BitMinutes, found online at BitMinutes.com, is a digital token that combines guaranteed lending, money transfers, and prepaid minutes. Find out how it works today in our review.
What is BitMinutes?
BitMinutes, or BMT, is a digital currency that claims to be “better than bitcoin for billions.” The digital currency can be used for lending, money transfers, and prepaid minutes. BMT aims to solve an enormous problem: the currency aims to provide financial services to 2 billion people worldwide – including unbanked populations around the world.
To solve these problems, BitMinutes will create a digital token backed by the price of prepaid minutes – like minutes you can use for your cell phone. You can transfer these minutes worldwide as easily as you can send any digital currency.
How Does BitMinutes Work?
BitMinutes is a vast and ambitious project that covers a lot of different areas. Here are some of the targeted areas proposed in the whitepaper:
- It aims to make mobile financial services affordable to people around the world. With that goal in mind, BitMinutes is a mobile digital currency backed by the value of prepaid minutes, allowing consumers, carriers, and financial service institutions to increase their access to capital.
- BitMinutes combines prepaid airtime with blockchain technology. Each BTM token is an encrypted token designed to create interoperability between different global financial networks, mobile network carriers, and blockchains, enabling frictionless exchange of value between all of these platforms.
- As an Ethereum ERC20 token, BTMs allow for a more efficient and decentralized mobile ecosystem across carriers, financial institutions, merchants, and end users, as well as both businesses and individuals. “The underlying protocol provides capabilities for the holder of a BTM token to create outbound remittances to any compatible mobile wallet for delivery of monetary value,” explains the BitMinutes whitepaper.
- The BTM token can be converted to prepaid airtime issued globally by telecommunication providers. BitMinutes is targeting its service to 4 billion mobile phones in 70 countries around the world.
- BTMs can also be redeemed for products and services through the BitMinutes “Trusted Agent Network,” or TAN.
- BitMinutes will also have a lending system that enables “micro-loans” for entrepreneurs worldwide. “BitMinutes turn the corner retailer into the corner banker,” explains the whitepaper, “delivering banking services to the smallest of villages and towns worldwide.”
The BitMinutes token technology is built on the P2P Cash money transfer platform. That platform is live today and already generates revenue. BitMinutes will be the underlying currency of the P2P Cash money transfer platform.
What Problems Does BitMinutes Seek to Solve?
The BitMinutes whitepaper identifies all of the following problems in today’s global financial ecosystem:
- Lack of credit, especially for those in developing parts of the world and anyone who is unbanked or underbanked
- Lack of jobs
- Expensive money transfers
- Lack of global mobile wallet adoption
BitMinutes aims to solve this problem by creating the prepaid minute economy, allowing airtime to be shared worldwide using BTM tokens, creating a globally-transferable store of value.
Who’s Behind BitMinutes?
BitMinutes describes its team as a group of “Harvard Business School and Stanford graduates with decades of financial services and technology experience.”
Listed members of the team include Thomas Meredith (Chairman and CEO), who founded a company called VoxLink. Other listed members of the team include John Tomlinson (CFO) and Morris Mwanga (CTO). Tomlinson has served as CFO for Die Casters International, Florida Hydro, and Delta Technologies, among other corporations. Mwanga, meanwhile, is described as “one of the world’s leading and most experienced financial technology entrepreneurs.”
BitMinutes is based in the greater Atlanta area. the company was founded in June 2017.
Obviously, for BitMinutes to work, the company will need to build partnerships with telecommunications companies worldwide. The BitMinutes whitepaper explains that the team believes mobile network operators (MNOs) around the world “will embrace BitMinutes”, and BitMinutes will accommodate their needs when they emerge. However, BitMinutes doesn’t seem to have any active partnerships with global telecom companies.
BitMinutes claims to have received investment capital from Tim Draper, well-known cryptocurrency evangelist and investor. He’s listed under a headline saying, “Advisors and Corporate Investors”.
Typically, it’s a big deal when Tim Draper invests in a cryptocurrency project. It makes headlines. However, we can’t find any evidence that Tim Draper is advising BitMinutes, nor can we can find any evidence that he has invested in the company.
BitMinutes BMT ICO Conclusion
BitMinutes is an unusual cryptocurrency project. The project has enormously ambitious goals: it aims to provide micro-lending and other financial services to 2 billion+ unbanked individuals around the world. To accomplish that goal, BitMinutes is creating a digital currency called BMT. The value of the token will be backed by the value of prepaid minutes – like minutes you can use for your cell phone.
The project is based on the P2P Cash protocol. P2P Cash was founded in 2010 with similar goals. Now, BitMinutes wants to use blockchain technology to continue the pursuit of those goals.
There are some unusual things about BitMinutes: the company claims to have received investments from Tim Draper, for example, but we can find no evidence of Draper’s role within the company. There’s an overall lack of information and media attention for the company available online. The whitepaper also has weirdly ambitious goals for the project: the lack of jobs worldwide is mentioned as one problem that BitMinutes seeks to solve, for example.
Ultimately, you can learn more about BitMinutes and its ambitious goals for the future by visiting online today at BitMinutes.com.