iBTC is a payment gateway designed to facilitate instant, daily, cheap cryptocurrency transactions. Find out how it works today in our review.
What is IBTC?
iBTC aims to “bridge the crypto gap” by offering an easy payment service. The company’s official website, iBTCToken.com, describes how today’s cryptocurrencies aren’t always ideal for daily payments. Their prices fluctuate continuously, and transaction fees on some networks are prohibitively high for small daily expenses – like a cup of coffee.
That’s where iBTC sees an opportunity.
iBTC has created a wallet based on the popular Metamask extension. You can use that wallet to spend iBTC tokens. iBTC tokens are described as a “tokenized version of bitcoin” built on the Ethereum blockchain. Just like bitcoin, there’s a fixed supply of 21 million iBTC tokens.
What Are iBTC Tokens?
iBTC’s development team released iBTC tokens. instead of holding a token sale, the company airdropped tokens. Of the total supply of iBTC tokens, 80% were airdropped, with the remaining tokens reserved for marketing (10%) and development (10%).
The company claims that the token distribution was also chosen “as an asset for stability and value creation”, although we’re not totally sure what that means.
There’s a total supply of 21,000,000 iBTC tokens on the market. You can store iBTC tokens in MyEtherWallet, your iBTC wallet, Metamask, or MIST.
At the time of writing, the price of an iBTC token is around $0.00968. The tokens do not appear to be usable at any product, service, or online platform. However, the Twitter account mentions their availability on several exchanges, and the currency is listed on Coin Market cap.
Why should you buy iBTC tokens? Here are some of the features offered by the company, including some of the products you’ll be able to access with iBTC tokens:
iBTC’s development team doesn’t appear to have created a payment gateway yet. However, they plan to release it in the future. That payment gateway will allow you to receive your own customized VISA/MasterCard number that you can use online for payments. In the future, offline payments will also be supported.
iBTC plans to offer a decentralized exchange. You can use that exchange to enjoy 0% commission on ETH/BTC/IBTC transactions, although other trades would have “a minimal commission”.
iBTC plans to work with “organizations or government” to create and implement blockchain-powered smart contracts. Those smart contracts could also be used for digital identity verification, supply chain purposes, and more.
The iBTC wallet is based on Metamask. The wallet is encrypted and stored locally in your browser. No information is ever communicated to Metamask servers, and you can maintain multiple accounts with the wallet, switching effortlessly between the accounts. That wallet will also give you access to sites on the Etheruem network. You can send iBTC tokens or ETH tokens from the wallet.
Who’s Behind iBTC?
iBTC lists an address in Maryborough, Queensland, Australia as its headquarters (22 Norway Street). That headquarters is an empty piece of farmland (Google Street View shows one small barn on the property). Unless there’s been major development at that address in recent months, we don’t believe that a major tech company is headquartered at this address.
Aside from that, we don’t have much information about who’s involved with the project. However, the iBTC official Twitter account frequently retweets posts from users saying things like “buy more and hold #iBTC token. #iBTC will go to the moon for sure but we need to do cooperate!”
That doesn’t give us a lot of confidence about the future of the project.
Ultimately, when someone is telling you to buy their cryptocurrency because it’s going “to the moon”, then that’s not generally a good thing. Few legitimate companies will attach ROI promises to their cryptocurrencies, or provide specific details about expected price increases. It’s also important to note that iBTC has been airdropped, and it doesn’t appear to be connected to any major products or services.
IBTC Token Conclusion
iBTC describes itself as “a tokenized version of bitcoin on the Ethereum blockchain.” Basically, it’s an Ethereum-based version of blockchain. The company claims that its token is the “most under value coin [sic]”, although there aren’t many products or services associated with the coin at this time. There are few reasons to believe this currency is “going to the moon” like the unnamed development team wants you to believe.
iBTC was airdropped to users over the past few weeks. 80% of the total supply of the token has been airdropped, with the remaining tokens reserved for marketing and development (10% each).
Yes, iBTC appears to be a legitimate cryptocurrency listed on Coinmarketcap. However, we don’t have much information about the future plans for the currency – or why the developers expect it to skyrocket in price.