Bitcoin Ruby, or BTCRuby, aims to “spearhead the digital currency revolution” with yet another token under the name “bitcoin”. Find out everything you need to know about this digital token today in our review.
What is Bitcoin Ruby?
Bitcoin Ruby, found online at BitcoinRuby.io, is a new digital currency with no relation to bitcoin whatsoever.
The site appeared online on November 28. Based on the website, there isn’t much substance to the project. The website doesn’t feature many concrete goals about Bitcoin Ruby or how it works, or why it will “spearhead” the digital currency revolution by creating a faster, more anonymous version of bitcoin.
The only really relevant piece of information on the Bitcoin Ruby website is the launch date and the price. Bitcoin Ruby will launch on January 1, 2018. It will be priced at a rate of 1 ETH to 1,000,000 Bitcoin Ruby.
How Does Bitcoin Ruby Work?
Obviously, Bitcoin Ruby isn’t a fork of the bitcoin blockchain. The token is being launched through a token sale. You can purchase 1 million Bitcoin Ruby tokens for 1 ETH. That suggests that Bitcoin Ruby is a digital currency built on top of the Ethereum blockchain – so it’s not really a hard fork of the bitcoin blockchain at all (the website does, however, claim that it’s a hard fork).
In any case, we’re guessing that Bitcoin Ruby is an ERC20 token that’s taking advantage of the bitcoin brand name. One of the best parts about bitcoin is that nobody owns it. One of the worst parts, as we’re starting to find out, is that anyone can use the name “bitcoin” – such is the case with Bitcoin Ruby.
We have no information about how Bitcoin Ruby works, what it does, or what problems it seeks to solve. The website doesn’t have a whitepaper or any relevant information about the project.
How to Buy Bitcoin Ruby
I’m not sure why anyone would want to spend real money on Bitcoin Ruby right now. However, if you feel like donating to a team of possible scam artists online, then you can find an online form at BitcoinRuby.io. You fill out that form with your name, email address, and the amount of Bitcoin Ruby you wish to purchase. Again, the exchange rate is 1 ETH = 1,000,000 Bitcoin Ruby.
In the future, the development team reportedly “has its eyes on 20 major exchanges for launch, including Bittrex, OT Coin, and Coolcoin.” It seems unlikely that a major exchange like Bittrex would have anything to do with this project.
There’s a total supply of 100 billion (100,000,000,000) Bitcoin Ruby.
Bitcoin Ruby Features
Bitcoin Ruby emphasizes just three features, including:
- Security: “We need a coin that is secure from hackers”
- Privacy: “We need a coin where users can remain anonymous”
- Speed: “We need a coin where transactions are quick”
These are the word-for-word descriptions on the Bitcoin Ruby website. No further information is available. Yes, the development team seriously plans to attract people to their project with sentences like “we need a coin where transactions are quick”.
Who’s Behind Bitcoin Ruby?
There’s no information about the Bitcoin Ruby development team available online. The website has no information about who’s building the project or what their background may be.
One quote on the website mentions “John B.” as the co-founder of Bitcoin Ruby.
Bitcoin Ruby Conclusion
Bitcoin Ruby doesn’t appear to be worth your investment or interest at this point. The website features no information about the currency, and no further information about the project is available anywhere online. We don’t know anything about the development team, and the coin doesn’t plan to solve any notable problems.
At best, this is a poorly-explained project with limited transparency. At worst, it’s a complete scam designed to steal your Ethereum in exchange for value-less ERC20 tokens.
For all of these reasons, Bitcoin Ruby is one project you should absolutely avoid – at least until more information is released.