Tally is an alternative currency to fiat currencies like Pounds or Euros. Until now, the main alternative to fiat currencies has been cryptocurrencies like Bitcoin. Despite both being alternative currencies, Tally is a completely different form of currency to cryptocurrencies. Here are the main differences:
Physical vs virtual
What makes Tally different is that it’s a unit of physical gold, making it a hard-asset currency. It’s a tangible asset owned by the customer, and 100% insured. Whatever happens, your savings are protected. Cryptocurrencies are virtual or digital coins held in servers. There are no guarantees, and no compensation should the worst happen.
Mainstream vs limited
One of the big disadvantages of cryptocurrency is that you can’t use it for everyday purchases. That’s because most merchants don’t recognise cryptocurrency as a form of payment. Tally is designed to be a mainstream choice to fiat currency, and is accepted wherever Mastercard is at home or abroad.
Stable vs volatile
Cryptocurrencies are more volatile in their value. A lot of this volatility comes from the fact that value is determined by supply and demand. When interest and trading volumes decrease, so does the value and vice versa. That’s why it had such extreme highs and lows over the past few years. Tally is more stable as the global price of gold is more stable. It’s also better insulated against market uncertainty and economic downturns.
Interoperable vs incompatible
Although the physical asset is kept separate from the banking architecture, the Tally platform works seamlessly with it. Thats because it uses the same reliable and established banking infrastructure. Cryptocurrencies use a completely different digital architecture, based on blockchain technology.
Low vs high transaction fees
Tally doesn’t charge any transaction fees to covert fiat currency into Tally or to spend Tally. In fact, Tally is converted at the global spot price for gold, which is the lowest wholesale price. One of the barriers to cryptocurrencies becoming mainstream are the high transaction costs to purchase and to spend it.
Regulated vs un-regulated
Cryptocurrencies and the companies behind them aren’t as heavily regulated as established financial markets. The Tally platform is run by UK company, TallyMoney Ltd which is regulated as Financial Conduct Authority E-Money Directive Agent under the FCA licensed E-Money Institution, PayrNet Ltd.