New Qoin merchants are receiving 250 Qoin just for joining up. But do it for the right reasons.
Jewellery World caught up with Andrew Barker, CMO of Qoin recently to get an update on how things are travelling in the world of Qoin.
Firstly Andrew, we ran a piece regarding Qoin early July where we looked at Smales Jewellers in WA, others that were part of the Qoin community and what they saw in Qoin. How have things progressed over the past month or so?
Hey Jeremy, thanks again for having me. Well, I can say that the first 6 months of Qoin has been an experience beyond anyone’s expectations. After the article published last month, we saw another merchant’s adoption record broken, something that has occurred every month since January. Well over 3000 merchants became part of the Qoin community in June taking our merchant eco-system to now over 7500 merchants.
Did you receive some interest from our story last month?
Yes we did. I think, like many industries over the past number of months, business operators have been forced to look at alternate ways to generate revenues. Whilst many think that COVID has affected the retail sector mainly, it is the underlying domino effect across the board of every industry. From supply issues with industries relying on product import, to wholesalers who are moving less stock due to retail taking a hit. So, we had a good level of interest from Jewellery World subscribers but I would encourage everyone to at least have a look.
I think a number of people shy away when the word Crypto is raised but Qoin is a little different, from what is read?
You’re absolutely right, and it has been an interesting 6 months of market education and fielding of “sceptical questions”! Firstly, from the “non-crypto” educated, I have always said that we have 2 core objectives as Qoin Australia. Firstly, to grow the Qoin brand in the market, but more importantly, to educate the general public on digital currency and the benefits to everyday business owners. I believe we have started achieving that by making the message simple to business owners. Qoin offers a business an additional sales channel. A business accepting Qoin now has exposure to 7500 potential customers in the Qoin community and shortly, the consumer market will be opening up as well, meaning even more potential customers.
And the “Crypto geeks”. How have they seen Qoin.
It’s certainly been an interesting space. I have joined a number of Crypto SM groups and the conversation has been mixed. From the absolute traditionalists that think Crypto is just tradable tokens/coins and that Qoin won’t work to the highly inquisitive. Our message to this sector is pretty straight forward. I like to think that Qoin has re-engineered and is “humanising” the Digital Currency space. The majority of Crypto’s that have launched in the last 10 years have been purely tradable. Sure, there are a few outlets around the world that accept Bitcoin but the majority are just tradable tokens on an exchange. Many though, due to the global economic crisis and more so, economic forecasts, are now looking to adapt their coins/tokens to be able to be used for everyday purchases. Qoin started, based on over 30 years of success in the SME space globally, by building a community of merchants and shoppers first, growing that community and then taking Qoin onto an exchange to be able to be traded. This is planned for November 2020. We also have a support team, and a 100+ strong independent Agent force around the country putting a face to a Digital Currency. We are quite unique in how we are going about it. And yes, we know we have many supporters already and will always have the sceptics as well. When doing something very different, you need to learn to work with the sceptics.
So, to the jewellery industry, where is the benefit?
In looking at the three main sectors within the industry, manufacturing through to wholesale through to retailers, the question is around idle stock and additional customers. If any of these sectors have either or both of these, then having a look at Qoin is my recommendation. Qoin offers a zero-entry point and zero transaction costs so taking on additional customers who are paying in Qoin adds no additional costs to acquisition. The added advantage is the increasing value in Qoin. Qoin is backed by goods and services within the algorithm which in simplicity means that every new merchant that completes the registration and directory process and becomes part of the Qoin eco-system contributes to the increasing value of Qoin. The original Qoin value started at 15c and as of beginning of August it is at $1.54. So, the sale of that Diamond ring at $1,000 worth of Qoin when it was 15c is now obviously worth a lot more.
That being said though, you mentioned that Qoin can only be traded for cash in November when it goes on exchange, so how is that value increase realised before then?
That’s a great question. There are now transactions happening every day in the Qoin community. Like Smales that you profiled last June, they have been taking on additional customers for a few months now from all parts of Australia. Those people spending their Qoin with Smales are realising a value as they are using it for everyday purchases. As a simple example, if someone had acquired Qoin at 15c and then purchased a watch when the Qoin value was 30c, they realised a value double of what they acquired it at.
So, to finish up, what should our readers do?
As mentioned, with zero cost to become a Qoin merchant, and zero transaction cost, it is worth taking a look at. Merchants are simply taking on another method of payment in their business. To learn more about the Qoin difference, merchants can go to https://shop.qoin.world/jwqoin/ which contains a step by step guide and each merchant will receive 250 Qoin as a promotional gift for signing up. Merchants can also request an online or in person presentation with myself by quoting Jewellery World promo and emailing it to me at email@example.com