What is WeTrust?
A Beginner´s Guide to Buying, Selling, Using, and Mining WeTrust:
An In-Depth WeTrust Guide by Black Chip Poker
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What is money, other than a symbol of value that a society or governing body places upon an object? Take fiat currencies like the U.S. dollar or the Euro. Their value isn’t intrinsic–they are paper bills worth a tiny fraction of their stated value. Their value comes from central banks who determine how much each is worth.
Other items, like wheat, corn, or even gold, have value beyond their stated amount. Wheat and corn can be eaten, providing nourishment, while gold can be melted and molded into objects useful in everyday life.
But what about cryptocurrencies? What is their intrinsic value? There are many ideas out there, but one idea is cryptocurrencies’ innate usability. A growing number of cryptocurrencies are more than just coins that can be used to barter for goods, or assets that form a portion of an investment portfolio. Rather, they are “keys,” keys which unlock incredible aspects of a particular blockchain platform. One relatively new coin, WeTrust (TRST), is growing in popularity and has some qualities that are very attractive to potential investors.
What is WeTrust?
WeTrust, first and foremost, is a blockchain token. Blockchains are defined as all-encompassing ledgers or databases which house a record of all transactions that have taken place. They are like enormous transactional timelines with entries for each transaction that has occurred on the blockchain. By nature, blockchains are decentralized. They can be accessed and audited by any and all users, and therefore they are not controlled by a single governing authority.
Additionally, WeTrust is a token that can be used within WeTrust’s platform. The tokens are the currency for services provided in the WeTrust ecosystem. Expanded definitions and explanations for WeTrust can accessed on its Reddit page.
How Do I Buy WeTrust?
Currently, TRST coins cannot be purchased directly with fiat currencies. Rather, users must first create an account with an exchange where TRST coins are bought and sold. Then, after funding the account with cash or with a credit card, more popular coins like BTC or ETH must be purchased. Once a user has BTC or ETH in their cryptocurrency wallet, they can exchange said coins for TRST coins.
How Do I Turn WeTrust into Cash?
To turn WeTrust tokens into cash, users must follow the reverse of the steps outlined above. First, they must convert their TRST into BTC or ETH. Next, the BTC or ETH must be turned into a fiat currency of the user’s choosing. Finally, the money must be transferred back to a traditional bank account, where the funds can be withdrawn from an ATM in cash.
How to Use WeTrust
WeTrust’s first use is as an investment vehicle. Like other cryptocurrencies, WeTrust’s value will rise and fall based upon the supply and demand for the coin in the open market. There are a variety of ways people profit off cryptocurrencies like WeTrust. The first is via a buy and hold strategy where one buys WeTrust and simply holds the coins in their wallet. The goal is to patiently wait for the price to appreciate, hopefully resulting in sizable capital gains.
The second option is to trade WeTrust more actively in hopes of buying low and selling at or near a peak. This strategy is obviously more involved, but when done correctly it can yield excellent returns.
One benefit of investing in WeTrust is its decentralized nature. Because the coin’s value isn’t dependent on central bank policy, it isn’t as easily affected by the exchange rate risk that comes when a central bank engages in monetary loosening or tightening.
Another way WeTrust coins can be used is as the app token on WeTrust’s decentralized platform. Their platform, which offers a variety of products, specializes in creating and distributing financial products. These financial products are different from traditional financial products offered by banks and insurance companies. This is because WeTrust’s products use the combination of social capital and personal trust networks to create financial services that benefit companies and clients alike.
The key is the removal of the “trusted” third party. By allowing creditors, debtors, issuers, and policy holders to interact directly, the middleman is cut out, resulting in high profit margins for issuers and lower costs for clients. Specifically, TRST coins are the token where financial services on WeTrust’s decentralized apps can be purchased. Thus, TRST tokens have intrinsic value as the token by which services and products are used.
What is WeTrust Mining?
Cryptocurrency mining is the process of finding and validating the transactions that occur on a blockchain. After the transactions have been verified, they are added to other blocks of transactions, hence the name “blockchain.”
Miners are rewarded with coins when they complete the tasks on a given block. Mining calculators can be used to determine the profitability of a job, as well as determine whether it is feasible or not.
A miner has a crucial choice to make–they can mine solo or in mining pools. If they mine on their own, the jobs often result in higher profitability. There is no one else to share the profit with–it is all the individual miner’s. The downside is the possible lack of computing power. Mining in pools solves this problem, though often at the cost of profitability. The larger a pool is, the more people there are to split the reward with. At the choice of WeTrust’s leadership, TRST coins cannot be mined.
How to Mine WeTrust
By design, WeTrust coins are not mineable. All of the WeTrust coins available were created at the end of the ICO and must be purchased in the open market. Additionally, no more TRST coins will be created. Thus, in order for the market cap to grow, the price must rise.
How will WeTrust Scale?
WeTrust has big plans to scale their products. One of their products, Lending Circle, will use credit identities to scale and become larger savings groups. The result is improved credit supply and demand as well as more competitive interest rates for the marketplace. As a blockchain token, however, it is unknown how WeTrust will scale. Undoubtedly, as a lending and banking platform, WeTrust’s success depends on its ability to process large amounts of transactions at a time. This is surely something the team is working on.
Overall, WeTrust tokens are an attractive investment for cryptocurrency investors. They can be traded like other cryptocurrencies, but also have a unique purpose within WeTrust’s platform. Their dual functionality is a crucial part of their recent rise in popularity.