GTN Token To Settle Payments On DiaEx, The Basics
The diamond community and the crypto world are well aware that, the GTN crypto token would be the mode of payment used on the Glitzkoin DiaEx diamond exchange. Facilitating trade in diamonds at the B2B and B2C levels, the DiaEx platform is designed to improve the efficiency of the supply chain for the glittering stone. The Glitzkoin project is the brainchild of second generation diamond veteran Navneet Goenka.
A prominent objective of the project is to boost market sentiment for diamonds – in simple terms, to increase the market size for the precious stone. So what exactly are the implications and procedures involved, in using a crypto to make payments on the blockchain based diamond trading platform.
The GTN crypto token is listed on crypto exchanges, the token can be tracked and traded on any one of the exchanges. It is important to understand that, the token trade is not restricted to traders on the DiaEx diamond exchange. Crypto space enthusiasts, continue to trade the Glitzkoin GTN token on the exchanges. The idea is to make a profit based on the variation in the price of the crypto.
Diamond buyers would identify the stone on the DiaEx exchange that interests them and learn about its features. The next step would be to make a buying decision. The total amount to be paid for the diamond would be displayed on the DiaEx screen.
With the transaction reaching the payment phase, it would be necessary to buy GTN tokens of equal value. Presuming that the (diamond) buyer has no stock of GTN tokens, the next step would be to access a crypto exchange that lists the GTN token for sale. The exchange would clearly display the current price of the GTN token. Beginners might find it convenient to purchase, the exact quantity of GTN tokens required to cover the payment due.
The next step would be to open a private crypto wallet, this to accept the GTN tokens purchased. On completion of the purchase, the wallet would loaded with the purchased tokens.
Back on the DiaEx platform, the (diamond) buyer would proceed to make payment for the purchase. What essentially happens is that, the corresponding GTN tokens move from the buyer’s wallet into the sellers’ crypto wallet. The process of physically transferring the diamond to the buyer, would then begin.
So what are the advantages of using a crypto on the DiaEx diamond exchange. Banking procedures can be lengthy and expensive, issues related to multiple currencies and their conversion can further complicate the process. Using a crypto currency to make a payment, would significantly reduce the time and cost required to complete the transfer. The setup of a crypto wallet and learning a few procedural steps, involves a onetime effort.