Coin Of The Day (28.04.2018)- Could This Cryptocurrency Be A Rival To Exodus?

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Welcome to another post in the series, ‘Coin of The Day’ where we assess those digital coins and find out which will be the next wave in open source technology. Please remember to subscribe for more of this content and do comment.

So with that aside, lets continue into the post.

As seen in the above video, the selected cryptocurrency is Bitok.

Bitok (BITOK), not to be confused with BiTOK, a cryptocurrency lending platform of the same name, is a cryptocurrency that only uses a blockchain based E-wallet similar to Bread. There is no team behind the project currently. It is a Proof-Of-Stake coin using the Scrypt algorithm (also used by Litecoin).

This token was added to CoinMarketCap on June 24, 2017 and only survive for 20 days before plummeting to the price levels we see today.

Since it is a P.O.S cryptocurrency, it is not mineable.

That is all. No promo or introductory video because I cannot find a suitable one explaining this crypto.

Now, lets move on to the features and hope Bitok impress us:

• iUSB cold storage wallet, kinda similar to first version of the Trezor (abandoned)

• Two billion pre-mined tokens

• Fast and secure payments- no need for registration or personal verification (like 99% of the cryptos in the market)

• Peer-to-peer transactions (like 72% of the cryptos in the market)

• Open source 😫

• 1 minute block time

• 18% P.O.S. reward annually

-Random reward every three to six minutes

• Tor and L2TP support

• Wallets for Windows, Linux and Mac (created but not updated for over a year)

• Circulating supply and overall market cap is unknown.

• Total supply was those that were pre-mined, which is 2 billion.

• All Time High (ATH): $989.04 (0.41 BTC) on July 10, 2017. This was obviously a pump-and-dump orchestrated by trading bots on the exchanges. Ever since its massive dump, Bitok has not experienced any significant gains. As of this post, 0.41 BTC is worth $3,715. Compare this with its current price.

It’s time for my critique:

My Critique:

Website and Source Code:

First thing, let me compliment them on the design of their website. It is neat, catches the attention of the viewer with colors of purple, green, red, blue and pink. The slider at the top of the page is okay but the DOWNLOAD Tab should have been linked directly to page where the wallet can be downloaded, not the second section of the same page. Pictures are used effectively here. Format of the web page is not too bad.

All good criticism aside, Bitok should describe what solution they offer to the cryptocurrency space. An E-Wallet was a weak solution because every other coin has the same thing. They needed to make the wallet user friendly and foolproof. To illustrate, when I clicked the link to download their wallet, I was taken to Source Forge, a site where you can check your internet speed and download free software. But what if the new user did not know how to navigate around this website. It did not pose an issue to me because I know about this site long before cryptocurrency. At least guide new investors to your wallet with simple instructions!

Next flaw was that Bitok lacks a Whitepaper and Roadmap. Worse, the token did not have a team behind it.

The third issue I find was that the spelling of some words, grammar and sentence structure look like a job done by 7 year old. No one took time to proofread the site.

Fourthly, I found a problem with the tabs. They did not go to a new page. They only landed on different sections of the same home page.

Lastly, the website domain was not secured.

As for the source code, there was no activity since April of 2017. No activity meant that it was a dead project by default.

In total, 15 commits have been done since its inception (all executed over one year ago) according to Github.

Social and Popularity:

• Twitter- Over 710 followers. Last tweet was on July 5, 2017. Activity is very low.

• Facebook- No Official Page.

• Google Plus- None.

• Reddit- None.

• Bitcointalk- 14 pages and counting. The sentiment is mixed. A few wish for this project to continue but not on an exchange like YoBit. Some cried that Bitok is a scam. Some do not care.

-For YouTube: No official channel.

Other YouTuber channels do not like Bitok because the trading bots pumping this shitcoin are cold and merciless. Check out Swavey Mane’s video on Bitok below for proof.

I think this guy has a good voice for rapping. Just saying...

Exchange:

Bitok is still being traded on only one exchange, after originally being on two. This exchange is no other than YoBit.

Do not ask me about announcement. Bitok has not say a word since July of last year.

Conclusion:

Is it safe to invest?

No. Bitok is definitely a scam coin. The developer (s) has/have marketed this coin, got the funding (close to 1 million dollars of hard earned cash) and make off with that amount in less than a month! Not even Bitconnect would stoop that low.

Let me repeat: stay away from this coin. It is a scam. My two cents.

Until next time, keep safe, take it easy and be fantastical.

Later.

Source:

➤Website: http://bitok.online/
➤Youtube videos: Sat Bits and Swavey Mane
➤Pictures courtesy of Pexels and Pixabay.