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In times of globalisation and travel, paying is more and more problematic. It is mainly because of exist of many different currencies. Every single day millions of people travel, exchange currencies and pay the spread (difference between buy and sell price that allows parties like banks and exchanges to make money ). E.g a transaction can have as high spread, as 12% of total transaction value and it can go through a number of intermediaries, where you are obligated pay a fee every step of the way. Even those providers, who are trying to minify the amount of parties, knowing they can earn more due to lower amount of parties, are adding bigger spread on purpose. Moreover, there is no currency for people who are travelling a lot — they need to bounce back and forth between currencies, exchanging them on frequent manner. One, universal and global currency, that could be paid in the same way in France, Canada, China or Great Britain, simply does not exist.
Intuitively, people start to seek for a universal currency. The most common currency these days are USD and EUR, but they are not common enough. Many of them turned into cryptocurrencies , like BTC or ETH. Although there are crypto exchanges and markets, they are not trustworthy or secure. That creates another problem. If a user were to buy something in a shop that does not accept given cryptocurrency, you need to exchange it to different one, which in current days means waiting for the transfer from the exchange market, what can take over 24 hours, that’s too much time comparing to simply going to the shop to buy a bottle of milk. Of course, that is only if given market supports currencies. There is a lack of well made bridge between FIAT currencies, like USD, EUR, or CHF. and cryptocurrencies, like BTC, ETH, LTC or ZEC.
Let’s assume that kind of bridge would exists, what if given currency changes its value drastically in short timespan? We cannot simply make our users predict the fiat and crypto currency rates, and we cannot simply tell users to deal with it. Users shouldn’t worry about those things. If a user recharges his account with 10 units of any given currency, he wants to use 10 units of that currency, with pinpoint precision to 10 units. The account value should not change in the meantime. To sum everything up:
- Exchange currencies nowadays are uneconomic
- To pay in foreign currency, firstly it needs to be bought for another one
- Lack of good bridge connecting currencies and cryptocurrencies — there is only bare minimum to keep crypto currency world viable.
- Transfer times are too long
- Market fluctuations
2. The eBit Solution
eBit Payment LLC, offering exchange including crypto exchange, without unnecessary third parties. eBit payment will also offer it’s own token, we gradually plan to extend usage of our tokens — through eBit Coins. Generally, targeted effect is having just one party in the middle — eBit payment, that means exchanging currency with smallest possible spread — 0.99% at max, which is in some scenarios dozen times less than with other solutions.
Internally each user’s account will be presented in ebit crypto currency and all transactions will be sent in any userspecified currency, including some supported crypto currencies. To achieve this, whenever user needs to pay using certain supported FIAT currency, transaction goes from his account using ebitcoins, which will be automatically exchanged in our internal exchange in real time, then directly sent to transaction destination. Everything will be done automatically, and transparently for users, just like paying with any other payment card. The whole process is instant. The order of operations: When user tries to pay with our card, the terminal asks the card provider if the transaction can go through. Than the provider’s servers ask our servers if we could send the payment, we internally check if user has enough ebitcoins on his account, and when that is correct, we send ebitcoins from his account to our exchange service, then sending the FIAT money to the shop account, then we respond to the card provider that transaction worked out, so the provider informs the terminal that everything is ok, the purchase is complete. Everything in just a few seconds — literally like that was your typical payment card.
This way the multiple currencies and exchange problem is solved — ebitcoin is that solution which was seeked by many universal currencies users. Transferring it as another currency is seamless. Because of the blockchain network speed, the transfer usually arrives in just few minutes, so this issue is solved by itself.
Simplified scheme how sample transaction works:
3. eBit Payment overview
eBit Payment offers solution to the problem above — it is the first system connecting payments in classic FIAT currencies and cryptocurrencies. We name it personal, online exchange solution with the payment card.
Technological development in the finance field is currently one of the hot topics, and no wonder — as it creates practically almost infinite possibilities. We created innovative solutions, that can guarantee users comfort of usage. eBit Payment will open the possibility to make quick and affordable international bank transfers and quick purchases with payment cards, that can be managed with use of Android or IOS phone. That is the scale of services, that couldn’t be found even in the traditional banking. From now on, thanks to the ICO capital, this capabilities will be available also for average users.
eBit Payment is not a bank, it offers much more than standard bank products — ability to have all of your transactions, accounts, currencies in one place, with the minimal prices for exchange, transfer or card payment. Some of typical features will stay of course. Users will be able to transfer money between them, receive and send standard transfers, in all currencies, in real time.
eBit Payment is a project, that includes following solutions:
- Multi-currency wallet
- Real time exchange with access to currency rates
- Multi-currency payment card
- Online payments
- Business app
- Coworking space
eBit Payment app is great solution for users that have multiple accounts in multiple currencies and cryptocurrencies, like USD and ETH, especially when they needed another currency in the middle to buy other one, like BTC. Here, everything is simpler — one application — multiple possibilities — no middle currency or cryptocurrency.
Multi-currency wallet in eBit Payment application, ability to have one account, that serves as many cryptocurrency or FIAT currency accounts as needed.
Real time exchange with access to currency rates makes it easy for users to access all supported currencies, including cryptocurrencies and that ones, that are locally unavailable in your area. All that from any place in the world, without worrying about fees.
Multi-currency payment card simplifies user’s life with a possibility to easily pay or withdraw money at any time, anywhere in the world. In addition, eBit Payment gives a unique opportunity to the users with multiple cryptocurrency accounts — as cards aren’t linked directly to the accounts, users may freely choose, change and charge the chosen card with the desired account, even directly before the payment. Furthermore, offered cards come with a featured possibility of an eBit credit line in FIAT currency, secured with user’s cryptocurrency assets.
Online payments in eBit Payment will work instantaneously with minimal transaction fees. Our goal is to support all means of payment, online transfers, card payments or phone payments. Our IT technicians will take care of all transactions being properly encrypted, which will effect in increased user security
Business application’s target is uniting companies from around the world, and helping them maintain contacts between them by making flow of money easy. The taken steps will target encouraging contractors between themselves and foreign companies and supporting their work also by community car rental when needed.
Coworking space — creating easy and fast access to office sharing space in big cities. . As we know, the quality and efficiency of work depends on multiple factors, including proper workspace. In eBit Payment we are aware of that, that is why we will create a network of coworking spaces, that will fulfill your needs for office space all over the world.
Long term vision — constructing society of eBit Payment
In our company, we believe that in few years, payments will be serviced by one network — a system that will be serviced by eBit Payment. It will be a system that will connect users to each other, help them with maintaining their accounts, making payments, exchanging currencies and more. Finally eBit Payment will not become only the exchange, but also a brand, that helps with everyday life and connects big society
The most important element of our long term vision is better money flow around the world, thanks to simplified and well-thought algorithms, that will work in our system.
Another very important aspect, that will take major role in payment system is the always updated database of present and new currencies and cryptocurrencies, that are starting to be an integral part of our everyday life. Thanks to more accessible, simpler, bi-directional exchange of both typical FIAT currencies and cryptocurrencies, life will be easier, and what is more important, with less fees.
We will also introduce bugtracker, so every bug can be reported by users, tracked down by us and patched up. This will boost overall application usability. In the future, we want eBit Payment to cooperate with external companies, to allow create loyalty programs. Every user’s transaction will be rewarded with points. Amount of points will depend on transaction size. Points could be spent on variety of discounts, bonuses and other benefits, that could be used in mentioned companies.
Other than upgrading the system and setting up the partnerships with variety of different companies, in the future eBit Payment would like to introduce its own payment terminals, that would allow payments for users using their phones or logins, without need for payment cards. Such terminals would also translate to lower fees.
While eBit Payment invests raised funds, you make profits. We want the best for our users, thus we prepared detailed information on how we are planning to spend raised money:
Development — 30% Expansion of an existing platform involves costs such as hardware, employee salaries (including bonuses, incentive packages of tokens), employment of external assistance such as pentester, and office space.
Additional work force — 10% eBit Payment intends to grow at a rapid pace, so we need to hire new employees in the following areas: Marketing, Finance and Legal Finance, HR, Administration and Customer Service.
Marketing — 10% For a platform to work well and be recognized by a wider audience, it must be available to users, so we are willing to spend 10% on the costs associated with broad marketing. With more users comes more feedback and our ability to adapt and solve problems faster for our users. It is imperative that we create a large society using our platform.
Market and network fluency — 35% Financial market is not the simplest sector to work within. We will need funds to initiate collaboration with other companies in the industry to make transactions as fast as possible. In addition, this will open up new opportunities for even easier financial interactions within the platform.
Licensing, integration and partnership: 15% As eBit Payment LLC, we need to invest in software licenses, bear the additional costs associated with issuing cards and also costs of “patching” the gap between cryptocurrencies and traditional currencies.
Token sales timeline
The sale of tokens will cover 21 days. It will begin on November 24, 2017 at 00:00 AM. Delaware time, and will last until October 15, 2017 or until it reaches the target amount — $ 21,600,000.00. The number and time of token sale is limited, which means that after a specified period of time or after the inventory is exhausted, the tokens will no longer be sold. After this period it will only be possible to purchase eBitcoins on cryptocurrency markets.
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Authored by danny_yell: https://bitcointalk.org/index.php?action=profile;u=1273420