Cryptocurrency Q&A
What is CoT banking?
What is CoT banking?
Margherita
Sat Aug 24 2024
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7 answers
2086
Could you please elaborate on the concept of CoT banking? I'm curious to understand what it stands for, its purpose, and how it differs from traditional banking systems. Is it a new form of digital banking or a specialized service within the cryptocurrency realm? Additionally, what are the potential benefits and risks associated with CoT banking for both individuals and businesses?
7 answers
DigitalDynasty
Mon Aug 26 2024
C.O.T, or Commission on Turnover, is a term widely recognized in the financial industry. It refers to a fee that banks impose on their customers when they make withdrawals.
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Stefano
Mon Aug 26 2024
The calculation of C.O.T is straightforward and follows a standardized rate of "5 per mille," meaning 5 for every 1000 units withdrawn.
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Martina
Mon Aug 26 2024
For instance, if a customer withdraws N1000, the C.O.T charge would be N5. This translates to a percentage of 0.5%, as N5 is 5 out of 1000.
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EnchantedPulse
Sun Aug 25 2024
The imposition of C.O.T is a common practice among banks, and it serves as a means for them to generate revenue from customer transactions.
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EnchantedNebula
Sun Aug 25 2024
It's essential for individuals and businesses to be aware of C.O.T charges when managing their finances, as they can add up over time.
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