Bitsafe — The Bitcoin Bank Making Bitcoin Easy November 19, 2018 – Posted in: Reviews
THE MAIN IDEA/MISSION
Over the last few years, several attempts to offer a viable cryptocurrency banking option have been created. Usually, all of them copy either fiat banking or other banking apps and add just a few new features, but some of them try to really offer a new word in cryptocurrency banking, usually by crossbreeding great and smooth usability with a set of revolutionary features.
One of such startups on the market is BitSafe, that does exactly that. BitSafe’s multicurrency wallet offers a sleek and modern user interface with lots of new features that are not presented in other similar wallets. Apart from security and usability improvements, there are some new functions, such as free cryptocurrency transfers to other BitSafe users, contactless payments, instant transactions, shared accounts, and much more.
BitSafe will issue 100 million BTSC, Ethereum-based tokens, of which 60 million BTSC will be sold publicly. These tokens will be used within the platform for payment of different fees, including merchant, withdrawal, exchange, and instant buy or sell fees, with a 50% discount. Together with the consequential buyback, it will create a good market for the token, which makes it interesting also for speculative investors. All the repurchased tokens will be burned to provide extra value for BTSC.
PLATFORM’S MAIN FEATURES
BitSafe will offer lots of different money management features. Users will be able to create purpose-oriented accounts, for example, current, for savings, business account, etc. Each account will be able to have a spending budget or target, which will make easier to control the money flow through different accounts. One of the most prominent money management features of BitSafe is the possibility to create joint accounts, equally accessible and controlled by two or more users.
BitSafe will also offer several convenient features regarding money transacting. It is the first such platform to offer comfortable management of recurring payments for subscriptions, bills or loan payments, including those transacted by direct debits. BitSafe will offer instant and free transactions inside its network, to any user, including the users abroad. Transacting convenience will be further extended by the possibility to send money to any connected phone number, email address, Twitter, Facebook, Reddit or Telegram account, as well as standard cryptocurrency wallet address.
Internal exchange and instant buy/sell system will offer all users the possibility of quick exchange to and from fiat using bank transfer or credit cards, between the cryptocurrencies and the most popular tokens. Each of the multiple accounts will be able to hold several assets in combination and will offer easy transactions with all of them.
In terms of payments, BitSafe will offer POS contactless payments for devices with NFC, which is a true breakthrough for the market. Naturally, it will be offered worldwide, and all the exchange rates will be managed by BitSafe. The platform will be able to convert crypto instantly also for paying fiat bills. Apart from these features, BitSafe is currently looking for partnerships for issuing their own payment cards as the most convenient gate between crypto and fiat ecosystems to date.
Business users will benefit from the merchant tools, deep integrations with the popular accounting software, and other features that will enable them to accept, account and report cryptocurrency payments. In addition to that, BitSafe will be able to convert a crypto payment instantly to a fiat payment to the business’ bank account, thus offering using crypto payments with current comfortable fiat banking, accounting and taxing systems for businesses.
From the security viewpoint, BitSafe will offer a set of the best security features on the market. In addition to quite usual cold storages, two-factor authentication, different whitelists, there will be secure funds backups, that will be divided and stored in different physical locations, making obtaining the whole stored asset impossible, strict spending limits, that will ensure the absence of untrustful withdrawals, and the proof of solvency feature, that will offer daily and anonymized reports with proofs that BitSafe is holding all the account money and is able to get you ahold of it at an instant.
Token Name / Ticker — BTSC
Token Standard — ERC20
Total Supply – 100 million
ICO Supply — 60 million
Minimum Contribution — n/a
Accepted Payment Methods — BTC, ETH, LTC
ICO Dates — 26 Nov 2019 — 17 Dec 2019
ALLOCATION OF FUNDS
The funds collected from the ICO crowdsale will be distributed as follows:
50% will be used for marketing support of the BitSafe platform;
40% will be used for the development of the platform itself, including staff hire and core team payments;
10% will be vested for covering any possible emergency situations that may arise.
In November 2018, the BitSafe development team will run the platform’s beta testing phase, together with the ICO, which will end in December. In Q1 of 2019, the platform will be launched with the website and mobile app, followed by exchange platform launch in Q2. In Q3, BitSafe will launch the investment and loan services, thus making the platform complete in less than a year after financing.
Dean Nolan — CEO