Money is really anything that people use to pay for goods and services and to pay people for their work. There are, of course, major challenges in exchanging one commodity for another, such as a cow for a chicken, when they are of different values. To solve the problems of using commodities as a way to pay for goods, governments introduced fiat money (paper and coin money). Unfortunately, in order to manage the movement of fiat money banks were introduced and the costs and rules of monitoring the movement of fiat money has resulted in more than 1.7 billion people being excluded from the banking system and from accessing loans, savings and insurance.
By creating a digital commodity in the form of digital money voucher and linking the value of the vouchers to the value of known and trusted fiat money values, we have created a new way to hold value, transact and access products and services without having to own a bank account. Sellers accepting 6DOT50 Money as payment can convert their value back to fiat money at any time.
This is the oldest form of money and is closely related to (and originates from) a barter system, where goods and services are directly exchanged for other goods and services. The critical thing to note about commodity money is that its value is defined by the value of the commodity itself. In other words, the commodity itself becomes money. Examples of commodity money include gold coins, beads, shells, spices etc.
6DOT50 Digital Rand (DZAR) vouchers have been designed as commodity money where the value of each voucher is derived from the value of a known and trusted fiat money value. For example, each 6DOT50 DZAR is equal to 1 ZAR or Rand. By creating a digital commodity and linking it to the value of fiat money, 6DOT50 Money is a viable new way to pay for goods and services and to access financial services without the need to own a bank account.
Gets its value from a government order. That means, the government declares fiat money to be legal tender, which requires all people and firms within the country to accept it as a means of payment. Examples of fiat money include Dollars, Pounds, Euros, Rands etc.
The 6DOT50 platform offers each member access to a secure day-to-day transactional account. It stores the value of your Digital Rands and keeps a record of your transactions. You can BUY Digital Rands, SEND them to any other member, hold them until you need to use them or USE them to pay for goods and services from those sellers who accept 6DOT50 Money as payment.