“Cryptocurrencies are an El Dorado for those who know how to use them”, Alexander Mamasidikov, MinePlex
The popularity of cryptocurrencies is increasing all over the world. While a few years ago cryptocurrencies were used almost exclusively for speculative trading, today bitcoin and some altcoins are used as a means of payment or an investment instrument. The next step towards the adoption of cryptocurrencies will be the creation of special markets where cryptocurrencies will be the primary payment option. The MinePlex marketplace became the first market like this. We discussed its operation and its development prospects with the co-founder of MinePlex Alexander Mamasidikov.
Over the past year and a half, cryptocurrencies have consolidated their positions in the market, now they are even used as a means of payment. For example, some experts insist that bitcoin can become a payment instrument in the premium segment. Do you think cryptocurrencies can really become a means of payment? Will it be accessible to all or will it be requested only from the rich?
Even today, cryptocurrencies are a means of payment. It is widely used by a large number of people, regardless of the level of material prosperity. For example, in developing countries in Africa like Nigeria, cryptocurrencies are the most popular payment method because digital transfers are much cheaper and faster there than in local currencies. Still, the lack of clear regulation in the crypto market and the peculiarities of some cryptocurrencies have their drawbacks: first, in the form of an intermediary or third parties that might still be needed to trade the crypto in fiat. We aspired to eradicate this problem. We create the MinePlex Banking mobile banking which combines the reliability of blockchain and traditional financial services. It enables the automatic conversion of cryptocurrencies to fiat which can be used at any location where there is a card reader without having to go to the office or think about geographic borders.
Cryptocurrencies are an El Dorado for those who know how to use it and want to profit from it. But that does not mean that it will be available and popular only in the premium segment. At MinePlex, we work on solutions that allow any user to have an opportunity for financial education and competent digital asset management. In addition, we have developed a financial instrument for staking. Thanks to our blockchain, which works on two MINE and PLEX tokens, any MinePlex user can get a monthly profit of 20%.
- Last year in Russia it was possible to buy goods or cars for cryptocurrencies. But the passage of the Digital Financial Assets Act actually banned the use of cryptocurrencies as a form of payment. How is it influencing the cryptocurrency industry in Russia?
Like 5 years ago or last year, today cryptocurrencies are not regulated in Russia. They were not recognized as a means of payment. This is why purchases of all goods or services are made by exchanging fiat cryptocurrencies through P2P exchanges, OTC platforms, cryptocurrency exchanges, or transactions are conducted directly with sellers at their risks and dangers. Nonetheless, Russia is among the top 20 countries in the Global Crypto Adoption Index.
- Where can you spend cryptocurrencies in Russia and in the world?
Many platforms claim to accept cryptocurrencies. In reality, most of them function as simple exchanges. Even though the company claims to accept crypto for its services, more often than not during the purchase, it transfers users to the website of intermediaries who exchange crypto for fiat and transfers it to the seller. The MinePlex Marketplace is one of the few web platforms that actually sell products for PLEX tokens.
- For a long time it was assumed that cryptocurrencies were the payment choice for the darknet? How legal is this type of asset today? Is it still used in the darknet and in what volumes?
It’s a myth that cryptocurrencies are the only payment option in the darknet. Fiat is also widely used. Cryptocurrencies do not have any particular advantages or properties that would be more attractive to use as a payment method in the darknet: Most cryptocurrencies are neither more anonymous nor more liquid than any other currency.
- How does the MinePlex marketplace work? What can we buy on the platform? What cryptocurrencies are used as a means of payment?
Our goal was to make the market easier to use and clearer for all users. There is a wide range of products offered. One can buy modern gadgets, from electronics to PLEX tokens. In addition, we have developed an absolutely new instrument: the staking of raw materials. It is based on our MinePlex blockchain which guarantees the security of its use. Raw material staking is a unique instrument that allows any user to purchase a product for a portion of its cost. It’s very simple: you choose a product, pay part of its cost in PLEX tokens, so MinePlex staking starts working and you wait until the staking period ends and get a product.
- What are the opportunities for sellers and buyers? How easily do sellers agree to receive cryptocurrency payments?
At the moment, the MinePlex Marketplace serves as an intermediary. We operate as a retail business: we buy electronics for fiat and sell them to our users for PLEX, so buyers can have the option to spend their tokens and buy goods without exchanging them. Among the benefits for buyers, we offer them a new audience and new investment opportunities.
- What will the future of crypto marketplaces look like?
In my opinion, this will become one of the main high demand areas as the massive adoption of cryptocurrencies increases. One in five purchases is made online. The number of crypto users has doubled in the past six months. Draw your conclusions.
The main goal of the crypto industry is to bring buyers and sellers together so that they can transact in cryptocurrency directly without conversions or trading in fiat. This cuts costs and saves time. It erases geographic boundaries and eradicates the limits of opportunity. On this point, we are working at MinePlex Banking – to make cryptocurrencies available anywhere in the world where there is a card reader.