BitcoinToken aims to provide “an easy, fast way to transfer bitcoin currency”. Find out what that means today in our review.
What is BitcoinToken BTK?
BitcoinToken is a digital currency found online at BTKToken.io. The platform consists of a digital currency called the BitcoinToken, or BTK. That token is an ERC20 token built on the Ethereum blockchain.
The first sentence on the BTKToken.io website explains that BitcoinToken wants to provide “an easy, fast way to transfer bitcoin currency.” In reality, BitcoinToken doesn’t have any connection to bitcoin whatsoever. It’s an Ethereum ERC20 token.
It’s not clear why BitcoinToken uses “bitcoin” in its name. However, the team mentions that they want to avoid high fees and long transfer times seen on the bitcoin network. BitcoinToken doesn’t appear to be creating that solution themselves: instead, they’re just releasing an ERC20 token that relies on the Ethereum blockchain. A whitepaper for BitcoinToken has not yet been released, so it’s hard to determine any specific goals for the project.
An ICO for BTK tokens is underway throughout January and February 2018.
Why do we need BitcoinToken? What problems does it seek to solve? Let’s take a closer look at how it claims to work.
How Does BitcoinToken Work?
BitcoinToken is an ERC20-compliant token on the Ethereum blockchain.
The token is listed under the symbol BTK. There are a total of 10 billion BTK in circulation. The entire supply of BTK tokens will be airdropped over the first release period.
The project is open source, community driven, decentralized, and has no large pre-mine.
The main goal of BitcoinToken appears to be to create a digital currency that’s easy to transfer. The team recommends using BTK as a way to send gifts or payments online, for example, and avoid the high fees of traditional banking services.
“Pay rent, pay for services or gift money to others,” explains the official BitcoinToken website. “We intend to make crypto-currency fun, interactive and something everyone can do.”
As you might expect with any transferable digital currency, BitcoinToken will also aim to offer low fees on all payment transfers.
To achieve these goals, BitcoinToken will release mobile apps for iOS and Android in 2018.
BitcoinToken Distribution Model
BitcoinToken will distribute 100% of its tokens through airdrops. The first airdrop will consist of a “pre-sale” airdrop of 10% of the supply. The company is charging ETH for that “airdrop” – so it’s more of a token sale than an airdrop.
There will also be a bounty airdrop in the future to incentivize people to participate in the BitcoinToken community.
A pre-sale airdrop announcement appeared online on January 19, 2018. The first pre-sale airdrop is taking place from January 25 to February 15, 2018.
BitcoinToken claims to be launching its tokens through an airdrop. Typically, “airdrop” means you’re receiving a token for free. However, the first 10% of the total supply of BTK tokens is being sold – not airdropped. You’ll need to send ETH to receive your BTK from January 25 to February 15, 2018.
The company claims after this initial 10% funding round, the remaining 90% supply of BTK tokens will be distributed for free.
Why would you pay money for BTK tokens today when the tokens are being distributed for free in the near future? I’m not sure. However, ETH address details can be seen on the pre-sale announcement thread here.
Who’s Behind BitcoinToken BTK?
BitcoinToken was created in partnership with The Token Store, described in a press release as “a leading edge de-centralized cryptocurrency exchange.” The Token Store will provide a stable platform where users can exchange BTK.
Aside from that, we know nothing about the creators of BitcoinToken. However, the initial documentation about the project first appeared online in Malay and Arabic – so it appears the team is based in Malaysia or the Middle East.
A whitepaper for BitcoinToken has not yet been released.
BitcoinToken BTK ICO Conclusion
BitcoinToken, or BTK, is a project with little information available online as of February 2018. The project has not released a whitepaper, and the website doesn’t provide many technical details about the token or how it works.
We know that BTK is an ERC20-compliant token on the Ethereum blockchain. We also know that the team is emphasizing easy, fast cryptocurrency transfers. They want to be a faster, cheaper way to transfer money than bitcoin. Beyond that, however, we don’t know much about how BitcoinToken works. The unique ICO/airdrop distribution model also seems unusual: the company is charging users ETH for BTK tokens today, but will distribute BTK tokens for free in the future.
To learn more about BitcoinToken and the BTK project, visit online today at BTKToken.io.