BitSafe ICO Review and Complete Analysis
For an average user, Bitcoin is difficult to use as a payment system and complicated to store. However, this new ICO is here to offer the users various easy to use payment methods that they are traditionally familiar with. BitSafe ICO is offering the crypto users a simple, easy and fast means to manage their money and crypto portfolio along with sending payments. Let’s dive into BitSafe ICO to know how exactly it will achieve this!
BitSafe: The Bitcoin Bank- making bitcoin easy
In order to enable you to manage your money and manage your crypto portfolio, the Bitcoin Bank BitSafe has been introduced that will be available in multiple languages while offering 24/7 customer support.
When it comes to managing your money, BitSafe offers the benefits of creating multiple accounts, set up joint accounts, set monthly budgets, and moving between accounts while allowing you to view last transactions.
The ability to buy and sell cryptocurrencies via credit cards and bank transfers and trade cryptocurrencies against each other on its exchange platform allows you to manage your crypto portfolio on BitSafe.
BitSafe further allows instant, free, and easy transactions with direct debits and recurring payments. A wide variety of options viz. phone number, email address, Bitcoin/crypto address or social media accounts including Twitter, Facebook, YouTube, Reddit and Telegram, one can send money through any means and to even overseas.
- Clear & Concise Whitepaper
BitSafe has a clear and to the point whitepaper which covers all the details of the project without going overboard or playing the marketing or visual gimmicks.
The company has no prototype of its product yet but it does share the details specifying that the product is complete about 80 percent and is in beta testing phase. Moreover, the website and e-commerce plugins are still in the development phase while the design and interface will change as per the feedback.
When it comes to funding allocation, half of the funds will be used for marketing and branding to promote its services and to further attract businesses and users. Another big chunk will go towards the recruitment process while the remaining 10 percent will be sent to the reserves in case any unforeseen situation arises.
Dean Nolan – CEO, Working in the Bitcoin and crypto industry since 2012, he has the experience of managing more than 6000 BTC of investors funds. Nolan was also the CEO of one of the first Bitcoin betting websites BetKing.io, launched in 2013.
The website or whitepaper does not provide any other information on the team of the project. However, it does mention that a team of experienced developers are working on the website and the app along with tools for BitSafe. They are also currently undergoing recruitment process for various roles including marketing, support, and development.
- Business Model: BitSafe Coin (BTSC)
The token of the app BitSafe Coin (BTSC) will be used to pay for any fees on the platform. This fees could be merchant fees, withdrawal fees, exchange fees, and buying or selling fees among other ones.
Moreover, through the incentive of 50 percent discount for using BTSC to pay for fees, the users will be further driven to use its native token.
BitSafe will also be using 40 percent of its profits to buy back the BTSC tokens. It will burn those tokens subsequently until 60 percent of the BTSC have bought back.
- Backing Technology: Ethereum Blockchain
The ever popular and most commonly used blockchain Ethereum is being opted by the BitSafe meaning BTSC tokens will be ERC-20 tokens.
Bitsafe is likely to be the UK registered only to later move to crypto and blockchain friendly Malta that has always promoted this nascent industry and plans to be a hub of crypto and blockchain industry.
As for advisors, there aren’t any listed on the website but as mentioned BitSafe is in talks to many people. However, they haven’t signed anyone as official advisor yet.
The ERC20 BTSC tokens have a total market supply of 100,000,000. BitSafe ICO crowdsale gets the biggest chunk of the tokens i.e. 60 percent or 60 million. For crowdsale, Bitcoin, Ethereum, and Litecoin are accepted.
The company will be retaining 30 percent of the total supply. While the remaining 10 percent goes to advisor and angel investors.
Security – Security of user funds is the priority of Bitsafe for which it has included cold storage wallets where all funds will be held, two-factor authentication and PIN access to lock the access to the BitSafe app, and hidden accounts. Moreover, setting up sending limits and proof of solvency are also provided.
Secure backups are also part of BitSafe’s security measures that means if a single part is lost due to a hazard, the user funds can still be recovered. It will also provide protection in case of thefts as attackers won’t be able to use customer funds. Here wallet backup seeds are encrypted and divided into parts where each part is stored in multiple and secure geographic locations.
Security tools with features such as withdrawal address whitelisting, complete audit
logs of all accounts’ actions, IP address whitelisting, and location-based locks are also provided to keep their accounts secure.
The project team is available on Telegram and Twitter with over 1,500 members and 1,400 followers respectively.
BitSafe has yet to work on its marketing plan for which it will be further implementing a marketing strategy and advertise the app on social media among other relevant channels.
Stage of Project:
- The project presents a working and feasible roadmap starting with its ICO. Currently at the ICO start and beta testing phase, the next year will see the launch of the BitSafe website and mobile app, exchange platform, and then investment and loan services.
A note to investors
BitSafe is entering the market with an app that allows the users to not only manage their crypto portfolio but also trade them on its exchange platform. Moreover, it further enables the instant and almost free transactions along with making payments overseas. With its product in the beta phase and focus on the security, the project is coming with a promise.
BitSafe ICO is in its earliest of stages with its crowdsale coming on. So, there is a long road ahead of the project with many milestones coming in the form of exchange launch along with investment and loan services that can provide it an edge over others.
To rate an ICO, we follow a list of parameters that are basically the KPIs (Key Performance Indicators) of a project viz:
- Whitepaper – Availability of code or prototype, the breakdown of funds, wallet for crowdsale
- Team Profile – Team’s strength and reputation
- Business Model – Problem solved, purpose & utility of the token and the economic model
- Backing Technology – Blockchain infrastructure, clarity of terms & conditions and token software
- Crypto-sale Resilience – Incorporation, token distribution, legal risks and security aspect
- Community Acceptance – Clarity & frequency of communication and social media presence
By asking the right questions, we maintain the integrity and viability of our ICO review while following a rating method that is based on the criticality of a particular factor. For instance, elements like token utility and funds breakdown have been given the highest importance while the team members’ reputation and plan to attract a user base are of medium criticality.
We have a team of robust professionals who rate the ICO projects in a completely unbiased manner.
Caution: Coingape publishes the ICO project reviews only for the information purpose. It is not an invitation for investment. When making investment decisions, conduct your individual assessment and consult with an advisor.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.