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Bitdepositary ICO Review: Bridging the Gap between Crypto-Investor Communities and Centralized ICOs

Introduction

Many people willing to consider investing in cryptocurrency end up starting at Coinbase. There is a good reason behind it too. The platform has more than 11 million users and more than thrice the number of wallets. People would be forgiven for thinking that there are no alternative exchanges. However, despite the advantages Coinbase offers, it comes with hefty fees and a limited number of trading options.

What is more, the ICO market is lacking in regulatory authority. True, there have been efforts to restrict the market, but the cross-border nature of the technology that forms the basis –blockchain – makes full market control difficult. Consequently, there have been many ICO scams that have ended up causing investors huge loses. It has also meant that ICO creators lose confidence in the market.

Bitdepositary hopes to solve this problem. It is the first and the largest Q-ratio payment platform. It aims at bringing the investor community and centralized ICOs together through integrated payments and voting. The idea is to have ICO investments become secure. To that end, Bitdepositary’s platform will have a team of accountants, community leaders and legal advisors whose job will be to give expert advice to the investor community.

About the project: ICO project for ICOs

Bitdepositary will serve as a payment platform and mediator between the investor and ICOs. The concept behind it will make investing in ICOs more secure. It will also quicken the process of investing and make it easy.  The platform offers the possibility of planning an ICO project and publishing it to a panel. Every project is vetted and checked for factors such as feasibility. All experts, including lawyers and tax experts, will look at individual projects and give a report. That way, community users benefit from their professional advice. Community users also get an e-money provider that helps them to make payments within the app.

The composition of the platform and features

  • Team Bit

The platform’s team of experts has been called the Team Bit. The community leaders, legal advisors, and accountants will be looking to help community members make informed choices. Team Bit’s job will be to furnish the community with knowledge.

  • Token theft prevention feature

The Bitdpositary application will also have strict security measures around user account configurations. All tokens will run through the system. This will reduce the number of wallet hacking attempts since the ICO platform will be secured. It removes the possibility of cybersecurity breaches that compromise the market.

  • Anti-spam feature

The platform’s verification process ups investor confidence. Knowing that a team of specialist users, buyers, tax consultants and other experts vetted a project before admitting it makes it easy for an investor to trust a project. Besides, every project leader will have to undergo a verification process together with their team. The team has to pass the KYC protocol. The platform is set to deliver numerous benefits to the investor.

Bitdepositary ICO cryptocurrency initial coin offering

Figure 1: Bitdepositary User Application Process

  • Integrated wallet

The Bitdepositary platform comes with a credit card system that makes it easy to make payments. For them, the idea is to put data together to make it easy for the customer to make transactions. Consequently, the wallet lowers accounting errors and ups profit change.

  • Features to spot wrong decision making

The platform will have an open voting system. The idea is to enable experienced users to impart some knowledge to newer ones, helping them to make better decisions. Besides, the platform’s ecosystem has a space that helps investors to make decisions based on dependable criteria. It provides guidance for assessing a credible investment.

The Bitdepositary Token

The community user gets tokens for free from the owner of the project if it reaches the soft cap. This means that any company offering its project for review must provide the tokens for voters whether they voted for or against the project. The user gets the token into their wallet, automatically becoming a customer. That is to say that the user with more points will have more tokens.

The BDT – Bitdepositary’s token – can also be bought using Litecoin, Ethereum, EOS, Bitcoin, PayPal, and Dash. Users will use the ERC20 token to pre-invest in an ICO project before it is accepted to the platform. Afterward, the user gets 25% more tokens from a vote they made.

There are 750 000 000 tokens for sale and a minimum investment of 10 USD. Each token went for 0.05 USD in the pre-ICO sale and 0.10 USD during the ICO sale.

The Bitdepositary team conducted a pre-ICO private sale that saw them distribute 6% of the tokens. As of now, those tokens are sold out even though the presale was scheduled to end on the 29th of August. In fact, according to one team member, ‘this project has been ongoing for over a year before now,’ he said. ‘We have talked expansively with the investors and managed to raise $3 million in the pre-sale.’

The image below illustrates how the rest of the tokens have been distributed:

Figure 2: Token Allocation

The ICO is scheduled to end on the 14th of November. The currency has a soft cap of 1 000 000 USD and a hard cap of 50 000 000 USD.

There is also a token bonus and referral program that works as shown in the image below:

bitdepositary token allocation

Figure 3: Token Bonus and Referral System

All registered users can send personalized links to their friends and acquaintances. If anyone of them registers through the link and pays or buys the tokens, the sender gets a bonus sent directly to their wallet.

BDT tokens will still be sold after the ICO. They will be listed in specific exchanges but will only be available for four weeks after 14th November 2018.

Strengths and potential concerns

  • Bitdepositary offers a unique value for the ICO investor and is the first of its type, giving it the benefit of first entry to the market – first mover advantage.
  • The business model the platform has adopted is appealing and promises to solve the major pain points in ICO investing.
  • From an investor’s point of view, Bitdepositary has a favorable token allocation.

However, the following issue may need addressing:

  • The platform has a very huge hard cap from the point of view of the investor.

The Team

The Bitdepositary team consists of 14 members and 10 advisors. In addition to the capabilities of the team, it has also partnered with the companies below:

This is a digital marketing agency that has gained standing in the market. The company brings marketing expertise and cutting-edge technology in the field. Their PR technology will help to market Bitdepositary.

Based in Malta, the legal company will offer legal, commercial, licensing, compliance, and tax advice. The firm will work with the clients from the ICO launch to set up an exchange.

Krypto Vergleich specializes in ICO and Blockchain services the digital environment. The company facilitates the development of ICO and blockchain projects. It works with the client from the conception of the idea, all through the development and eventually to the market launch.

Social media and community

*Note that the following details are as of 21/08/2018.

Facebook – 12 988 page likes, 13 242 follows
Twitter – 89 tweets, 11 321 followers
Telegram – 11 764 members
Medium – 20 posts, 10 followers
YouTube – 4 videos, 4003 views
Bitcointalk – 7 posts, read 818 times

ICO details

Ticker: BDT
Pre-ICO Price: 1BDT = 0.05 USD (For both private and open pre-sale)
ICO Price: 1 BDT = 0.10 USD (05/09/2018 – 14/09/2018)
Bonus, Bounty, and Prototype: Available
Accepting: PayPal, BTC, ETH, BCH, LTC EOS and DASH
Minimum & Maximum Investments: 10 USD; 150 USD
Soft & Hard Cap: 1 000 000 USD; 50 000 000 USD
Country: Malta
Restricted: Cuba, North Korea, Sudan, Iran, and Syria
Website: https://bitdepositary.io/
White Paper: https://bitdepositary.io/whitepaper.pdf

Conclusion

  • Team eligibility
  • Value to the cryptocurrency market
  • Token allocation
  • Vision
  • Social media & communities
4.2

Summary

Bitdepositary has a lot going for it. For starters, they have formed excellent partnerships that increase their chances of succeeding, they have a comprehensive white paper and the token allocation is well balanced, with all the funds clarified. If the project is implemented successfully, users will be able to discern and invest in the most promising ICOs and the scam incidences will be relatively reduced.

However, as far as regards the social media followings and community engagement, Bitdepository still has a lot to do. The platforms have a medium-sized following (except for Reddit) and little to no active participation. The team should also consider adding a security expert.

All in all, Bitdepositary is an interesting idea worth looking into.


Author: Gustafio