UTrust is a blockchain-based platform that aims to disrupt the gaming industry by providing gamers with a reliable and fair gaming experience.
The utrust price prediction 2020 is a cryptocurrency that was released in the year of 2018. UTrust has a variety of features and capabilities, but it also has its downsides.
Caldwell, Justin contributed to this article. 19 June 2019
As bitcoin gains momentum and acceptance in a variety of sectors, it also exhibits indications of upheaval and change. The internet payment business is one such sector. Companies like Zelle, PayPal, and VenMo have long been regarded as the leading digital payment providers.
Digital currencies, on the other hand, may be in a position to push this industry to develop and provide a method for people to utilize cryptocurrencies in daily transactions. UTrust, for example, may be the catalyst for worldwide acceptance of digital assets.
Would you want to learn more about Utrust and how it affects the payments industry? You’re in luck if you said yes. Here’s our UTrust coin evaluation for 2019.
What exactly is UTrust?
UTrust is a blockchain-based startup similar to PayPal. UTrust, based in Switzerland, aims to disrupt the payment systems industry by providing greater flexibility and sophisticated features and functionality on its platform. For purchasers, UTrust, for example, helps to minimize the risk of fraud and scams.
It does this by providing customers with complete payment safety. In addition, UTrust acts as a third-party mediator. That means that from the minute you click the “Buy” button until the item is successfully delivered to your front door, your purchase is protected against scams and frauds.
If you sell on the UTrust platform, you’ll enjoy the advantages of real-time transactions and minimal costs. Hacked accounts, chargebacks, and credit card fraud are all reduced as a result of this. Additionally, buyers and sellers that utilize UTrust may use several digital assets at the same time.
As a seller, you’ll have the option of accepting any kind of fiat money as payment, which protects you from market fluctuations.
What exactly is UTrust?
Nuno Correia, the CEO of UTrust, is in charge of the project. Correia began investing in cryptocurrency in 2011 and has co-founded a few B2C businesses. He has a law and marketing background, is active in the community, and is enthusiastic about the future of digital payment systems.
A big entrepreneurial team works with Correia and has a strong track record in terms of technological expertise. The team includes MIT grads, international attorneys, and seasoned venture capitalists, all of whom contribute significantly to the project. UTrust is a fantastic choice if you’re searching for a genuine and transparent initiative managed by a team with comparable characteristics.
What Is UTrust and How Does It Work?
While UTrust intends to disrupt the payment systems business, its team has chosen to retain some aspects that are currently common in the sector. These characteristics were chosen as a means of providing security to purchasers on their site. The UTrust team concluded that decentralization wasn’t the objective, so they started acting as a middleman between buyers and sellers.
The UTrust procedure is as follows:
1) A buyer chooses UTrust as their payment option. They may utilize any cryptocurrency they own, including UTrust tokens, in this way. The payment system determines the number of coins required and then conducts the necessary conversion. To offset UTrust commissions, a 1% fee is charged.
2) The digital assets are transferred to UTrust after the transaction is completed properly. After that, the platform transforms the cryptocurrencies into fiat currency. During this period, the money are held in an escrow account by a third-party middleman. The merchant is informed that money is owed to them.
3) Once the intermediary has determined that everything is in order, the money is released to the seller. With each successful sale, the merchant may possibly improve their UTrust rating. Sellers with better ratings may ensure quicker transactions for their consumers. Those who have a good reputation on the site have a zero hold status.
4) If the buyer and seller cannot agree on the conditions for any reason or if an issue develops, each party has seven days to discuss the situation and reach an agreement. If a deal cannot be struck, UTrust steps in as an arbiter and weighs the facts. They will then decide whether to release the cash to the vendor or refund them to the buyer.
From the user’s viewpoint, this is how UTrust works. From a technological standpoint, UTrust provides a wallet that will handle a variety of cryptocurrencies, as well as a widget that merchants may include on their websites. UTrust encourages businesses to utilize their custom-built API to accept direct payments in USD or EUR from customers.
UTrust Initial Coin Offering (ICO)
The UTrust Initial Coin Offering (ICO) took place on August 28th, 2017. Investors paid $0.065 USD each token at the time of the ICO. The project allowed donations in the form of ETH and BTC at the time. The project has raised $20 million USD by the time the ICO concluded on November 20th, 2017.
UTrust originally issued 1 billion UTK tokens, however the goal is to decrease that amount in order to achieve supply and demand equilibrium. The project will participate in buybacks in order to reduce the number of tokens accessible on the market. The UTK token is a financial instrument, an investment tool, and a transaction unit developed by UTrust. It’s used to calculate the overall worth of the UTrust platform.
The UTK tokens may be used to purchase goods and services on the UTrust platform. When a user pays using UTrust tokens, no conversion cost is charged. A modest charge is levied to any other currency transaction.
When a user buys UTK to pay for anything on the platform, a portion of the transaction is used to purchase back UTrust tokens. These tokens are burnt after they have been acquired by UTrust.
The amount of conversion fees determines the value of the UTrust tokens. It is necessary to identify a balance. If the charge is too high, it will have an effect on the UTK price; conversely, if the fee is too low, consumers will simply forgo using UTrust coins and instead pay with other digital currencies.
The UTrust Platform’s Features
Those that utilize UTrust’s platform may take use of a variety of advantages. Here are some of the most frequent characteristics you’ll see in this project:
Exchange Rates are Low
On all payments received, sellers will be charged a fixed fee of 1%. PayPal, on the other hand, charges 2.9 percent for the identical transactions, which may climb to as high as 5% when currency rates and other fees are included in.
Payments are made quickly after approval.
UTrust does all it can to authorize payments nearly instantly since it can minimize the danger of fraud on its network. BitPay has a comparable option, however PayPal does not.
Purchase Purchase Risk is Reduced
UTrust will safeguard all purchases of products and services, while PayPal would only guarantee transactions of physical items. Bitpay and other similar bitcoin payment system providers do not provide any kind of coverage.
Accepts a variety of digital assets
UTrust accepts the overwhelming majority of the most widely used cryptocurrencies on the market. Bitcoin, Ethereum, Dash, Litecoin, Monero, and a slew of other cryptocurrencies are among them. Bitcoin will be the only cryptocurrency accepted by Bitpay, while PayPal will not accept any cryptocurrencies.
Customer Payments Should Be Safe
UTrust’s self-mediated, fast-response, two-party settlement procedure safeguards consumer funds. If buyers and sellers are unable to reach a deal, the platform also includes a third-party dispute settlement process. If no agreement is achieved within a week, UTrust takes care of the situation. A disagreement may take many months for PayPal to address and resolve.
User Funds’ Security
To avoid credit card theft and other security problems, the UTrust platform employs blockchain technology. The money and private keys are completely in the hands of the users. Meanwhile, if a user does not have a solid track record with their customers, PayPal often prohibits them from accessing their money.
Sellers are given a rating based on their performance.
On the UTrust platform, sellers are evaluated based on how effectively they engage with consumers using a performance-based algorithm. The motivation behind this concept is to establish an open and honest seller market where trustworthy and transparent vendors may flourish while low-quality merchants go away. Furthermore, top sellers will have quicker transaction times, while less reputable sellers would experience longer wait periods.
All conversion rates are visible to users on the UTrust platform. Conversions are made at the best market rate available at the moment, which is locked down to ensure that sellers get the desired amount. If UTrust did not lock prices in place, the volatility of the crypto market might have a major effect on the pricing of products and services.
Wallet on the Internet
UTrust provides its customers with a one-of-a-kind digital wallet in order to facilitate fast payments. Users may put their favorite digital currencies into the wallet and utilize them on the UTrust platform. As a consequence, they’ll have access to all of their assets in one location, making it simpler to transfer money to those who don’t have a mobile wallet.
Transactions between UTrust users, as well as between buyers and merchants, are virtually instantaneous. This contrasts with Bitcoin transactions, which may take hours to complete correctly. The majority of digital assets are stored in cold storage, making the mobile wallet even more convenient to use. Additionally, it provides extra security for individuals who store private keys on their desktop or PC.
Pros and Cons of UTrust
When discussing the benefits of the UTrust platform, it’s best to divide them into two categories: benefits for buyers and benefits for sellers.
- Buyers: To begin with, customers benefit from the simplicity of the product. They may use UTrust to spend a variety of cryptocurrencies using a single universal platform payment mechanism. Digital assets like as Ethereum, XRP, Bitcoin, DigitByte, AidCoin, Sparkster, Nexo, and Pundi are all supported on the UTrust platform. The project is constantly introducing more currencies. A second advantage of the UTrust platform is that it reduces the danger of online fraud while buying goods or services. The vendor is not paid until the customer verifies that they got what they paid for.
- Sellers: There are many benefits to using the UTrust platform as a merchant. One of the most important advantages is that your customers are not restricted to a single kind of cryptocurrency. As UTrust continues to add currencies to its platform, your market grows. In addition, as compared to other payment methods, the commission charge is quite low. Buyers may also get fiat money, which they can retain in their mobile wallet or withdraw to their own bank account if they want. That implies they won’t have to worry about the crypto market’s volatility. As a consequence, purchasers get Euros, USD, or whatever fiat money they choose, regardless of how much the price of Bitcoin fluctuates.
- UTK Holders: Users that wish to keep their UTK have a distinct edge. With each successful transaction, the token’s total supply shrinks, increasing its value. As a result, holders of UTrusts are making money by doing nothing. They’re putting their time to good use.
UTrust, like every other product or service ever developed, has its flaws. The UTrust platform’s most serious flaw is its age. The platform is just not old enough for big buyers and sellers to use it. Furthermore, the team is continuing working on the payment widget and mobile wallet. It’s still in its early phases, which offers both advantages and disadvantages.
Because UTrust is a newer initiative, it is less well-known than other projects. There are questions about whether UTrust is a fraud, as there are with many fledgling bitcoin ventures. UTrust continues to fight an uphill struggle in the crypto world, despite the fact that many of these fears have been dispelled. However, UTrust has shown that it aims to be a project that solves issues rather than creating them, as seen by their KYC verification procedure, which was revealed in September 2018.
Where can I get UTK?
UTrust coins are ERC-20 compliant, which implies they’re built on the Ethereum platform. As a result, any wallet that supports the ERC-20 standard may be used to purchase, sell, or exchange UTK. To get started with UTK, go to the UTrust website and create your own wallet.
If you wish to purchase UTK on a cryptocurrency exchange, go to one of the following sites:
- KuCoin – Allows users to exchange UTK for BTC and ETH.
- Huobi, a cryptocurrency exchange headquartered in Singapore, trades UTK for BTC and ETH.
- Tether and UTK are traded on OKEx.
- UTK is also available on Bitfinex, Ethfinex, and HitBTC, among other exchanges.
Of course, you should do due research before participating in these transactions. A coin’s listing now does not guarantee that it will be accessible tomorrow, and vice versa. Furthermore, the UTrust team is working hard to promote the currency and expand its brand. It’ll only be a matter of time until other exchanges take notice of the UTK cryptocurrency.
Is it Worth It to Invest in UTrust?
It’s difficult to respond to this question since there is no clear right or incorrect response. We can’t anticipate how this currency will behave in the future, so our goal is to gather as much data as possible and share what we’ve learned with you. Take everything you’ve learned so far and figure out what makes the most sense for you.
Keep in mind that the world of cryptocurrencies goes through ups and downs on a regular basis, so keep that in mind before you invest. Always keep in mind that you shouldn’t spend more than you’re willing to lose. Having said that, there are a few of issues with UTrust that you should be aware of:
- UTrust boasts that their fees are the lowest in the payment system industry. While 1% is a little cost, the project does not account for the exchange’s commission. When changing digital currency to fiat currencies, this is an unavoidable expense. The actual charge will be greatly influenced by the present market.
- UTrust claims that the price of its tokens will rise as the system burns them, but they don’t explain what would happen when there are only 100 million UTK coins remaining.
- How would UTrust deal with disputes between buyers and sellers? The initiative claims to include all online goods and services, but this seems to be a difficult sector to traverse effectively while keeping consumers satisfied.
- How does the platform intend to persuade non-UTrust users to purchase and hold UTK? To encourage acceptance and development, the platform must generate interest in the currency.
The things on this list are all sources of worry, although they are not necessarily issues with the project. This project has a lot of promise, and it’s simple to see how it might become a major player in the payment systems industry. UTrust may thrive in its industry as long as they stick to their roadmap and demonstrate continuous progress.
Visit TotalCrypto.io for more information.
1) Looking for more UTrust-like crypto projects that may disrupt online payments? See why we think Nimiq Coin is worth adding to your watchlist in our Nimiq Coin review.
2) It’s One Thing To Use Blockchain Technology For Payments. What About Digitizing Assets, on the Other Hand? Find Out How Ravencoin Is Pushing The Crypto Space’s Boundaries.
3) Interested in learning about other promising altcoins? We’ll Tell You About Our 2019 Altcoin Picks.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Justin has an MBA from Baker University and is interested in learning more about the real-world uses of blockchain and cryptocurrencies. He is a bitcoin investor with a long history of writing experience. Justin has his own Medium site, https://medium.com/crypto-pilgrim, where you may follow him.
UTrust is a cryptocurrency that was created to provide users with an easy way to transact in the digital world. The company has released a review of their coin, along with some useful guides for new investors. Reference: utrust news.
Frequently Asked Questions
Is Utrust a good investment?
It is a good investment.
What is Utrust token used for?
Utrust is an ERC-20 token that will be used for the following purposes:
What is Utrust token?
Utrust is a blockchain-based platform that will facilitate the exchange of digital assets and provide a decentralized marketplace for traders.
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