!
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