I’m much more confident with crypto than with banks or fiat currency because I can actually control it, and the money supply is transparent, stated up front. It makes online shopping a lot easier and a lot safer.
- The differences between fiat currency and digital currency
- Features and needs of digital currency
- Characteristics of cryptocurrency
- Major differences between digital currency and cryptocurrency
- The differences between digital currency and digital transaction
- The role of Central Bank Digital Currency (CBDC)
- Zaka Coins and its utilities
- Features and benefits of Zaka Coins
Fiat currency, Digital currency & Cryptocurrency
Fiat currency, which exists in physical form, is a centralized tool for value transaction by a central bank and government agencies.
Digital transaction is a digital payment or electronic payment which transfers a fiat currency value from one payment account to another using a digital device or channel. Digital payment modes considered are BHIM-UPI, IMPS, NACH, AePS, NETC, debit cards, credit cards, NEFT, RTGS, PPI and others.
Digital currency is any currency, money, or money-like asset of any country that is primarily managed, stored or exchanged on digital computer systems, especially over the internet.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Central Bank Digital Currency (CBDC)
A central bank digital currency is a digital currency that is issued and overseen by a country’s central bank. More than 100 countries are exploring CBDCs at one level or another, according to the IMF. But as of 2022, only a handful of countries and territories have CBDC or have concrete plans to issue them.
Some places CBDC is already available include the Central Bank of The Bahamas (Sand Dollar), the Eastern Caribbean Central Bank (DCash), the Central Bank of Nigeria (e-Naira) and the Bank of Jamaica (JamDex), to name just a few.
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- XRP (XRP)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
Token and coins
There are two approaches to differentiating between coins and tokens. Coins are native to their blockchains. Tokens are created on existing blockchains.
A meme coin is a cryptocurrency term for popular currencies, sometimes depicted with comical or animated memes, that are supported by enthusiastic online traders and followers. While meme coins may be fun, they are also highly risky investments and may hold little or no intrinsic value.
Summary : Digital Currency & Cryptocurrency
The Digital currency (CBDC) is a centralized currency which is issued, controlled and regulated by any one of the sovereign governments. It acts as the legal tender of the particular government and limited only to its own territory.
But in the case of cryptocurrency it is a decentralized currency but not limited not only to any territory but the internet is its ultimate extension. Hence it flows across irrespectively countries wherever ever business regime extends.
Eventually, the sovereign countries will be using their own digital currency (CBDC) for transactions instead of fiat currencies. On the other hand every business institution and other organizations will be using their decentralized currency called cryptocurrency.
Companies using cryptocurrencies and tokens in India
Tata Coins are used by Tata Neu company. Rapido, the bike taxi company that uses Rapido Coins and ‘Fresh to Home’ concern introduced Fresh Cash for their transactions. Furthermore, Flipkart has introduced Super Coins, however an authentic message about their respective coins ar much awaited from the respective companies.
Zaka Coins : Features and Benefits
It was made as an utility token under Binance Smart Chain. As expected Zaka is used for the transaction purposes of Bizaka Business Regime and initially for Webbazar.
Bizaka, Webbazar & DawnFish
Webbazar is the prime Web-3 project of Bizaka, which is a Online P2P Marketplace for regional native, authentic and fresh products. DawnFish has been enrolled as the very first vendor of Webbazar, which sells Fresh & Authentic Sea Fish to Kanyakumari customers initially.
What is important or special here is that the coin used for every transaction of Webbazar is Zaka Coins, which works on Blockchain technology. However, the new technology which improves the current scenario has been misinterpreted so far. A digital currency or a cryptocurrency is the backbone of blockchain technology and Web-3 technology. Hence the Bizaka Business Regime plans to use Zaka Coins for its every transaction instead of a fiat currency or a digital payment.
Zaka Coins Promotion
Bizaka initiated Zaka coins with the cooperation of 67 closely associated community members. However Bizaka would like to expand the community and the businesses worldwide. In order to meet the expenses of business expansion “Four Step Strategy” by using Webbazar is used. Such steps help for a better introduction of Zaka Coins to the customers of Webbazar and DawnFish initially. And subsequently it will get extended to the coin holders worldwide.
Such steps will increase the Zaka Coins transaction within the regime of Webbazar and DawnFish. And gradually the demands of the coins get increased and Zaka coin holders fetch better returns.
Step – I
Webbazar / DawnFish Apps are required to be installed by many more customers. How?
- 10% Zaka Coins Reward is offered for every purchase from DawnFish.
- To receive the earned reward coins the customer needed a DawnFish App.
- The coin count will keep increasing along with every purchase. And the count displays in the dashboard of the customer’s own App.
- Reward offer extended to every purchase of every customer, whether they buy via App or other means. But they need an App and a customer code only.
Note: It is to maximize the App installation which in turn exposes the accurate customer count to the world.
Step – II
DawnFish wants Zaka coins to be in many more DApp wallets.
- DawnFish customers are asked to install a Metamask wallet.
- Which helps App’s Zaka rewards to get transferred to their respective installed wallet, which may be Metamask etc.
- Now it is easier to remit the reward Zaka directly to the respective wallets as and when a customer undergoes a purchase.
Note: It reveals to the crypto-holders that many wallets are holding Zaka Coins and receive Zaka frequently.
Step – III
This is the stage where the customers make online purchases, using the DawnFish App. But the mode of payment still remains COD/ UPI payment. But DawnFish wishes its customers to make the payment via Zaka Coins. How?
- Customers are asked to use webbazar App and make payment via Metamask.
- If they do so, they are entitled to avail the privilege of redeeming the reward coins at the rate of 10% of total price.
- Therefore they pay only 90% of the total price for every purchase.
- In addition, Webbazar customers are getting habituated with the App, Metamask wallet and Zaka Coins payment method.
Note: Finally, Zaka transactions had started
Step – IV
Now DawnFish insists the customers buy Zaka from the exchanges and make purchases via Zaka.
- A 10% discount offer is given for those who make purchases through Zaka.
- To enjoy discounts, the customers would choose Metamask payment method and pay through Zaka.
- Hence, the demand for Zaka get increased and the price of Zaka too would get increased.
Note: Therefore, the community members of Bizaka, Zaka Coins stakers and other Zaka Coins holders get better return by their Zaka investment.
Bitcoin is not just a currency, it’s a paradigm shift that challenges the very foundations of our traditional financial systems. Once you understand it, you can never go back to your old way of thinking.”
― Arif Naseem
Author : Deyennae
Founder : Bizaka
Co-founder : Webbazar, Zaka Coins, DawnFish