Development of cryptocurrency in Georgia
A digitally grown world requires modernization of the monetary system for todays needs. If an instant exchange of information is possible, then why cannot this be reflected in the money transfer system? The concept of money is changing, and digital currency is replacing paper money as a means of storing value and exchange. The implementation of the new financial system has taken over the world. This idea has not bypassed Georgia either.
At the end of 2017, the media and other sources of information announced the opening of the first electronic cryptocurrency exchange coinmania.ge. Here everyone can buy virtual money online. According to the founder, Sulkhan Jashi, the cryptocurrency exchange in Georgia is very promising. Recently, according to him, interest in cryptocurrency, especially bitcoin, has increased, which made it possible to offer exchange services to interested participants in mining.
Stock exchange of Georgia and its features
For users from Georgia, participation in international crypto-exchanges has long been problematic, since there are restrictions there. Companies, individuals have tried to participate in the crypto economy. However, unlike foreign miners, they were limited in operations and could only buy and sell functionality. At the same time, the level of accessibility was also reduced by the high tariff policy.
This was not the case at the newly established Georgian stock exchange. Tough security measures applied on foreign sites do not always allow you to work successfully. The main working conditions for August 2019, which are guaranteed by the Georgian Exchange, are:
free registration on the site;
automatic creation and opening of a virtual wallet upon registration;
wallets work in electronic and real currency: bitcoins and lari;
to sell bitcoin, an announcement should be made and an electronic wallet should be used;
who purchases electronic coins, transfers lari to a special wallet and announces the amount of bitcoins that they want to purchase.
At the initial stages of the sites appearance, user activity was low: up to 20 people were registered daily. Although, as Jashi stressed, there was no special activity on their part. To draw attention to the exchange, the organizers took up the issues of security and improvement of technological processes.
The idea of creating a cryptocurrency exchange
Part of the Georgian population has long been actively involved in e-money trading and mining. On the streets of the country, in Tbilisi and other large cities, cryptocurrency offices are gradually appearing. The government has embraced the new blockchain technology positively. Inspired by this innovation, Georgian startups are creating new data centers. The number of miners able to generate electronic coins has increased.
There were several providers operating in the Georgian crypto market, abusing their monopoly, inflating prices and commissions. And in this situation, a legal crypto exchange was needed like air. Her appearance influenced them, changing the situation. The competition has already affected the Georgian cryptocurrency market, and as a result, the end customer will benefit the most.
Georgian technology company Birtvi has proposed the Koinektika project. The corporation develops infrastructure and applications based on decentralized blockchain technologies. Birtvi has its own bitcoin mining data center. The company is known in the world markets for its successful projects:
Bitforx - a digital wallet and cloud mining service;
Proofus - supply chain coordination through Blockchain technologies;
Coinetic is the first Georgian cryptocurrency.
The team is proud of its design. Coinetic is the first full-fledged Georgian crypto exchanger that meets the requirements of the global crypto industry.
The Coinetic platform is a complete cryptocurrency exchange that offers users a comfortable and secure environment where they can easily purchase, sell, or store popular cryptocurrencies. The project was developed for a year. Coinetic testing took place on the Georgian market for a week, which attracted crypto enthusiasts.
According to one of the developers, Nik Tsotniashvili, the functionality of Coinetic mimics the structure of popular exchanges as much as possible. Users can access financial instruments through the trading panel on the platform. For 2019-2020, it is planned to provide service to as many clients as possible and gain experience in the country. In the future, this will become the basis for further development and expansion of its influence in other countries.
In developing the platform, the team focused on meeting the needs of various groups of miners, from beginners to advanced cryptocurrency traders. Therefore, three key points were taken as a basis:
simplicity and availability;
The platform contains a complete knowledge base and videos to guide you through the entire trading process. Customers can easily deposit or withdraw from their Gergian Lari bank accounts using the integrated Oppa and Apw e-wallets. The developers also suggest using the PayBox network to implement trading strategies, which allows you to quickly make payments throughout the country.
The representative of the company stressed that the prices for the most efficient crypto coins are competitive, and the commissions on the market are the lowest. For example, the commission for withdrawing funds to a TBC bank account is only 1 lari, which, according to Nik Tsotniashvili, is a record not only in Georgia, but also in the international cryptocurrency market.
Cryptocurrency exchange: prospects
Coinetic currently works with six cryptocurrencies: BTC, BCH, LTC, ETH, XRP, DASH. Coinetic provides its clients with secure tools to trade and manage a new asset class. The Coinetic exchange is a good potential for Georgia, which is the third largest country after China and the United States in terms of the number of active miners.
The country does not yet have regulations on cryptocurrencies. The founders of the exchange put their hopes on the understanding and support of the government, and are trying to prove that the country can be a better environment for the development of projects based on blockchain. The companys plans are not limited to the countries of Eastern Europe and Central Asia.