Explore GEN family of websites, social media experiences, blogs and more.

Unleashing ideas.
Strengthening startups.

Back to search results
    Date submitted
  • 27-Sep-2017

BITKwacha

Abstract

For consumers who have a budget, BITKwacha is low cost fully-distributed online digital currency that saves time and money, while protecting against fraud and identity theft. Unlike traditional paper money and traditional money transfer operators, our digital currency is immutable, transparent and autonomous.

Photos

Additional Questions

Who is your customer?

Migrant workers who regularly send money back home, students studying abroad who regularly receive money from home, and micro-small- and medium-sized enterprises.

What problem does this idea/product solve or what market need does it serve?

Millions of consumers are forced to pay extremely high charges to store and transfer money as they do not have alternative currency to paper money.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

BITKwacha iprovides a convenient and secure way for anyone to transfer funds globally at negligible cost, without banks, governments or any other intermediaries. BITKwacha transfers money between senders and receivers, and protects both parties from fraudulent transactions. Exchange rates may vary depending on the value of BITKwacha against the US Dollar at the time of the transaction. Presently, 1BITKwacha is equivalent to 0.5US$.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

Anyone, regardless of their economic status, can use BITKwacha to store, send and receive money without any administrative costs, allowing it to address markets not served by traditional banks and entrench itself in the market. BITKwacha’s distributed ledger system allows it to detect and prevent unauthorized payments, reducing the cost and risk of making transfers versus traditional money transfer operators.