Currently, there are large barriers to entering into the cryptocurrency space. The process of buying or selling crypto assets — and then trying to cash them out into fiat currency — is not a simple one. In fact, the act of trading and investing in cryptocurrencies still requires a certain degree of technical knowledge. The crypto space poses a variety of risks in regards to the management of private keys and seeds, which can be easily misplaced, lost or stolen. Moreover, the countless KYC processes and account setups required by the exchanges create even more entry barriers. There is also the possibility of financial losses related to market volatility and cryptoasset devaluation.
The Kitcoin ecosystem is the first of its kind to address all current difficulties with cryptocurrency payments. This is achieved by connecting thus far separate entities to one single ecosystem and thereby enable seamless payment flows and interchange between crypto and fiat currencies. The ecosystem consists out of four major parts: Kitcoin as a payment and value transfer unit, the Bibo exchange for seamless exchange between crypto and fiat currencies with the Bibo token as platform token, an e-commerce platform allowing users to purchase products directly with crypto, and a cryptocurrency wallet connected with bank accounts, merchant plugins and cold storage ability. These four parts combined together will lead to a revolution in crypto payment processing, merchant adoption and crypto-fiat exchange. The best is, it is already there, developed and ready for usage!
Kitcoin, a cryptocurrency based on its own newly developed next generation blockchain, will serve as payment solution of the future. It’s superior blockchain technology, driven by a newly-developed consensus mechanism, enables it to scale to millions of transactions per second. This will make Kitcoin the preferred choice for merchant adoption and consumer payments. However, the value of Kitcoin will not only be driven by adoption, it will also be backed by a physical asset that has been acknowledged as store of value and form of payment during the longest time of human history: Gold. Kitcoin will use 10% of the transaction fees to purchase gold assets, ensuring that one day, Kitcoins will become a fully gold-backed asset. This system will help to combat price volatility and give the coin a tangible value.
The Bibo exchange allows the users of the Kitcoin ecosystem to truly treasure their assets. It serves and facilitate the on-boarding of new users into the ecosystem, by incentivizing trade on the exchange and offer user-friendly and convenient exchange of Kitcoins into fiat as well as various cryptocurrencies. Bibo serves as crucial link between the world of digital assets and the traditional fiat-based economy. Moreover, Bibo as a next generation crypto exchange possesses advanced features such as AI-driven security and asset management systems (Bibo AI), a research centre focusing on technological research to enhance the Kitcoin ecosystem (Bibo Lab) and an asset management tool for the platform token (Bibo Treasure Box). Additionally, a connected OTC platform enables direct p2p exchange of cryptocurrencies and local fiat currency.
But what are all these exciting new tools and features useful for if they cannot be used, if they are not integrated into an e-commerce system? Many e-commerce giants are afraid to accept crypto payments for a number of reasons. That is why the Kitcoin Ecosystem has its own e-commerce platform, the Bibo Marketplace! Since 1st of January 2019, our users are able to purchase products and services directly with cryptocurrency, starting with Kitcoin payments and later integrating more digital assets into the platform. So far more than a hundred traders onboarded the platform offering more than 1200 different products from food, cloth and home appliances to even real estate. This is a truly revolutionary step on the way to a fully decentralized crypto-payments ecosystem.
While Bibo is the key infrastructure to link the digital and the real economy, the Kitcoin Wallet (released at the end of February 2019) will be the key interface for users, the “window into the world of digital assets” and a tool to manage their digital assets and online payments. The wallet will be equipped with advanced functionalities that go far beyond current existing wallet’s features. It will more resemble the Chinese Wechat or Alipay wallets, giving users advanced abilities to manage subscriptions, utility bill payments, investments, portfolio management and many more. However, it will eventually be far superior to these current existing mobile wallets as international payments and free currency exchange will be possible and the digital assets can be stored in the wallet itself instead of a third party (such as a bank). This way Kitcoin users always keep full control over their own assets.
The Kitcoin dev team will continue to improve the platforms and user experience. We are happy to welcome anyone to join our community, exchange views and discuss newest developments.
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