BitMinutes: Inclusive Finance and Microcredit Based on Prepaid Airtime

What is BitMinutes

Friends, imagine if you are in a remote area, without a bank account, wanting to send money to your family, or urgently needing a small loan, but are troubled by cumbersome procedures, high fees, or even unable to access financial services at all—what should you do? BitMinutes (BMT for short) is a project born to solve these problems, acting as a “financial bridge.”

Simply put, BitMinutes is a blockchain-based digital token aimed at enabling people worldwide who are unbanked or underserved by financial services to enjoy free money transfers, convenient prepaid mobile top-ups, and lower-threshold secured loan services.

It’s like turning the prepaid airtime minutes we use daily into a “digital currency” that can circulate globally. You can use it to top up your phone, exchange it for cash to deposit into a bank or mobile wallet, or even use it as collateral to apply for microloans. What makes BitMinutes special is that it tries to combine the advantages of blockchain with the prepaid airtime minutes familiar to billions of mobile users worldwide, providing a simple, accessible solution for regions with underdeveloped financial services.

It also solves the “last mile” problem of cash deposits and withdrawals through a system called the Trusted Agent Network (TAN). You can think of TAN as “community financial service points” spread everywhere, where people can deposit cash, buy BMT, send funds, or exchange BMT back to cash.

Project Vision and Value Proposition

BitMinutes has a grand vision: to use blockchain technology to improve the financial well-being of over 2 billion unbanked and under-banked people worldwide. Imagine, in many developing countries, it’s hard for people to get loans to start businesses, or remitting money home costs high fees. BitMinutes aims to solve these pain points:

• Solving Credit Access Issues: For those who find it hard to get loans from traditional banks, BitMinutes provides a new path. Users can obtain loans by purchasing BMT as collateral and build their credit history through repayments, opening a door to the financial world for them.
• Lowering Money Transfer Costs: BitMinutes is committed to free or low-cost global money transfers, which is significant for families relying on international remittances, saving considerable fees.
• Activating Prepaid Airtime: It transforms the prepaid airtime minutes used by billions of mobile users worldwide into a valuable, liquid digital asset, injecting new vitality into this huge market.
• Financial Inclusion: BitMinutes aims to eliminate expensive intermediaries and high-interest loans in financial services, making basic financial services more affordable and accessible to more people.
• Stablecoin Strategy: To better serve users in different countries, BitMinutes is also implementing a multi-national stablecoin strategy, such as “Trusted Stablecoins” pegged to the US dollar, Kenyan shilling, Nigerian naira, and Guatemalan quetzal, which helps reduce exchange rate risk and makes it easier for locals to understand and use.

Compared to some early cryptocurrencies (like Bitcoin), BitMinutes emphasizes its advantages in security, transaction traceability, legal compliance, and value stability. In its early promotions, it proposed a stable target of 1 USD per BitMinute, aiming to provide a more reliable pricing basis for commercial activities.

Technical Features

Technically, BitMinutes integrates the strengths of traditional finance and blockchain, striving to build an advanced yet practical financial ecosystem:

• Ethereum-based ERC20 Token: BitMinutes (BMT) is an ERC20 standard token issued on the Ethereum blockchain. This means it leverages Ethereum’s security, decentralization, and smart contract capabilities.
• Smart Token Architecture: BitMinutes’ “smart token” architecture allows interoperability across different networks, whether traditional financial networks (like SWIFT, Mastercard) or emerging blockchain networks (like Ripple, Ethereum), enabling smooth value transfer.
• Atomic Swap Technology: BitMinutes has a patent-pending atomic swap software, allowing users to directly exchange fiat and crypto within their digital wallets without withdrawing assets to external exchanges, greatly simplifying the process.
• Trusted Agent Network (TAN): This is a network of banks, retailers, and individuals serving as offline touchpoints for BitMinutes services, helping users deposit and withdraw cash and access other financial services, bridging the gap between digital currency and the real world.
• Free Mobile Wallet & Mastercard Integration: BitMinutes offers a free mobile wallet integrated with a virtual Mastercard account, meaning users can exchange BMT for cash and deposit directly into bank accounts or mobile wallets via Mastercard’s global network.
• Global Identity Management & KYC: To ensure compliance and security, BitMinutes’ platform supports global identity management and can conduct KYC background checks in over 200 countries. It uses the ISO 20022 standard format to retrieve and store identity information of financial transaction participants, and can even add biometric data and smart contract logic.
• Real-time Transactions & Immutable Records: Every BitMinutes transaction is settled in real time and generates an immutable record, ensuring transparency and traceability.
• Cloud Mining: BitMinutes also proposes a cloud mining solution, allowing mobile app users to participate in mining, reducing the need for expensive hardware and large amounts of electricity required by traditional mining.
• Anti-fraud Mechanism: BMT sent to users carries a unique identification code (UID) to prevent fraud and money laundering.

Tokenomics

BitMinutes’ tokenomics are designed around its core functions to support its vision of financial inclusion:

• Token Symbol: BMT.
• Issuance Chain: Ethereum (ERC20 standard).
• Total Supply: The total supply of BitMinutes is capped at 100 billion BMT.
• Value Backing: The value of BMT tokens is linked to global prepaid mobile airtime, meaning it is backed by real assets.
• Token Utility:
  • Money Transfer: Used for free or low-cost global money transfers.
  • Prepaid Top-up: Can be exchanged for airtime on 4 billion prepaid phones in over 130 countries.
  • Loan Collateral: Users can use BMT as collateral to obtain microloans.
  • Cash Exchange: Through integration with networks like Mastercard, BMT can be exchanged for cash and deposited into banks or mobile wallets.
• Token Allocation (ICO Stage): During the initial coin offering (ICO), BMT was allocated as follows: 5% for prepaid airtime, 10% for rewards, 15% to the BMT management team, 20% as collateral, and 50% to investors.
• Treasury: The project retains a portion of BMT in the treasury to meet future loan demand, prepaid airtime exchanges, and potential mobile mining and management costs.
• Circulation & Market: As of now, BitMinutes’ self-reported circulating supply on CoinMarketCap is 0 BMT, with a self-reported market cap of $0, and this data is unverified by the platform. This may indicate low market liquidity or outdated data. Notably, BitMinutes proposed a stable value target of 1 USD per BitMinute in 2014, but current public market data does not reflect this value.

Team, Governance & Funding

The BitMinutes team is composed of experienced fintech and blockchain professionals dedicated to advancing the project’s vision:

• Core Members:
  • Tom Meredith (CEO): Inventor of smart contracts, veteran financial services entrepreneur, with an engineering degree from Stanford and an MBA from Harvard.
  • Peter Krause (CTO): Over 20 years of software development experience, previously at IBM and Intel.
  • Kern Lewis (CMO): Former EVP at American Express (AMEX), with degrees from Stanford and an MBA from Harvard.
  • Donald Chapman (CRO): Global fintech experience, skilled in launching payment platforms.
• Advisory Board: The team is also supported by senior financial industry figures, such as former SWIFT CEO Leonard Schrank and former Mastercard legal counsel Brian Smith.
• Team Characteristics: Many team members are graduates of prestigious institutions like Harvard and Stanford, with strong backgrounds in finance and technology, focusing on improving the financial situation of the global unbanked through blockchain and fintech.
• Project Origin: BitMinutes’ journey began in 2012, when the team founded the P2P Cash incubator to develop global fintech applications.
• Funding Allocation (ICO Stage): During the ICO, funds were allocated as follows: 19% for marketing, 12% for operations, 2% for treasury/management fees, and 67% of tokens locked for microloans to the unbanked.
• Treasury Management: The company retains a small amount of funds in the treasury for emergencies and to increase loan capital when necessary.
• Governance Mechanism: Although specific governance mechanisms are not detailed in public materials, the project emphasizes that token holders do not have governance rights over the platform, indicating a governance model likely led by a centralized team.

Roadmap

The development history and future plans of the BitMinutes project are as follows:

Key Historical Milestones:

• 2012: P2P Cash incubator founded, beginning development of global fintech applications.
• December 2015: P2P Cash integrated with 1.2 billion Mastercard accounts.
• June 2016: First generation asset-backed BitMinutes released.
• December 2016: BitMinutes architecture enables free global money transfers.
• December 2017: Multi-currency ERC20 compatible wallet released.
• August 10, 2018: Received no-objection letter from the Liechtenstein Financial Market Authority (FMA).
• December 2018 (Planned): Launch of secured loan app, Trusted Agent Network (TAN) app, targeting 100,000 co-branded TAN agents, and launch of high-speed electronic fiat trading platform.
• June 2019 (Planned): Target of over 20 million BitMinutes customers.
• November 2019 (Planned): Target of establishing a $2 billion global low-interest loan portfolio.
• April 2021: BMT token listed on decentralized exchange Uniswap.

Key Future Plans:

• Global Expansion: The BitMinutes ecosystem has been implemented and developed in countries such as Nigeria (agent network), Kenya (as the technical backbone of the Akoin project), and Guatemala (microloan program launched in partnership with Genesis).
• More Exchange Listings: Plans to list the BMT token on more exchanges in the coming months.
• Deepening Financial Inclusion: Continues to expand financial inclusion in developing countries through its technology.
• DeFi Liquidity Pools: Through its parent company UberFi, BitMinutes lays the foundation for decentralized finance (DeFi) liquidity pools to launch microloan programs in various countries.
• Multi-national Stablecoins: Continues to advance its multi-national stablecoin strategy, with “Trusted USD,” “Trusted Kenyan Shilling” (tKES), “Trusted Nigerian Naira” (tNGN), and “Trusted Guatemalan Quetzal” (tGTQ) already issued and circulating.

Common Risk Reminders

All blockchain projects carry risks, and BitMinutes is no exception. When participating in or learning about this project, please note the following:

• Market Volatility Risk: Although BitMinutes was promoted early on as having stable token value, the crypto market is generally highly volatile. Current public data shows BMT’s circulating market cap and price are very low, which differs significantly from the early “$1 stable value” claim, possibly indicating underperformance or that the stable value mechanism is unrelated to public market prices.
• Technical & Security Risks: While blockchain technology is powerful, it may face smart contract vulnerabilities, network attacks, or platform failures. Although the project emphasizes its security measures and ISO standards, no technical system can guarantee 100% safety.
• Compliance & Regulatory Risks: Global crypto regulations are evolving, and laws regarding digital assets vary by country and region. Although BitMinutes has received a no-objection letter from the Liechtenstein FMA and follows international KYC/AML standards, future regulatory changes may still impact its operations.
• Operational & Adoption Risks: The project’s success depends largely on its actual implementation and user adoption in developing countries. Building and maintaining a large Trusted Agent Network and promoting new financial services require significant investment and time; market acceptance, competition, and local infrastructure limitations may all affect its development.
• Information Transparency Risk: On CoinMarketCap, BMT’s self-reported circulating supply and market cap are unverified and show as zero. This may indicate insufficient updates or transparency in public market data, making it hard for investors to obtain accurate real-time market information.
• Not Investment Advice: Please remember, the above information is for project introduction only and does not constitute investment advice. Cryptocurrency investment is high risk; you should make your own decisions after fully understanding the risks and conducting independent research.

Verification Checklist

To better understand the BitMinutes project, you can further verify through the following ways:

• Block Explorer Contract Address: You can view the BitMinutes (BMT) ERC20 contract address on Ethereum block explorers (such as Etherscan):
  0x86c2752F8fe2C6679A942C8Ee6C785C28F42cd55
  . Through this address, you can check on-chain data such as token holder distribution and transaction history.
• GitHub Activity: As of now, public search results have not found an active GitHub code repository directly related to the BitMinutes project. This may mean the codebase is private or development is not conducted on public GitHub. For a blockchain project, a public and active codebase is usually an important sign of transparency and community engagement; lack of such information may warrant attention.
• Official Website & Whitepaper: Review the BitMinutes official website and latest whitepaper for the most direct and detailed project information.
• Community & Social Media: Follow BitMinutes’ official accounts and community discussions on social media (such as Twitter, Telegram, etc.) to learn about the latest developments and community activity.

Project Summary

BitMinutes (BMT) is an ambitious blockchain project that combines prepaid mobile airtime with blockchain technology, aiming to provide free money transfers, low-cost loans, and convenient prepaid top-ups to hundreds of millions of unbanked and under-banked people worldwide. The project’s core value lies in its vision of financial inclusion, striving to bridge the gap between the digital and real worlds through the Trusted Agent Network and integration with traditional financial institutions like Mastercard, addressing common financial service pain points in developing countries.

On the technical side, BitMinutes leverages the Ethereum ERC20 standard, smart token architecture, and atomic swap technology, and emphasizes its efforts in KYC/AML compliance. The team has rich financial and technical backgrounds and is supported by industry veterans.

However, the project also faces challenges such as market volatility, technical risks, regulatory uncertainty, and real-world implementation and user adoption. In particular, the token’s public market performance differs from the early “stable value” claims, and the lack of a public codebase are aspects to watch.

Overall, BitMinutes offers an interesting solution, attempting to use blockchain to address real-world financial inequality. For those interested in financial inclusion and emerging markets, this is a project worth following. But always remember, the crypto market is high risk; the above is for information sharing only and does not constitute investment advice. Please be sure to do your own research (DYOR) before making any decisions.