Greetings all!
I apologies in advance if my question is misplaced or there has been a similar discussion before, but as a total newbie with big dreams (I do realize most of them will never come to fruition) on one hand, and an owner of a commodity trading company, here is my question:
I own a commodity trading company. All of my products come from African-based farmers and I export it to a certain Eastern European country. The challenges that I face are related to - you guessed it - financing. Financing is extremely expensive, it involves three institutions - private investors, banks and insurance companies - and our clients (buyers) usually demand a credit of 60 days, which means that we buy, process and ship our produce at our own cost (paying $%$% to the above mentioned institutions). I'm looking to eliminate these three, and thought of a cryptocurrency. I'm not savvy enough or technically educated to program it myself, but, to the main question - is it even feasible to begin with to embark on a project of issuing our own currency that is backed by our existing physical produce and contracts? I believe that it will bring a real value to the owners of the coin/token, who will basically replace the above mentioned institutions, or am I totally off the mark?
I apologies in advance if my question is misplaced or there has been a similar discussion before, but as a total newbie with big dreams (I do realize most of them will never come to fruition) on one hand, and an owner of a commodity trading company, here is my question:
I own a commodity trading company. All of my products come from African-based farmers and I export it to a certain Eastern European country. The challenges that I face are related to - you guessed it - financing. Financing is extremely expensive, it involves three institutions - private investors, banks and insurance companies - and our clients (buyers) usually demand a credit of 60 days, which means that we buy, process and ship our produce at our own cost (paying $%$% to the above mentioned institutions). I'm looking to eliminate these three, and thought of a cryptocurrency. I'm not savvy enough or technically educated to program it myself, but, to the main question - is it even feasible to begin with to embark on a project of issuing our own currency that is backed by our existing physical produce and contracts? I believe that it will bring a real value to the owners of the coin/token, who will basically replace the above mentioned institutions, or am I totally off the mark?
You are right. Bitcoin can solve these issues, but buyers have to pay with Bitcoin and producers of goods have to accept Bitcoin. Since there are not many people who can spend/accept Bitcoin at the moment you probably will face difficulties.
In general accepting Bitcoin for your business is simple: Just create a wallet with your smartphone and you are ready to go. Now for a business I would prefer using https://github.com/btcpayserver/btcpayserver , which is a little more complicated, but it is worth learning about it.
