I was going through YouTube, when all of a sudden, I saw a video that aroused my interest. The video had this, as a title, “Safemoon Killer or Trustwallet Killer, Bitrise wallet will kill them both”.
I was curious. What is this ‘new’ token Bitrise wallet? My safemoon experience urged me to click on the video, so I did.
The indian voice behind the video, was basically urging me to buy the token. Promising it hard a very good use case, urging me to buy, that it wasn’t a fraud.
Updated: It is important to note here that this post has been updated he has the token has also been updated. Bitrise also recently changed it name to Bitgert. Therefore, I’ll use Bitgert and Bitrise simultaneously for SEO reasons.
So, I decided to do my own research (DMOR). What I found out is what I’m sharing with you on this blog.
I have decided to continuously post about coins like this, to prevent people from falling victim to scam tokens.
Usually, whenever I’m looking to invest in a crypto project, I watch out for 5 key points.
1. The website
4.The developers behind it
5.What others are saying about it
I will go on to explain all these as it related to Bitrise in the subsequent paragraphs.
My first impression when I landed on the Bitrise/Bitgert website was that of ‘this could be a really good project’. The design is unique and beautiful I must admit. They did a good job creating that website. I’ll give them a solid 7 for the website. The only thing I found negative on the website is the ‘Buy now’ button that hits you just as you are trying to make sense of the entire website. It’s usually the tactics of shitcoin developers to do that.
The second thing I looked out for is the white paper of the project. I downloaded Bitgert/ Bitrise’s white paper and read the white paper. To me, It sounded off. More could have been said. The developers are clearly not English speaking. They have a lot of projects listed on their roadmap.
Here is a list of things they plan to do.
Just incase you can’t see the screenshot. Read this instead,
35000 Holders Bitgert/Bitrise Payment System (P2P) Bitrise DEX Integration in dApp wallet Media Coverage Campaigns
Lending & Exchange Phase
50000 Holders Bitrise P2P Lending Platform Development Bitrise Centralised Exchange Development
100000 Holders Bitgert/Bitrise Smart Chain Development”
These plans sound fantastic. Some people on twitter are already calling it the next solana. As a rule of thumb, never take the hype on Twitter seriously.
In the white paper and in parts of the website, Bitrise describes itself as a ‘hyper deflationary payment network token which rewards investors for holding tokens in BNB, while also incorporating the Buyback approach
currently present in the stock market. Bitrise is the first cryptocurrency ever to include automatic
Buyback with real use case of payment systems”
Let us break down or better yet, understand what the guys behind Bitrise mean in simple English.
First, Hyper deflationary payment network. What does this mean? Unlike regular fiat currencies which are subject to multiple reprinting (adding more currency to the existing supply of currency by central banks, causing inflation) This in turn makes fiat currency lose their value over time. Hyper deflationary payment tokens does the opposite by buyback and token burns. The major benefit of this model is that they restrict the market from being swamped with too many tokens as creators mine, create, or sell more tokens.
The practice of token-burns is when a project permanently removes some of its tokens from circulation and sends them to a zero address, essentially eliminating them from existence. The tokens themselves are either repurchased from the community, or simply extracted from existing pools to change demand and supply dynamics and affect the price
As for buybacks, the practice is a direct derivation of the buybacks used in traditional finance. In essence, a buyback is when a project, or company, uses its own cash resources to repurchase some amount of its tokens or shares from holders at market price. The repurchased assets are then stored on the wallets of the entity, not destroyed, and neither are they released back into circulation immediately.
Initially, this didn’t make any sense to me, honestly. But, following serious study and time, I discovered that this coin clearly has a communication problem. Many folks out there are calling it a scam. Like this guy on YouTube.
They have very good reasons to say that, however, the coin has it uniqueness. The economics and tokenomics is sound. The community is growing. Bitgert also has a real world use case. By having a wallet, which was released few days ago.
If you don’t know what a liquidity pool is, here’s what it means.
A liquidity pool is basically the amount of cryptocurrencies locked into a smart contract by it developers to enable investors or traders trade the assets on a decentralized exchange (DEX).
The liquidity pool is one of the most important aspect of checking to know whether a project is worth the risk or not.
I checked the holders, as at the time I checked there were over 1000 people holding the coin, which is healthy.
For the Bitgert/Bitrise token, the amount of money in the pool is a respectable $752,007 and growing. 98.6 percent of the tokens liquidity pool is locked in a smart contract. I cannot currently confirm how long the contract runs for. There are 23 wallet that contributes to the liquidity pool. This gives a lot of confidence. However, if you are going to invest this token, ask the dev team to provide you information as regards the lock period.
The last time I checked po byocoin.app
This means that this coin has rug pulled. It has successfully scammed investors. They will not be able to sell their tokens.
Bitrise token has $150,551,705 and growing market cap. This is fantastic for a coin released in August 2021. This indicate the coin is growing at an astronomical level. The token has about 28,291 holders. This is positive.
Developers Behind Bitrise Token
I tried to see, if I could get the people behind the coin, the only thing I found was a scary looking YouTube profile, that only contained about 3 videos about the token. There are no names attached to look up on. How can you not be proud of the token you and your team developed? This is a red flag for me. They didn’t even bother to attach an image on their YouTube channel, which makes it look unprofessional
What others are saying about Bitrise
I also looked out for what other people are saying about the coin.
So, I saw a video on YouTube that had comments from 3 months ago. Initially investors were bullish about the token. But after a sometime, it was all pain and regrets on the comment section of the video. Now, however, people are optimistic about the token. Here are some of the screenshots
Part of the reason Bitrise changed it name to Bitgert (Brice) is to seemingly launder it image. This token’s fundamentals looks good. It has really good economics, real use cases, and many big projects it is planning on launching. However, some investors appear to have an issue with the way the token and it developers communicates with them about their concerns (or lack of it). The fact the developers aren’t doxxed builds doubts around it. But, the token has been making giant strides since my first publication. I’m not going to lie, I had (still have my doubts around the token). But it’s growth has been remarkable. This token has been around since last year, if it was a scam, it would have disappeared long time ago. Also, the developers are given the token more and more utility.
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This article was originally published on the 17.10.2021. It was edited on the 31.10.2021