BitCash (BITC) Project Analysis

About

Intro

In another edition of our project reviews, we decided to have a look at Bitcash, who aim to gain adoption among the business sector with their blockchain.

So what is the deal with Bitcash? In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, its team, tokenomics, community and technical analysis, among other metrics.

If you wish to skip to the summary to see the SWOT analysis, matrix score and rating, click here.

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Overview

Launched in August 2018, Bitcash is pure a Proof of Work coin, forked from the Bitcoin codebase.

BitCash is a cryptocurrency that helps consumers and businesses trade and aims to be the world’s most usable cryptocurrency.

The project is focused on developing an ongoing user-friendly ecosystem around the BitCash currency, targeting the business sector in adopting BitCash.

Use case

Taken from the website of the project “BitCash is the world’s first truly decentralised cryptocurrency designed to facilitate real-world trade between consumers and merchants to become the world’s most used cryptocurrency.

BitCash aims to address this by developing features in their ecosystem, which facilitate simplicity of use when transacting with BitCash, while also incorporating business-focused tools to increase adoption amongst businesses.

Adoption

BitCash is targeting the business sector, which currently has minimal adoption of cryptocurrencies as a form of payment for its customers. 

According to Coinmap, there are 15,403 venues accepting cryptocurrencies as a method payment. Putting this into context, there are an estimated 200 million businesses worldwide, meaning 0.007% of global companies is the current market size infiltrated by crypto.

BitCash has aimed to address the asset volatility issue by implementing BitCash Stable; however it remains to be seen how this can be adopted amongst global retailers, using different fiat currencies.

There is substantial potential scope for adoption among global businesses for the project, outside of the cryptocurrency sector. The rate of adoption amongst businesses, if any, is likely to be a long term one. 

Competition

In terms of competition, various blockchain projects offer similar features to BitCash, such as Haven Protocol (XHV), which has a $1m market cap.

BitCash is the first project to implement a working “Mint and Burn” stable coin into its project, giving it a competitive edge over its competitors.

Products/Features

The BitCash project is packed full of features and products as follows:

  • BitCash Stable
  • Named Accounts
  • Transaction References
  • Recurring Payments
  • Record Keeping
  • Printable E-Statements
  • Payments to Twitter, Twitch
  • PeerQ
  • Multiple Accounts in One Wallet
About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Huge target market Low adoption rate among core market Increase adoption
Constant development of new features Low brand awareness
First project to implement a working Mint and Burn protocol with BitCash Stable
The BitCash Dollar is an excellent progression in adoption for the BitCash amongst its target market

Tokenomics

Token info
SYMBOL BITC
GENESIS BLOCK JULY 2018
BLOCK EXPLORER EXPLORER
CONSENSUS POW
CIRCULATING SUPPLY 21,868,484 BITC
MAX TOKEN SUPPLY 100,000,000 BITC
% MAX SUPPLY MINTED 22%

 

Financials
MARKET CAP (30 DAY) $331,930 USD
VOLUME (30 DAY) $1,935 USD
PRICE $0.031
VOL TO NETWORK 0.3%
AVG PRICE 30 DAY $0.04 USD
TRADING PAIRS BTC, ETH
Token distribution
Circulating supply

There is no option on the http://explorer.choosebitcash.com/ block explorer to allow an analysis of the circulating supply due to the coins privacy features.

Emissions

There are 21.5 BITC released every 60 seconds, resulting in a daily emission of 30,960 BITC per day and 11,300,400 BITC annually.

The next block halving is estimated around August 2022 and will reduce emissions by 50%, reducing the block reward to 10.75 BITC per block.

There is currently a 10% block reward fee which goes toward the funding of the project.

 

Token utility

BitCash is currently used as a method of payment and reward on its native PeerQ platform.

The ability to tip/donate users by sending BitCash via Social Media (Twitter, Twitch, Instagram, YouTube, Facebook) and SMS/email.

The BitCash Stable feature allows for users to **store value** by converting to BitCash Dollar. (Perfect for the bear market we have been dealing with).

The partnership with Cryptocurrency Checkout allows for BitCash/BitCash Dollar to be utilised as a payment method on ten eCommerce platforms, including WooCommerce, Shopify, and WordPress.

Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Funding mechanism for project development Premine and Block Reward Fee Raise more awareness of token utility
Block Reward Fee funds used to fund development of PeerQ platform Mining emissions will play a large part in price movements over the foreseeable future
Ease of use when sending/receiving BITC Only one Block explorer
More than 75% of supply distributed to the public

Team

Christian Kassler Project Founder and Lead Developer
Experience

The team members listed on the project website include the CEO, Christian Kassler, along with two other core team members. There are no LinkedIn profiles for the team, or any reference to their experience and skills, aside from a Medium article from the CEO.

The CEO is also the lead developer for the project and the Github account for the BitCash project is linked to his developer handle.

The project has grown since its launch, with the addition of several team members including CoachCryptos, who has several years in marketing, promotion and has his podcast.

There is currently no company registered for the BitCash project.

Funding for the project is in the form of a 9.7 premine (9.7M BITC) and a 10% block reward fee.

The team state that the premine is still intact and the funding is currently supported by the block reward fee and the developers’ personal funds/time, outlined in the projects Q2 Transparency/Funding report.

The team have decided to utilise a portion of the block reward fee towards bounties in its PeerQ platform

Advisors partnerships

The team have recently formed a partnership with Mazer Gaming, a professional esports team. BitCash hopes that the promotion of the Bitcash project alongside Mazer Gamings brand on Twitch will highlight the ability to send BitCash seamlessly via Twitch. The team state they aim to target the e-gaming sector as a source of user acquisition.

BitCash has also formed a partnership with CryptoCurrency Checkout, meaning BitCash/BitCash dollar can be accepted as a form of payment on ten eCommerce platforms including WooCommerce, Shopify, and WordPress.

Development

The roadmap listed on the project website gives a highly detailed outline for the upcoming milestones for the project, 

Milestones are listed with dates for completion alongside progression completed so far on each pillar. Roadmap dates back to launch and looks forward to Q4 2019.

Notable developments since launch are BitCash Stable and the PeerQ platform.

The BitCash wallet is also one of the most user-friendly we have come across in the industry.

There are no current products generating revenue for BitCash; as such, we are unable to estimate any revenues aside from block reward fees.

Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Active development Small team Develop more partnerships among retailers
Team has grown since launch Limited funding source Increase brand awareness and adoption
No registered company

Code

Audit

*Please note the information contained in the code review is from the original project review (Feb 2019) and has not been updated. 

There are no signed binaries published, so we recommend users compile the sources from scratch. For this review, we have used the wallet release provided on the BitCash website.

The wallet file downloads listed on the official page by the team are not all versioned at the time of this review. For good practice, POR propose to work only with releases that are correctly signed and published with a sha256 hash for reference purposes.

BitCash team have confirmed that the Windows wallet version is signed with the developers CAD-KAS code signing certificate but not the Linux/OSX versions.

The BitCash Lead Developer, Christian Kassler, has confirmed that the Github account https://github.com/WillyTheCat/BitCash is managed by himself.

The codebase is based on Bitcoin 0.16.x as upstream and is under active development. The only code changes are documented with average commit message quality. Wallets (GUI & CLI) are available for Windows, Linux & OS X with their recent operating system versions.

Build instructions are available and work as expected. BitCash doesn’t seem to make use of individual test-cases, and there are still some references to Bitcoin origins that haven’t been caught by the search/replace text edits.

The official repository only has a “master” branch. For transparency and to follow development best practices multiple, we recommend separate branches (“master”, “dev” and “CI”) that are used for releases, development and automated testing. The repository includes a broken CI/CD configuration inherited from Bitcoin. 

The codebase is neither very good nor very bad but needs a clean-up. We recommend the following actions to be taken:

  1. The Comment quality is below average quality. Comments should describe what a specific commit is addressing (instead of, eg “Backup”)
  2. Remove all unnecessary artefacts from the repo inherited from Bitcoin
  3. It’s essential to utilise a CI/CD system (e.g. Travis-ci, circle)

Code review confirms the coin specifications and emissions detailed in the code all match the publicly documented values on the website, whitepaper and bitcointalk thread.

Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Code audit confirms coin specifications Comment quality Improve documentation
First project to implement "Mint and Burn" The official repository only has a “master” branch Remove all unnecessary artifacts from the repo inherited from Bitcoin

Community

Followers

There are just over 1500 followers on Twitter and over 3000 members in the Discord.

Engagement

The majority of the BitCash community involvement and engagement takes place on Discord and Telegram, which is healthy as it allows for 2-way conversations between the team and community

There is a daily activity in the chat and admin/mods are engaged with any questions from the community replying promptly, often answering immediately.

The average Twitter engagement is 5.25 per tweet, which is 0.43% of its total 1.2k follower audience. At a rate of 5.25 engagement per tweet, this is just over 5.5 times higher than the average engagement rate across all industries [ref].

Governance

There is currently no formal governance model within the project; however the community is consulted by the BitCash on core issues before making any strategic decisions, as illustrated by the removal of the Master Private Key feature.

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Small but active community Community does not include core target market Improve community awareness among target market
Website is multilingual No formal governance model
Regular updates provided to community

Technical analysis

Chart


Chart Analysis

Price has been range-bound for several months between 250 and 400 satoshis, with mining costs and emissions likely playing a part in the price action.

Areas of interest on the downside would include a break under the previous lows at 220 satoshis. On the upside, a breakout above 900-1000 satoshi would be an area of interest.

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Listed on several exchanges Low liquidity Raise awareness of BITC utility to increase liquidity
Low risk of delisting

Summary

Conclusion

In summary, the BitCash project scored 61/100 based on our scoring matrix, and we rate the project at a B- grade.

ABOUT USE CASE
✅✅
COMPETITION
✅✅
ADOPTION
FEATURES
✅✅✅
ROADMAP
✅✅✅
TEAM PUBLIC
EXPERIENCE
✅✅
DEVELOPMENT
✅✅
PARTNERSHIPS
✅✅
FINANCES
CODE AUDIT
✅✅
CODEBASE
ACTIVITY
✅✅
DOCUMENTATION
ENGAGEMENT
COMMUNITY COMMUNICATION
✅✅✅
FOLLOWERS
✅✅
GOVERNANCE
ENGAGEMENT
✅✅
WEBSITE
✅✅
TOKENOMICS DISTRIBUTION
✅✅
EXPLORER
EMISSIONS
UTILITY
✅✅
ENTRY
✅✅
PRICE EXCHANGES
✅✅
LIQUIDITY
PAIRINGS
T.A
✅✅
DATA
✅✅✅
MISC LEGAL
✅✅
HYPE
✅✅
PLATFORM
✅✅✅

 

Breakdown

Disclaimer
  • This review is a sponsored project review on behalf of the Bitcash project.
  • This review is intended for educational purposes only and SHOULD NOT be considered by you as financial advice. 
  • Before investing in any project, we recommend you do your research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in October 2019.

 

Methodology
  • We use a combined rating score out of 100, covering all the listed metrics for project reviews.
  • Each metric is rated out of 3, including a potential bonus point in every metric. 
  • We also reserve the right to award a bonus point for outstanding achievement for a project
  • Our rating and grading framework is available here.