Bitcicoin (BITCI) is a new Turkey-based altcoin designed for FinTech and ‘Fan tokens.’ In this article, we will explore some of its features, provide a handy how-to-purchase guide, and discuss some of the buzz associated with this coin.
What is BITCI?
BITCI coin is the native utility token to the BITCI blockchain network. Created in 2018 by founder Çağdaş Çağlar, under the company Bitci Technology in the city of Bodrum Turkey. The primary use case of this coin is to link companies that possess real-world assets to the world of crypto finance. Over the past few years BITCI and its CEO Onur Altan Tan have moved to host a variety of different FinTech operations, dApps, and different token services.
On a technical level, BITCI uses a blockchain-based Proof of Authority (POA) network and has a total market cap of 100.000.000.000. According to the whitepaper BITCI intends to have a future burn rate of about 79%. At the time of writing BITCI is sitting at an overall value of $54,369,485.72 and a CoinMarketCap global ranking of #3270.
BITCIs system is designed to host different tokens within the same network. These tokens are linked to businesses or clubs that have real-world assets. These companies/businesses/groups can then utilize the BITCI token in the form of a ‘fan’ token. Though still in its roll-out BITCI’s whitepaper has shown a road map that intends to create a ‘fan’ token economy for various sporting clubs. Though some sporting clubs have dropped BITCI sponsorship for unspecified reasons.
Now that you know a little about the coin, just follow this simple step-by-step guide on how to get BITCI.
Step 1: Register on Fiat-to-Crypto Exchange
BITCI is an altcoin that must be purchased via trading an already existing crypto, such as Bitcoin (BTC) or Ethereum (ETH). For this example, we will be using BTC.
To buy BTC, you must first sign up for a Fiat-to-Crypto Exchange. There are many different options available when selecting an exchange but for this example, we will be using CryptoWallet. CryptoWallet is a straightforward and secure wallet/exchange app that is available on the Apple App Store and Google Play Store.
After you’ve downloaded the app, simply follow its instructions, complete its registration process and finally link one of your existing fiat accounts to your new CryptoWallet App. After this is completed you will be able to send fiat funds from your account and deposit them safely into your CryptoWallet account.
Step 2: Buy BTC with Fiat Money
After you’ve sent some fiat cash to your CryptoWallet App, you can trade that fiat for some BTC. To begin, just find the BTC trading tab, select the quantity you want to buy, and hit purchase. CryptoWallet provides a variety of purchasing choices, allowing you to buy cryptocurrency in the method that matches your needs.
Additionally, CryptoWallet allows you to be able to monitor the current market for the best prices, use its market charts, its available tools and make the best decision you can using CryptoWallets up to date data.
Now that you’ve completed your purchase, the amount of stored BTC you have, as well as any other funds, will be displayed through the CryptoWallet interface.
Step 3: Transfer BTC to an Altcoin Exchange
After you’ve acquired the quantity of BTC you want, you’ll need to exchange it for BITCI. To do so, you’ll need to sign up for an altcoin exchange that supports BTC/BITCI trading. Several exchanges will host such a trade, such as Binance or MEXC and each will have its own unique set of features and network costs.
However, in this case, we’ll utilize Huobi as an example of a cryptocurrency trading platform that hosts a BTC/BITCI trading pair. The Huobi registration is fairly simple to set up, but it will need some verification and KYC information. Usually, this involves the setting up of an account, identity confirmation, and some manner of security, such as email or Two-Step verification.
After you’ve successfully completed Huobi’s registration process, find your way over to its ‘funds’ tab. Select ‘deposit funds,’ select BTC and follow the instructions. Huobi will provide you with an address in the form of a code or QR scan. With this information select the ‘send’ option in your CryptoWallet App, the amount you wish to send, and input the code/scan the QR.
This will begin a short process of transaction confirmation, but after a short time, your BTC will be visible in your Huobi account!
Now simply go to the Huobi trading tab, select the trading pair BTC/BITCI, confirm the amount you wish to trade, and select ‘trade.’ Congratulations you have successfully purchased some BITCI coin.
Last Step: Store BITCI Securely
Now that you’ve got yourself some BITCI you must now figure out the best way to store it. Usually, when shopping around for a coin storage system it is best to explore different options so you can find the best wallet that suits your needs specifically. Unfortunately, BITCI is limited in this regard and can only be stored on the Bitci E-Wallet, found on the BITCI website.
This type of wallet storage is referred to as an online ‘hot’ wallet and is found through your browser. For some people, this type of wallet/browser integration is ideal as it allows broad usage and quick integration and can be very suited for their needs. But for others, this type of wallet may have security and storage concerns that make it unsuitable.
When shopping around for coin storage that isn’t BITCI issues such as versatility, security and interoperability are usually the key considerations. CryptoWallet for example is one such wallet system that provides for users’ needs in a broad sense and is road mapped into the future for some further coin and token hosting privileges.
Other Useful Tools for Trading BITCI
When trading any cryptocurrency, including BITCI, there are many different tools that may help you make the best and most educated trading decisions.
One such useful trading instrument is On-Balance-Volume (OBV), which evaluates both the positive and negative flow of an asset’s volume. Traders can thus plot the asset’s supply and demand relationship.
The Average Directional Index (ADI) gives traders the strength of a trend in an asset’s movement, emphasizing a variety of key indicators that allow you to make informed decisions.
The Stochastic Oscillator displays to traders an asset’s current price in relation to its price range over a certain timeframe. This provides traders with information on the nature of an asset’s price changes within a certain context and framework.
Latest News for BITCI
In recent news, certain sponsorships have been dropping BITCI. Such as the Portuguese soccer club Sporting Lisbon which alleged that BITCI had ‘failed to make its payment, ’and Italian team Spezia who did not outline a specific reason.
Additionally, McLaren the Formula One Racing Team has also dropped their BITCI sponsorship, without a specific reason given.
Can I buy BITCI with cash?
Not in a direct way. BITCI is one of the many altcoins that can only be bought with other cryptocurrencies like Bitcoin or Ethereum. Simply follow our step-by-step guide above to get BITCI in a timely and efficient manner.
Are there any quick ways to buy BITCI in Europe?
There are many different altcoin exchange platforms such as MEXC, Binance, or Huobi that facilitate BITCI trade that can be readily accessed in Europe.
Are there any alternative platforms to buy BITCI or Bitcoin with credit cards?
Unfortunately, you are not able to buy BITCI directly with your credit card, to purchase BITCI simply follow our step-by-step as seen above. Bitcoin however can be purchased directly via one’s credit card via a host of different platforms such as eToro.