AibitTech, found online at AibitTech.com, aims to build an entire financial institution on blockchain technology. Find out how it works today in our review.
What Is AibitTech?
AibitTech is an ecosystem for financial tools and services built on blockchain technology. Key innovations offered by the company include Aibit Bank, a P2P online banking facility, and Aibit Pay, a cryptocurrency wallet.
The goal of the platform is to solve problems associated with traditional banking systems. Users can avoid the downsides of a centralized banking infrastructure, enjoying lower fees and better transparency from their banking services provider.
AibitTech is based on the Ethereum blockchain.
The project sounds legitimate at first glance. However, the whitepaper and website are a complete mess. The company claims to be disrupting everything from e-commerce websites to ICO management platforms – yet they have few details about how they plan to accomplish these goals.
Once you get to the team section, you’ll realize the truth behind AibitTech: it’s a complete scam. The company’s team section is made up of stock photos and images ripped from other websites. Nevertheless, let’s take a closer look at AibitTech and how it works.
How Does AibitTech Work?
AibitTech uses the Ethereum blockchain to guarantee the validity and authenticity of all transactions across the AibitTech ecosystem – including transactions that take place on the AibitPay wallet, the AibitBank, and other financial services.
You can deposit money into the bank in both fiat and cryptocurrencies. The entire ecosystem revolves around a cryptocurrency called AIBIT.
Key parts of the AibitTech ecosystem include all of the following:
Aibit Bank: This is a P2P online banking service where you can stake cryptocurrencies and fiat currencies, then earn a return on your investment. You can earn anywhere from 5% to 50% per year by taking advantage of the Aibit Bank staking feature. The company also plans to open a network of ATMs where you’ll be easily able to withdraw your funds at any time.
Aibit Pay: Aibit Pay is an electronic wallet platform capable of securely storing multiple cryptocurrencies. Users can open the app, then shop online in seconds. The wallet app includes credit card support: you can order an Aibit Card MasterCard through the app, then spend whatever funds are in your wallet.
Aibit Mall: Aibit Mall envisions itself as an Amazon-style marketplace for B2B and B2C e-commerce. The marketplace will revolve around the AIBIT Cryptocurrency.
Aibit Card: We mentioned the card above. This is a MasterCard you can use to withdraw money and pay for goods and services anywhere in the world credit cards are accepted. You can spend whatever funds are currently in your AibitTech wallet.
Aibit Trade: The AibitTech ecosystem will have a trading platform where users can trade cryptocurrencies and other assets. Users can enjoy fast, real-time trading with the lowest market transaction fees and highest liquidity – at least, that’s the goal.
AibitTech will roll out in phases. The ultimate goal, however, is to create a financial services ecosystem that offers all of the following products and services:
- A secure cryptocurrency wallet that allows the transfer of funds with minimal commissions for all parties
- An exchange where you can buy and sell cryptocurrencies and tokens or even create your own crypto assets and trade them
- Investment opportunities in startup companies and an investment marketplace
- ICO management tools
- A DPoS consensus algorithm that ensures high security and reliability for all transactions
As you can see, there are a lot of different features here that cover diverse parts of a financial services ecosystem. The AibitTech whitepaper is a bit of a mess when it comes to explaining features. However, the features above are what we see under “main functions” in the AibitTech whitepaper.
The AibitTech ICO
A private sale for AIBIT tokens took place in March 2018. A pre-ICO is scheduled for April 2018, followed by a crowdsale in May 2018.
There’s a total supply of 380 million AIBIT tokens, which are listed under the symbol ABI. They’re ERC20 tokens on the Ethereum blockchain.
Tokens are being sold at a price of 1 ABI = $0.015 to $0.05 USD.
AibitTech has set a hard cap of $6.15 million for its crowdsale.
Of the total supply of tokens, 50% are reserved for the main token sale. The remaining tokens are reserved for the private sale (17.5%), the pre-ICO (12.5%), the team (12.5%), strategic partners (2.5%), and bounties (5%).
What Problems Does AibitTech Seek To Solve?
AibitTech seeks to solve a number of problems with today’s centralized e-commerce providers, banks, and other financial services. Some of the problems identified in the whitepaper include:
- Lack of 24 hour multilingual customer support
- Lack of localization on e-commerce and banking platforms
- High fees
- Lack of customer confidence when completing trustless transactions
- Lack of proper online sales pitches for items
- Competition with global corporations
- Lack of reliable reviews
Who’s Behind AibitTech?
The team behind AibitTech was formed in Q4 2017. The company’s goal is to release an alpha version of its platform by Q3 2018. The first product launched will be the Aibit Mall, followed by the Aibit Bank before the end of Q4 2018.
The team section appears to be legitimate at first glance. However, closer inspection will tell you that the company is a complete sham: the team section is entirely fabricated. It includes fake names, fake bios, and images stolen from other places on the internet.
The company lists a woman as its “Head of Operations”, for example, named Takilaura Estana. The image they use for Estana isn’t actually her: it’s a Walmart executive named Sarah Friar. You can compare the image on AibitTech’s official website with the one you see here on the recent Walmart announcement. They’re the exact same image.
The entire AibitTech whitepaper and website is a mess. The whitepaper does a poor job of explaining how the ecosystem works. The whitepaper makes it seem like AibitTech will revolutionize every aspect of the financial services industry – from ICOs to banks to e-commerce.
The reason AibitTech is a mess is because the company is a scam. The company’s “Team” section is fraudulent. It features images from elsewhere on the internet. The company lists a woman named “Takilaura Estana” as its “Head of Operations”, for example, although they use the image for Sarah Friar, a woman who was named to Walmart’s Board of Directors earlier this year. The other team members are ripped from other places on the internet or feature stock images.
Ultimately, for all of these reasons, AibitTech is one ICO scam you should definitely avoid.