FAQ

FAQ BitCheke

A cryptocurrency is basically a means for virtual exchange that uses cryptography (secret coding) to secure its transactions and control the creation of units within the system. Cryptocurrency simply represents money in the digital market, nothing more. It is based on open source software, cryptography and networks. It allows people or users to avoid fees or obtain lower rates than those banks charge for saving their money. The system participates in non-monetary transactions that are anonymous and thus guarantees secure transactions. The cryptocurrency is associated with the Internet through the cryptography process, converting the readable information into a digital code almost seamless, impossible to hack into transfers and purchases.

Bitcheke BitCheke is a social ecosystem created under the Waves Wallet. BitCheke is disruptive. BitCheke is the future of payment systems for advertising and commerce, integrating cryptocurrencies for daily use, influencing participation through incentives that allow users to increase their purchasing power and contribute to the environment with social mining that we call Rewards.

BitCheke along with Rewards as "Social Mining" will make simple what was previously complex; inexpensive what was costly and eco-friendly what was unsafe for the environment.

The term Token, as referred in cryptocurrency, has its origin in the physical world. Originally the Tokens were chips, pseudo-coins or vouchers, which were used as substitutes for a real coin. An example of Tokens that we all can recognize would be the chips of a casino. They replace real money, but they are only valid within the space for which they are conceived, the casino itself, and are only valid as long as the company is functioning.

Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain. Tokens can represent basically any assets that are fungible and tradeable, from commodities to loyalty points to even other cryptocurrencies!

Many of the payments we make daily with digital solutions, are tokenized. The mobile applications for digital telephones, the codes of some web pages, that generate or validate cryptographic keys to protect operations, are no more than a real application of Tokens. Companies like Visa or PayPal use this type of technology to validate payments, and money travels quickly from the users account, to the company that is offering a product or service.

In cryptography, creating Tokens is a much easier process as you do not have to modify the codes from a particular protocol or create a blockchain from scratch. All you have to do is follow a standard template on the blockchain –such as on the Ethereum or Waves platform– that allows you to create your own tokens.

Tokens are created and distributed to the public through an Initial Coin Offering (ICO), which is a means of crowdfunding, through the release of a new cryptocurrency or token to fund project development. It is similar to an Initial Public Offering (IPO) for stocks.

The cryptocurrency is not so different from the Tokens. Tokens are also a medium of exchange, but with a far more focused purpose. Where coins compete in an arena with countless participants due to their largely singular ambition, tokens are a type of instrument that is useful in specific markets or even single businesses. The Tokens are issued by enthusiastic developers, and anyone in the community can buy it (or receive it for something in return) and obviously can exchange them, then it becomes a cryptocurrency.

But the Tokens are more than just a cryptocurrency. They can be used in some cases in the operation of intelligent contracts in the network that accept the specific Token. Cryptocurrencies help the transfer of value in the community that accepts it and functions as what a physical money does, as a symbol that can be used in some cases in the chain of blocks.

Cryptocurrencies are known for their extreme security and anonymity at the highest level. Transactions carried out by this system cannot be reversed or falsified and represent savings when compared to the high transaction fees that banks charge to customers. With cryptocurrencies, rates are at the lowest level, making it more reliable than conventional currency in the market. Its decentralized and democratized nature means that they can be accessible to everyone, while banks are only available to those who qualify to open accounts.

Therefore, we understand that speculation and participation are not enough: the usability, reserve of value and intrinsic value along with the shortage of a cryptocurrency is what will give it sustainability. BitCheke together with Rewards is the new gateway for all cryptocurrencies. An ecosystem based on incentives that impact on the social economic gap with environmental responsibility.

The supply or total availability of BitCheke is 70 billion. Currently, there are 131,674,646 coins in circulation, which is 19% of the founders reserve.

The Market Capitalization of a cryptocurrency is calculated by multiplying the coins in circulation by the value of the moment of that currency in the market.

No, currently BitCheke is in the Blockchain of Waves. Bitcheke is based on the Waves Platform.

Bitcheke is a Wave Token that migrates out of the ecosystem to become a currency of exchange and of value outside it, that will have traceability and reserve of value. As you can see in Coin Ranking.

EOS (EOS), Tron (TRX), Icon (ICX), OmiseGo (OMG), Binance Coin (BNB) are some Token.

Bitcheke is Pre-mined to be able to cover the minimum conditions of the project that require an immediate payment and immediate usability, activating the economy.

Bitcheke is pre-mined to integrate the concept of cryptocurrency into the project and to provide an instant acquisition and retribution facility to the currency transaction.

When the market expansion strategy was being prepared and the calculations were made on how many currencies should be issued, it was taken into account the two factors that make a valuable currency: the utility and the shortage, and the impact both would have on our coin.

The coins are stored in a Cold Storage, or cold vault, while the expansion plan is put in developed. In each country we begin operations we pass on to the ambassador of the ecosystem the basic amount to be able to comply with the conversions of Rewards, payments of agreements, transfer coins to the investors for each country. The wallets have multiple firms, as many as 10, that can be assigned amongst the investors with the largest amount of voting tokens and participation in profits.

In the wallet available at the Waves platform. It is the safest and remains connected with the decentralized Exchange, so you do not require another Exchange with probable higher costs, delays and risks. For further information, go to Waves Platform

You can buy and invest directly through BitCheke.

An ecosystem is not a business structure and is far from being one. In an ecosystem all are participants and share rights and duties, as well as gains. When you own a voting and participation Token, the agreement between the team that received coins as an agreement to make a profit selling these in the Crowdsale.

As we have everyone/s wallets, we can see the movements and there are 20 agencies that monitor and supervise those actions, for which the agreement is that it does not exceed 40% of what they have received.

The same applies to any investor who exceeds one million dollars of investment or control over currencies with its equivalent to dollars in the same way. The coins are property and no one can tell you how many coins you can sell or freeze. This will seek to cancel decentralization and / or control, since the main reason is absolute anonymity and confidentiality.

Our ecosystem offers access to anyone regardless of their social condition, race, religion, sex or personal preferences, who wish to invest and seek a vehicle through which they can save and obtain profit or reward for using it, allowing them to release cash to increase their wealth, to have a better future and improve their spending power, stimulating the purchase and savings. Through BitCheke, investors can improve their living conditions and generate positive impact on the local economy and society.

The main disadvantage of a mined coin that uses blockchain compared to BitChekes proposal involves large investments and effort and the associated costs of the process of developing its blockchain, the delays in transactions, complex processes that are not easy to understand for all public. The huge energy costs and investment in technology for those users who decide to mine the cryptocurrency is also an core issue to be taken into consideration.

Nowadays, the energy and implementation costs do not show positive balances. In order to get positive results it requires powerful and robust technological systems with high energy consumption (although it is necessary to analyze case by case).

October and November of 2017

200.000 Ethereum or its equivalent.

It is already available at Waves Platform.

Proyecto en desarrollo de Exchange propia del ecosistema BitCheke.

El concepto de BitCheke como proyecto de beneficios, descuentos y recompensa funciona bajo el motor de los Tokens.

De los cuales 3 de ellos funcionan de forma exclusiva como moneda de valor no variable (1 a 1) y dándole vida al Token como divisa, el cual se transa vía exchange de Waves y con posterior fase para ser transado en nuestro desarrollo de exchange, blockchain.

Uno de los Tokens actúa como reembolsos de gastos. El segundo actúa como parte de pago con beneficio de 50% (2x1). El tercero es un token de participación por inversión inicial. Y el cuarto como divisa transable en compraventa y como parte de pago.

Es un proyecto disruptivo, social y beneficioso.

The expansion plan is focusing first in Latin America, then the United States, Canadá, UK, Europe, Asia, Middle East, and India.

In order to be considered an exchangeable currency, a cryptocurrency has to at least have or comply with certain fundamental rules: (a) Have value (money —cryptocurrency— has to be able to serve to preserve the purchasing power in time); and (b) Have usability and traceability. Bitcheke is making big steps and accomplishing both in the virtual world through its use to purchase tangible goods. Not once, but permanently in time.

No, if its has to circulation and no usability or real utility as an asset, the cryptocurrency will only have value in a speculative manner, exposing itself to shady practices, like the influx of large amounts of capital to artificially increase its value, to later withdraw and cause small investors lose money.

That is why a cryptocurrency must have an integration plan with traditional assets, with focus on real usability and exchange policy.

No. A cryptocurrency must have a real project that aims to achieve sustainability, strenghthen its value for those who use it, but mining can and cannot be a complement of value.

A project is a core part of the cryptocurrency enterprise, because a coin or currency cannot be backed only by itself. It should have a purpose, be thought out to solve a particular issue or problem for society, and also be able to become tangible, wether it is through its use or the value of the goods or services it can buy.

Through positioning of the cryptocurrency, increasing capital using PRE-ICO, ICO y CROWDFUNDING.

The value of the currency is directly related to its distribution. We have already made public our analysis on the amount of currencies that we require to fulfill our goal of placing the 70 Billions in circulation, being affected by the amount of BitCheke that are delivered by redemption in Rewards and will depend on the amount of conversion of your Rewards for BitCheke, causing a shortage effect by having a deficit of 4 times less than necessary without going to the projected in the expansion plan of 5 years.

Therefore, if you buy off of book or it is by purchase / sale using the wallet and Exchange of Waves, it is the shortage that causes the currency to rise.

We have made calculations based on our basic theory exposed in the initial example, it can be seen that the 70 billion preminados are insufficient.

Everyone has a right to make an offer of sale or purchase at the price they see fit. There is not a stablished rule about this. The coins are exchangeable assets so if an individual buys at USD $10 and wants to sell at USD $0,50, Waves has practices antidumping to prevent this from happening.

During the 7-week duration of the PPP, or until the goal is achieved.