BitCash

BitCash

BITC

PRICE (USD)
N/A
MARKET CAP (USD)
N/A
DAILY VOLUME (USD)
N/A
NUMBER OF EXCHANGES
2
SOCIAL MEDIA

(58%) Average Rating
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cryptomach007 posted on March 16, 2019 23:23:56

This project has been carefully reviewed and vetted by Proof of Review.

A detailed analysis and review can be located here:

https://www.proofofreview.com/wp-content/uploads/2019/02/BITCASH_v1.01.pdf

https://medium.com/@proofofreview/bitcash-bitc-review-c63926f9bd71


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Fiat Daily posted on March 19, 2019 06:05:11

I do like their ideas and the fact that some vetting has been done by another party (does anyone know the credibility of Proof of Review as review source?). I read the report and it does make BitCash seem a lot more legit than I would otherwise perhaps had assumed. Project does also have some interesting innovations: 

  • can send crypto to social media accounts, no addresses are strictly necessary to transact
  • blockchain has privacy features to keep the public records secret, but can be disclosed for law enforcement with a "master key"
  • wallet has easy integration with accounting software
  • recurring payments are possible
An argument could be made that law enforcement should be able to track criminal activity, because that would discourage criminals from using it and therefore make the cryptocurrency more legitimate, eventhough it is much more privacy enabled (for prying malicious eyes) than most of the average public blockchains with public records. Eventhough impo governments in general should not be granted that kind of access to transaction histories either (just like with cash transactions they don't have that and should not have that, but I understand that is also a political point of view). The fact that the general public at least can't spy on everyone's transactions and that criminals are discouraged from using it are both good things. 

For as far as I can judge, I do not feel this project is intentionally trying to scam people and they do seem to be reasonably integer to want to create a coin that keeps criminals out, which seems a noble objective. No ICO, only airdrop, so not a blatant money grab anyway. The traction of the project seems a bit lacking, so from an investors perspective there might be other issues to look into, because for the project to succeed and not die like so many others, they really need to gain a lot more attention and users. They do have funds reserved for that from their pre mine and block reward "taxation", which then doesn't seem to be spent properly on marketing and community building, this is more or less one of the few concerns I have with the project.


avatar Dr. Doom 243
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Dr. Doom posted on March 19, 2019 06:43:44

hmmm yes, vetted gives it at least some level of credibility however, most of that vetting doesn't go much further than ID verification and seeing if there is plagiarism in code or whitepaper, which for this project doesn't seem to be the case, so that is a good sign. 


I do not agree with the position that it is a good idea to have a master key that can give governments insight into transaction histories. I understand their motivation, but unfortunately a big part of the need for privacy for a real cryptocurrency to be able to survive, will be that it is also privacy protected against governments snooping. Remember that practically all technical innovations have been early adopted by criminals, however over time the honest use of those technologies would complete outweigh the criminal type. 

I agree that from most other perspectives this project appears not to be a true scam in its purest form, but there are some concerns:

  • per general crypto community standards pre mine and block reward fees are by default a shady practice (this is however without regard for its application)
  • for a project that truly tries to bring a cryptocurrency for the world, the Github activity seems to be underwhelming the last few months.
  • there seems to be 2 coin system with a stable bitcash dollar that would protect the value of your coins in your wallet. However, in the whitepaper it is not explained at all how that technically works and influences the supply of coins. Somehow you would just get the double amount of Bitcash for your bitcash dollars if the dollar value of bitcash dropped by 50%. No explanation on where those coins are coming from and how that works in economical sense. Seems wishful thinking to me.


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