In this episode of
Money Creation Explained, we are going to cover How is IOU
Notes different from Credit Cards?
IOU Notes work differently from credit cards in the
following manner: Banks or Credit Card companies extend a
credit limit to a user (for example $1,000) and that user
can spend the funds anywhere that card is accepted. User
makes a purchase at a business (for example spends $250) and
then another business in same day ($125) and takes
possession of bought item or service from those businesses.
The Bank or Credit Card company gets details of transactions
and send funds to those businesses.
IOU Notes allows users to request or offer credit and/or
loans directly to one another and function as the bank or
credit card company. These companies extending the credit to
other users decide the details. If they are extending credit
to that other user, if so how much, and if there is a term
length that it must be paid back by, and if any interest
will be charged passed the 30 days mark, and if so how much.
Since they are extending credit directly to others, the user
who receives the credit can purchase goods and services
offered by that business.
Payments are made directly through the IOU Notes platform
instead of paying one entity who then in turn pays all the
vendors like traditional credit cards work. Users can also
request an increase in credit from others they are working
with on the platform. The IOU Notes platform does have an
easy option that users can pay all others who they owe funds
to in one transaction, or partially pay, or decide which
users to pay.
IOU Notes is a peer-to-peer credit and loan platform.
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Crypto
Currency Blockchain Coin
10 Million Max Supply Industry
leaders Bitcoin is
21 Million max supply
and Ethereum is unlimited.
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Note: IOU
Notes is a for profit company and any funds donated are not
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and pay the applicable taxes on it.
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