The story of BitMoney
A journey into the depths of the crypto-underground.
If we manage to find ourselves lurking deep enough into heart of the crypto-caverns on the interwebs, we might come across hundreds of forums, crypto discord channels, reddit pages, bitcoin talk posts, and telegram groups.
Whether you are a developer, trader, blogger, or investor, searching for unknown projects destined to be the next king of crypto space can be a daunting and anxiety invoking process. Sifting through these communities when looking for projects to get involved with is exhausting.
Wouldn't it be nice if someone would do that for you?
Well, you can thank me later.
We are going to be talking about projects that have the potential for greatness. It doesn't HAVE to become the next bitcoin but it does have to have a use case or a working product, an active community, a dedicated development team and at least SOME volume on more than 1 exchange.
If the coin meets this criteria or if I believe that it will meet this criteria, without a shadow of a doubt, in the very near future then we will talk about that coin here and I will interview the dev(s) in 1 on 1 interviews so that you can read about them, here.
We want to help you discover the real coins that will multiply your bitcoin holdings in order to make you real money.
If we load up a coin's website and the first thing we see advertised is big flashy text about a HUGE ROI, and we see nothing about use-cases and not even a mention of a working product, then trust me when I tell you, that a scamcoin. Those are what we call in the crypto-world, a good old fashioned pump 'n dump shitcoin.
Since mining cryptocurrency, trading, and even just hodling, has lost some profitability over the last year, many of us have been digging deeper into the crypto interwebs, and even spelunking far down into some of the deepest and most dangerous crypto-caverns known to man, into what I like to call, the crypto-underground.
In the crypto-underground, we are looking for ways to re-invest our hard earned bitcoin. To invest In what our friend Doug would call, "Hot Cheap Alts".
We are looking for projects that have a foreseeable future, an active community, a strong development team and the coin we are looking at must have enough volume to get in and out of. If it happens to also make us a stream of income somehow then we say, "shut the hell up and take my money!"
If you ask this certain group of people, deep in the depths of the crypto-underground, about what kinds of crytpocurrency there is, then they will tell you that there are three kinds. That there is Bitcoin, there are Shitcoins and then there is BitMoney.
That's right. They're calling it, BitMoney, not to be mistaken for Bitcoin. In fact, this is an entirely different breed of projects all together.
Bitcoin was the cryptocurrency payment system invented in 2008 by the unknown and mysteriously anonymous genius known only to us as, Satoshi Nakamoto. BTC was created as a peer 2 peer electronic cash system. It was the first digital currency to solve the double spend problem that plagued digital currencies before it.
BitMoney on the other hand was derived from a fork of Pivx, a coin that was forked from Dash, which was an earlier Bitcoin fork. Dash was known as Xcoin back then, before changing the coin's name to Darkcoin, when it launched in 2014. Dash focused on the ability to perform private transactions and an idea called blockchain governance through it's own new technology, called masternodes. Unlike, Dash that uses the X11 algo and Pivx that uses Quark, BitMoney uses a newer algorithm called Xevan.
(A fork is when a project's code base takes a turn with a different set of rules than it followed before, these are usually considered improvements by a new developer, and so a new coin with a new blockchain is born, with a new name and a new group of followers who agree with the new rules.)
Bitcoin works because it is a decentralized network, without a centralized point for failure. This network consists of individuals and their computers from all parts the world. Each individual contributes to the network by dedicating enormous amounts of computing power from machines known as ASIC miners.
ASICs perform mathematical algorithms in order to audit the blockchain's ledgers on each bitcoin node in a process known as hashing. To put it quite simply, each miner is rewarded in bitcoin for verifying every single bitcoin transaction that is stored on the blockchain.
The problem with ASIC miners, and even GPU miners, is that they are consuming tremendous amounts of electricity, they are loud, they create a lot of heat, take up a lot of space, and are expensive to buy and run.
Since the bitcoin network has grown to a market cap of over $110 billion dollars, the network is so enormous that transactions can be slow, the fees can be unpredictable and even fairly high when compared to some other available crypto coins on the open market.
BitMoney can not be mined which means that it does not waste electricity and when you send a BitMoney transaction, your fees are tiny in comparison to bitcoins. You only spend .00001920 Bit right now, per transaction, when sending 100 BitMoney.
Oh, and it's fast... and I mean REALLY FAST! During my speed tests with another BIT users, it took about 2-3 seconds to send transactions of 10 BitMoney. The transactions were almost instantaneous.
Instead of mining it relies on its network of masternodes.
This means that, in order to get involved in earning coins from the network, you do not have to purchase an expensive piece of equipment that runs hot and noisy 24/7, while simultaneously running up your electricity bill through the roof. That makes BitMoney green and environment friendly.
What is a masternode?
A masternode is an open wallet with a full copy of the coin's blockchain that is up and running at all times. Masternodes are responsible for the governance, and the auditing of the blockchain's budget. Masternodes make private and instant transactions possible. By staking your coins into a masternode you can be rewarded with payments from that coin that are sent to your wallet in that cryptocurrency.
The original BitMoney v1 project was announced in July 2018 on Bitcointalk.org and quickly became popular in the POS/MN realm. It was advertised as a lending coin that was 6x faster than Dash. However, within a few short months, by September the Dev released a new wallet, without telling anyone, raised the collateral limits for masternodes as an attempt to raise the price and then vanished from the scene. Leaving masternode owners, stakers and hodlers of the coin without any support, guidance or hopes of a future.
All was lost, until the community decided to take back the coin. And that is what our story is about.
So now that you know a little bit about the coin. Let me tell you how I found out about it.
It was about 1 am on a Tuesday, I think, and I was talking to my friend, Archi, on discord about some new masternode projects. I was telling him about some of the projects that I had built masternodes for and he didn't think very highly of some of my choices. Which was a little offensive to me at first considering how much work I put into researching these things.
You see, I am looking for quality long term projects and short term profit is of little concern to an investor such as myself because we are more focused on the use cases, products, whats in store for the future, and the communities that surround the coin.
Archi is a different type of investor than me and I feel like it is always nice to surround yourself with people that share different opinions than your own. He is looking for profit. Anything else is just icing on the cake. There is nothing wrong with wanting to make a profit when investing, if that's what your goal is. After all, isn't making profits what investing is all about in the first place? Besides, if you can have profit AND support a worthwhile project, everybody wins.
"Take a look at BitMoney" he told me, "I am about to invest in BitMoney, it is a revived project."
What the hell is BitMoney? The name took me off guard because I immediately was wondering why anyone would want to revive some dead coin called BitMoney. There are so many shitcoins with "Bitcoin" or "Bit" in the name and they are all just trying to ride the coat tails of the most valuable cryptocoin in history, without offering anything else on the table.
However, the idea of a "revived" coin sounded intriguing to me because there are so many coin projects that just simply fail for whatever reason. A dev will fork a coin, promote it as the next big project, that dev will leave the coin, and then the community immediately loses faith, the coin gets dumped on the first exchange available, That is when the price of that coin crashes into the dirt, and the coin simply dies.
This could have easily been BitMoney's story and then we would probably never have even heard of it but that is not what happened at all. In fact quite the opposite.
I needed to see why Archi thought that this coin was going to make him rich.
So, I made my way to the BitMoney discord channel because that is where we always go when we are researching a new project. It is the fastest and easiest way to get answers to the following questions:
1.) How active is the community and what is the general attitude of the investors involved?
2.) How involved are the devs with the community?
3.) What are the devs currently working on and what other projects are linked to the coin?
(You can get involved with BitMoney's discord yourself by going here:
As soon as I entered the BitMoney discord channel there were people talking to each other about the coin but it was in a much that was different from 99% of the other communities that I was apart of.
This group was passionate about their BitMoney. It was almost as if I had stumbled into sort of an online cult... but in a good way? A fun and friendly cult?
Had I entered into the twilight zone? Who were these people that were so excited about cryptocurrency during a depressing 9 month bear market stretch?
The BitMoney discord was flooded with messages like:
One of the first suggestions that I made to the group was that we all start applying to different exchanges and maybe use some crowd funded community donations in order to give bounty rewards to those who actually got the coin listed.
This was the first response that I got,
The reason that this kind of talk was exciting to see was because 60% of the masternode coin channels that I join look more like this:
"Has anyone heard from the Developer?"
"No, this coin is probably dead."
And, no, that is not an exaggeration, that's why I posted the screen shots.
When we are investing in masternode coins you want to make sure that you find a coin with an active and passionate community, which BitMoney certainly has.
The next thing that you want to look for is the development team. Or, at least in BitMoney's case, the developer.
Is the developer active? Does the developer communicate with the community on a regular basis? Are they making updates to the github files on a regular basis?
The original BitMoney developer had abandoned the project and left the BitMoney community without a lot of hope. This happens all too often in the crypto-underworld and sadly, we are used to it.
However, in the case of BitMoney a user by the name of Woblit decided that he was going to take over the project and with the communities help. And that is exactly what he is currently doing.
The first thing that Woblit did was assign a round table of senior BitMoney stakeholders, or master node owners. In the world of crypto, owning a masternode of a coin gives you power by way of governance. The BitMoney project masternode holders vote on all changes before implementing anything.
They named BitMoney V2, "Project Phoenix" (that is just the name of the project, the coin is still called BitMoney, so as not to cause confusion.)
The name is fitting because this project certainly has risen out of the ashes.
Woblit has been working hard on a new website for BitMoney v2 and has recently just announced a partnership with KYD:
It really was a community take over. Just like my friend, Archi, had told me, "A revival".
I was sold. I transferred over the $60 worth of BTC that I needed over to Crex24 so that I could buy my 5,000 BitMoney and I built my first masternode.
I was now a part of this passionate little community in the heart of the crypto-underground.
As of today (about a week later) that masternode is worth $275 (partially due to a collateral increase) and is producing about $15-18 of BitMoney directly into my wallet, every single day. By the end of the month I will have a least one more masternode if not 2 more, and, no, I will still not sell you any of my BitMoney. You can buy it *or even earn a little for free from the faucet) on the exchange Crex24, here:
BitMoney's story is inspiring and so I've reached out to Woblit and after showing him my website and blog, I was able to talk him into sitting down with us for an interview. Here are the highlights of our conversation about BitMoney.
Here is what we have all been waiting for, ladies and gentlemen, I introduce to you, the man, the myth and the legend, Warren Bird, aka, Woblit!:
K: Hello, Woblit, thanks for joining us today.
W. Hi, there!
K. The Project Phoenix community takeover is inspiring and something that I feel like a lot of other projects in this space could learn from. With that being said, how did you become the "boss" of BitMoney and what was that process like?
W: The Boss. Well that's an interesting question. Basically, sometimes in
life you are in the right place at the right time to
a.) help others, and b.) make a difference. That's how I see the start of BitMoney. As an
investor in V1, I did what I could to move the community over to the
new project and platform, before coming up with the marketing and
ideas needed to see the project become a success.
K: That is inspiring, indeed. What was your life like before you got involved with BitMoney?
W: I've done many things. I've worked as a business and systems analyst,
worked in the online casino industry, run a record company, and even
been a partner in a media and internet development organisation. I
started developing when I was about 6 years old, and am a lot older
than that now. I think that my varied skills allow me to be quite good
at spotting an opportunity in a market place.
K: Interesting, your past serves you well. Why did you choose the name BitMoney and how did you come up with the name?
W: I didn't - BitMoney is a generic which I like. However, the name originally comes from the V1 project which people were scammed with.
K: Speaking of Bit, What is BitMoney? What coin did it fork from and what algorithm does it use?
W: BitMoney is a Bitcoin based Cryptocurrency which is forked from Pivx /
Dash code. It uses the Xevan algorithm which is different to the algorithms used for Dash and Pivx.
K: Dash and Pivx have both seen a fair amount of success. Especially, Dash. I remember when a masternode was valued at close to a million dollars, USD, during the bull run of last year. How does someone get BitMoney?
W: They can purchase coins to start their BitMoney journey (currently) on Crex and Graviex.
K: We will be sure to give people a link to at least one of those exchanges. I even saw a BitMoney faucet on Crex24 so we'll probably link that one. When is the website going to be released and in the mean time, where can I learn more about your coin?
W: Currently, the best place to learn about the coin is to ask the community on the discord. Other than that, the website will be released shortly when we have a lot of the future project plans in place. No point in releasing something that looks pretty but has no purpose.
K: I can understand that. There are a lot of scams in the crypto world that look very appealing due to a pretty website. Speaking of scams... What happened to the original developer of BitMoney and when/how often do you speak with him?
W: The original developer. Well if you can find him let us know. I didn't speak to him often at all, only ever spoke to him once really -- and that was to tell him that there was an issue in the V1 code.
K: Well at least you're here with us, now! Do you know why the original BitMoney V1 project failed?
W: Because the developer had no plan to release anything with the code. It was a templated site that had no purpose. People got hyped up about nothing.
K: I see, so then, how did you come up with the name, Project Phoenix?
W: Simple - a new resurrected creation rising from the ashes. Thought it was a good idea with BitMoney. But the Phoenix will feature a fair bit in future marketing.
K: The phoenix logo in the BitMoney V2 wallet looks great when compared to other wallets. I understand that you had 11 masternodes for BitMoney running by the time the original developer left the project but what other reasons did you have for getting involved in the way that you did?
W: I often have tried to support smaller projects in the past, as small projects sometimes turn into big ones.
K: It is nice that you got involved and the support that you get from the community is phenomenal. How did you determine what community members would be apart of BitMoney's round table?
W: Based on what they had offered to the takeover project, and what they
could offer in future to the BitMoney project. It consists of a group of people with their ears to the ground helping to direct and shape the future of the coin.
K: You guys are doing good so far. Speaking of good work, congratulations on your partnership with KYD. Are you nervous about attaching your face to a project in such a volatile market?
W: Its not partnership as such. KYD is a verification service that allow
people to certify they are real with a central / third-party group. I'm not worried really, as I have no intention of this project being a failure.
K: As a masternode holder, myself. That is reassuring to hear. When I got into BitMoney, I was under the impression that it was a coin that was building a platform to do crypto-loans. When I actually got into the discord the members were very quick to tell me that BitMoney v2 may not have anything to do with lending? What are some possible usecases for BitMoney?
W: BitMoney V2 is going to focus on bringing cryptocurrency into the real world. We want people to use it, invest it, transfer it, transact it, loan it and earn from it. We also want people to see BitMoney as a source of forward movement in the Cryptosphere. With education and security being quite a big part of the future of the project. But, there will be more which will be announced when the time is right.
K: Adoption is exactly what crypto needs but what makes BitMoney different from the 560 other masternode coins on the market?
W: Don't see BitMoney as a POS/MN coin. That's limiting. That's almost like saying - "What makes Harry different from Gerry who also has a nose and a mouth?". It intends to be a coin that changes the way people think about Crypto. Ultimately.
K: Alright. I don't mean to offend. I am only mean to ask the questions that I feel the average person will want to know the answers to. For example, privacy and anonymity are important to crypto-people and my followers. What is BitMoney's stance on Privacy, Anonymity and KYC regulations?
W: Privacy, Anonymity etc have their place. But there also needs to be view to allow the thriving of a new way of thinking aboutcommerce, transactions and trade - but making sure that this doesn't increase the potential of their being room to defraud people and commit crimes.
K: I can agree to that. Scammers are giving crypto a bad name in a lot of ways and it would be ignorant to think that privacy coins don't make the task of hiding stolen funds, easier. So, then, why should investors pick Bit Money over any other Masternode coin?
Because this, like "some" others will have a future.
K: You mentioned that you had over 60 masternodes when you took over the project, what other masternode projects do you like and why?
W: I have, but my personal investments remain that. I can say that I invested in Savenode, etc. Be interesting to see what happens with that in the future.
K: Fair enough. We can't all be shilling hard like McAfee. Whats in store for the future of blockchain technology and cryptocurrency?
W: I believe its going to become as common place as a credit / debit card. Just part of day-to-day life.
K: What do you want people to think of when they think of BitMoney?
W: A cryptocurrency dedicated to changing the way people access and use Crypto in the real world. Along with a team that is passionate about seeing this industry grow and thrive with security and education.
I will be uploading a video guide on how to get BitMoney, how to set up your masternode, and how to stake your BitMoney so that you are earning a new passive income stream.
It is getting late, now and I need to wrap this little story up but please follow me, upvote my post, and follow me to stay tuned in for more news about BitMoney and other exciting new blockchain projects.
We can thank this little project for helping me find my way back to updating my steemit blog and once again get back to work on making dailycryptonews.org one-stop-shop crypto site on the internet.
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