Qoin is a commercial global currency platform that empowers a lot of business owners, sellers, and retailers to trade their goods & services with shoppers and buyers globally.
Concerns were expressed by the business owners in Australia regarding the unreliability in the future of this platform, concerns were raised about the deception and incompetence for some to cash out.
Alan Farman, a Perth Kebab shop owner said that when he heard about the Gold Coast-based Qoin, which was six months ago, he was very skeptical but fascinated about it.
He said that,“People were saying that they were basically doubling, tripling their money. It was rising pretty quickly and there were people cashing out with a lot of profit.”
He also said that he bought worth $2,500 Qoin with the aim of selling it off when its price increased further. It was an alternative way for customers to purchase his goods when it was promoted to him.
Tania Roy worked as a Qoin promoter in November last year, which was in the Ipswich suburb of Redbank Plains, and she said that she supported it “100 percent”. Her goal was to promote Qoin to all business owners, in this way they could be added to its directory by an authorized agent.
She said that the promoters were saying anything to get people on the directory. She also added that agents are giving out misinformation and not completing the listings correctly and Qoin is validating these listings.
Ms. Roy said, “You’ve got people thinking that they’ve got this big investment happening with Qoin, and disappointed that it’s not, because it wasn’t designed to ever be an investment.”
Her son Jack also signed in to Qoin with the help of an agent. He hasn’t started it yet so he doesn’t have any idea what would be his annual trading.
Ms. Roy said she sold her Qoin in December, she used the funds to purchase a new vehicle for her son’s business.
Andrew Barker a Qoin’s chief marketing officer, said that accredited agents must undertake formal training.
With the concerns of some businesses that are in the directory, they did not actually accept Qoin, but Mr. Barker said that a team has been working on it to contact them and to “clarify their position”.
He also assures that they are doing their best to clean up the directory for its better expansion. Mr. Barker shares that they still see good feedback on social media every week. He believes that you cannot please 100% of the people in the business but at least there are still people who believe in it.
Compared to crypto and other digital currencies, Block Trade Exchange (BTX) is also owned by the owner of Qoin. This brings out concerns to the public because the said company was expelled from the industry group Blockchain Australia which represents a lot of organizations.
Mr. Farman shared that customers have used Qoin on purchasing items from his owned shop several times in the span of six months. BTX spokesperson, more than $20 million worth of Qoin has been traded through the exchange in the past four months.
BTX announced On March 30 that there will be changes with the impact of how Qoin could be sold or withdrawn in regards to “suspend those abusing the daily withdrawal limits”.
Because of that, many traders and Qoin holders have shown frustration on social media about it being unreliable to sell Qoin for Australian money.
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