CoinWrapper is the name of a service in which companies can sell wrappers containing coins as an alternative to physical coin circulation. What is different from coin circulation, is that it enables you to convert physical coins to your digital currency. The value of the coin in the wrapper is the value (i.e., the value of the coin on the open market, minus the value of any value it might attract) you think a real coin would have.
This article will discuss using CoinWrapper in an enterprise environment.
1. How does it work?
CoinWrap is a service in which companies offer access to a service that allows them to convert bitcoins into cash or debit cards, in this case any valid American bank debit or credit card. They then charge their customers the correct price, including any fees. After they have redeemed their bitcoins from the service, they pass these transaction (i.e., the amount of money that represents the value of the coins in the wrapper) to the bank. The bank then issues the bill to the customer, who can then collect the coins (i.e., cash) from the bank.
This is the main functionality of CoinWrapper.
By using CoinWrapper, the service provider generates a wrapper with bitcoins as the currency, and gives it to the user and the bank.
Since the customer can collect the cash or debit card from the bank, the customer’s transaction will not occur over the counter (OTC) as in the case with wire transfer. Since no money has moved during the cash transfer transaction, and the bank only receives the wrapper, the customer does not need any extra paper or documents to complete an OTC exchange.
2. Are there multiple CoinWrapper accounts?
No, CoinWrapper will only work with one instance of the service.
3. Are the funds transferred to my bank?
The customer is charged the correct price for the funds transferred in the payment. The customer must pay the full price to the service provider, even if the customer has already completed an exchange with the service provider.
4. How many coins can I use per month? I only have one debit card, so how many will I be able to withdraw from CoinWrapper?
CoinWrapper allows each of the users to choose the amount of coins they will be able to withdraw per month for their personal use. Note that the amount of cash or debit card issued will be equal to the customer
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