AI-Enabled Crypto and Fiat Payment Solution Bitenny Launches Token Presale

Despite widespread innovation and technological development over the past couple of years, the biggest problems with cryptocurrencies today are the same as they were back then.

It’s safe to say that most people who are going to adopt cryptocurrencies for ideological reasons or as speculative investments have already done so. Unfortunately, those groups haven’t pushed crypto into the mainstream. The majority of people still see cryptocurrencies as extremely risky and complicated, and there are few solutions that make cryptocurrencies easy to use in everyday life.

Then, of course, there are the problems for merchants. Online merchants already have to deal with several Payment Service Providers (PSPs) that lack interoperability, and adding cryptocurrencies to the mix can be both time consuming and confusing for them. Likewise for brick-and-mortar shops, but with the additional obstacle of limited options for specialised software or hardware.

These are big problems, but they are not insurmountable. The internet faced similar obstacles and growing pains during the 1980’s and 1990’s before becoming the backbone of the global economy in the past two decades.

In the future, using cryptocurrencies in our day-to-day lives will be easier than using credit and debit cards is today. Around the world, people will grow increasingly familiar and comfortable with new types of transactions that are cheaper, more secure, more efficient, and borderless.

Bitenny is an AI-driven financial asset management and payment platform that can play a big role in making that future a reality in the years to come. At the heart of the platform is Prally, a digital assistant powered by artificial intelligence. Prally will be integrated into Bitenny’s free digital wallet, which allows users to:

Securely swap cryptocurrencies, with full legal compliance
Easily exchange cryptocurrencies with fiat currencies
Capitalize on trading opportunities thanks to Prally’s insights
Rest easy knowing that Prally is there to minimize their risk in the market

As for merchant adoption, Bitenny has a solution to overcome the obstacles there as well. Key to that will be a feature-rich Bitenny API that can be easily integrated into online stores at zero cost to the merchants. This will allow merchants to immediately begin accepting over 50 methods of payment, including a comprehensive collection of the leading cryptocurrencies.

On top of that, Bitenny’s solution can help brick-and-mortar shops to start accepting cryptocurrency payments too. This will be done through a specialised software application that can be installed on any tablet or computer to convert it into an easy-to-use point of sale device.

Meet the Bitenny Team

Ultimately, cryptocurrency projects can only succeed if they have great engineering teams driving their development. Bitenny’s CTO, Nardie Scharenbord, inspires plenty of confidence in that respect, having 20+ years of experience as a program manager and entrepreneur in finance and IT, specializing in AI.

Co-founder and CEO Shahdad Kiyani leverages his background in IT, digital marketing, and business development to manage the project, while fellow co-founder and CCO, Mahdad Kiyani, has more than 15 years of diverse experiences in software engineering.

More information on the Bitenny team and advisors can be found on the About section of the project website.

How to Participate in the BTNY Token Presale

Bitenny has developed a utility token, BTNY, which will be used as an in-between for converting tokenized fiat currencies between Bitenny wallets, enabling rate discovery and advancing liquidity in the process. Additionally, BTNY will be a payment option for payments relating to good and services through the Bitenny wallet.

The BTNY Token Presale begins on February 28th at 12:00 UTC and ends on May 28th at 23:00 UTC. BTNY can be purchased with USD, AUD, BTC, ETH, and XEM.

There will be a total of 700.000.000 BTNY available for sale, priced at 1 BTNY = $0.07. The minimum investment amount is 0,3 ETH. Investors who participate in the presale will receive a 40% bonus on their investment.

Links

Website: https://www.bitenny.io/

Twitter: https://twitter.com/Bitenny_io

Telegram: http://t.me/Bitenny

Facebook: https://www.facebook.com/Bitennyio-935538879978419/?modal=admin_todo_tour

Blog: https://medium.com/bitenny-io

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Published at Tue, 19 Mar 2019 15:22:52 +0000

July 30, 2017

EU Proposes Account Freezes to Prevent Bank Runs; Bitcoin to the Rescue?

Europian Union countries are exploring the idea of imposing an EU-wide account freeze measure to prevent potential bank runs. Could bitcoin provide a viable alternative to secure depositors’ funds?

Preventing the Chaos

European Union states have proposed a new measure which would effectively allow them to freeze bank accounts before a bank run takes place. The measure was planned earlier this year in order to prevent bank runs similar to that of Banco Popular last month. The proposal wants to prevent depositors from pushing over the edge banks that are already failing or will likely fail.

According to EU rules, each depositor that has less than 100,000 euros deposited in a bank account is insured from a bank run. But under the new plan, a potential bank run could force the supervisors to freeze bank accounts of all depositors, and thus freeze withdraws from bank accounts.

Charlie Bannister, of the Association for Financial Markets in Europe (AFME), noted following:

We strongly believe that this would incentivize depositors to run from a bank at an early stage,

Countries that already have a moratorium on bank payouts, like Germany, have strongly supported this new plan. According to a person familiar with German government’s thinking:

The desire is to prevent a bank run, so that when a bank is in a critical situation it is not pushed over the edge,

The bitcoin Effect

Back in 2013, Cyprus’ banking crisis was a hair’s breadth away from a total economic collapse. Cypriot banks were desperate for a bailout from the EU and IMF and many account holders feared that their deposits would vanish. This fear caused a classic bank run and people were rushing to banks and ATMs in order to withdraw as much money as they could.

Inevitably, cash became scarce and the ATMs stopped working. Many saw bitcoin as the last option to secure their funds. The crazy demand from Cyprus for bitcoin caused the digital currency’s value to rise from $47 to $88 – an increase of over 88 percent! With the EU’s new proposal, many believe that bitcoin can once again be a safe way for depositors to secure their funds from a bank run.

What are your thoughts on this new proposal? Do you think that it will prevent bank runs? Will bitcoin be able to save depositors again from a bank run? Let us know in the comments below!

Image courtesy of Pexels

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