BitCash Transparency Report #1

BitCash is a privacy-by-default cryptocurrency created for individuals and businesses to facilitate private, secure, and fast transacting with ease. BitCash officially launched in August 2018 with over 90% of the first section of the road-map completed. Meaning, the team was planning and working since early 2018.

BitCash Team

The BitCash project consists of a team of three core members and community volunteers. Christian Kassler is the core developer & creator of BitCash and is based out of Germany. SJ and TheLastDon act as advisors and decision makers behind the scenes. Their main role is to support Christian in any way he needs so that Christian can focus solely on his expertise, which is coding and developing BitCash.

Some of the BitCash contributors and volunteers have decided to remain anonymous as they take anonymity very seriously.

The BitCash team does not have any offices, is not a corporation, business, association or any central entity; and does not have any accountants, bookkeepers or financial advisors. All members of the BitCash team are volunteers.

BitCash Financials

BitCash did not hold an ICO but did have a pre-mine of 9.7% and has a current block reward fee of 10%. BitCash plans to eventually reduce or completely get rid of the block reward fee during Q4 2019.

Pre-mine

The pre-mine is distributed to wallets controlled by the team. As of the date of preparing this document, the pre-mined coins have not been utilized. Some coins have been transferred to other wallets that are controlled by the team. The pre-mine is for the team to use as they see fit, which includes but is not limited to:

  • Incentivize the team;
  • Marketing;
  • Legals;
  • Donations;
  • Future Exchange listings;
  • Partnerships;
  • Bounties/Payments to get on board more non-core team members (coders, developers, community managers etc.)

Block Reward

As of today, the block reward wallet has received approximately 878,000 coins and currently holds approximately 102,000 coins. The block reward has been utilized to pay for a multitude of bounties beginning in mid 2018. Around 776,000 BitCash has been utilized for the below (but not limited):

  • Payment for all copywriting (website, BCT ann, whitepaper, Medium Articles, Steemit articles etc.);
  • Payment for Bitcoin news press release;
  • Payment for all design works (website, BCT ann, whitepaper, wallet, web wallet, logo, branding etc.);
  • Exchange listing;
  • Twitter giveaways;
  • Bounty for thorough tokenomics analysis and review ;
  • Bounties to Twitter influencers;
  • Bounties to community members;
  • Community managers;
  • Social media managers;
  • Article bounties;
  • YouTube bounties;
  • Bounty for Chinese community moderator;
  • Steemit and Medium bounties;
  • Translation bounties; and
  • Twitch sponsorship.

We have not yet had the capacity to go back and report on every bounty given, but when time permits, we will go back and attempt to report on all past bounties.

Summary

Understandably, 776,000 BITC sounds like a considerable amount of coins, however a lot of the coins were spent during August and September of 2018 to pay for necessities such as the website, whitepaper, BCT ann, web wallet design, logo, etc. At this time the BTC value of BitCash was relatively low and consequently more coins had to be utilized to pay for these tasks. For example, 6000 coins were given as bounties for each translation for the website and the whitepaper. With 14 total translations done, over 80,000 coins were spent on translation bounties alone.

A high priority for BitCash is our community. We have provided multiple bounty opportunities for our community members to earn BitCash while simultaneously helping to “market” and spreading the word of BitCash. This approach is important because it helps facilitate authentic growth of our community. We want to limit the “paid shills” as that has the tendency to de-value projects more than it helps them. As we close out Q2 2019, our marketing strategy will begin to expand more outside of the BitCash community.

We are very excited about partnering with a few quality YouTubers to help create a steady stream of content that will highlight all the unique features of BitCash and also execute some sponsorship opportunities via Twitch live streams. Marketing in the cryptospace is unique and it must be executed accordingly and should not be rushed or forced.

Website

The first place a potential miner or trader will visit before engaging with a project is their website. Therefore, it was extremely important for us to develop a clean, detailed, and functional site.

Social Media

We invested in a social media manager to consistently create and post content to ensure the organic growth of BitCash. We have eclipsed 1000 twitter followers this past month while also implementing an active Reddit account. We encourage you to follow and engage with our accounts, as this is the easiest (and free) way to market a project.

Coin Tracking

After a potential miner or trader has visited the website and checked our socials, they will most like search for metrics on BitCash. We have listed ourselves on CoinPapirka, CoinGecko, CoinCodex, and we are currently pending for CoinMarketCap.

Press Releases

Digital media is very important and with the creation and active use of our Medium we can update and educate people interested in BitCash. We encourage you to read and share our posts to help spread the word about BitCash.

Bitcoin Communities

One of our bounties was a BitcoinTalk engagement bounty that was produced in hopes to continue to “bump” our BitCash announcement as this is where many potential miners and traders find new coins. Unfortunately, this bounty was not very effective, however we encourage you to leave comments on the btc ann to continue to put eyes on this project.

Paid Promotion

This tactic is heavily used in the cryptospace and BitCash, like many other projects, have paid bounties to a few “Twitter Influencers” in hopes of great returns. This can usually be feast or famine, depending on many factors like timing, who the influencer is, etc.

Content Creation

It is vital to have visual assets such as images and videos to showcase your project’s features. We are currently in this phase as we have just received an in-depth video review produced by GooseTech that has already reached thousands of viewers.

In Closing

To increase transparency moving forward, we will button-up our record keeping and release a quarterly summary of spending from the pre-mine and block rewards wallets. The first quarterly transparency report will be release during the first week of July.

As a reminder, BitCash, as with most crypto, is a new and experimental protocol, so be cautious. There is no expectation of “profits” as this project is an experimental protocol. BitCash coins should not be considered as an investment in any way shape or form. BitCash software is open source and issued with no guarantees. By mining, trading, or acquiring BitCash by other means, you acknowledge that this is not an investment into a company or any such centralized entity.

BitCash Official Links:

Website — https://www.choosebitcash.com/

Discord — https://discordapp.com/invite/7P4YcXU

Twitter — https://twitter.com/ChooseBitCash

Bitcointalk ANN — https://bitcointalk.org/index.php?topic=5106123.0

Telegram https://t.me/chooseBitCash

Reddit — https://www.reddit.com/r/BitCashCoin/

BitCash combines the power of block-chain with the features of banking to create the world's most useable cryptocurrency.