Analysis of ICO BitherCash
BitherCash is a highly secure peer to peer decentralized cryptocurrency using the Scrypt PoW/POS (Hybrid) Algorithm with a self-regulated financial system. BitherCash offers a lending program and referral program which pays the lender a daily dividend on their investments and the user will receive their initial investment back at the end of the loan period.
In contrast to the existing cryptocurrencies and the ICO token market, which demonstrate high volatility, the Bither Cash project offers a stable token that people will buy because it retains its price. This is the main idea of the project. The founders of the project say the following about their product: «This currency is like the Dollar, but it is only available in the digital world. The concept may sound like Bitcoin and is actually not much different from Bitcoin». The concept of the product seems very contradictory. First, the idea of cryptocurrencies is opposed to the domination of dollar and other major fiat currencies.
Secondly, the founders of the project admit that their cryptocurrency is not much different from Bitcoin. Why should it be stable?
As for the lending platform, there are many similar projects in this area already.
As for the BEC cryptocurrency, it will operate on the basis of the same principles as Bitcoin. BitherCash coin supply will only have 55 million coins worldwide, this resembles an economic system based on deflation and with increasing supply coin.
BitherCash coin prices tend to rise, when demand is high and the number of coins that remain is not increased. According to the founders of the project, BitherCash is worth buying because it is very cheap and in the future will become more expensive as it happened to Bitcoin. The difference is that Bitcoin is already expensive, and BitherCash is still cheap.
The lending platform offers investors a monthly income of 1.5 to 7% depending on the amount of invested funds. Investors will be able to profit and handle it daily.
The lending platform is already working, and users can evaluate its functionality.
The business plan does not contain many details or shine with originality but looks quite adequate.
The project has no marketing strategy. It is unclear how BitherCash will capture a market share among the hundreds of cryptocurrencies and many lending platforms.
The project team wished to remain unknown keeping their privacy. But this is a huge disadvantage of the project.
The Vision of the Market
A general overview of cryptocurrency market and its main problems is given: high volatility and unreliability. it is similarly said about tokens that are issued during ICO-projects. The analysis of competitive environment was not carried out, while there are already several hundred cryptocurrencies, not to mention tokens.
Understanding of the Target Audience
There is no analysis of the target audience. It is mentioned that those who haven't bought Bitcoin at a low price now can buy BitherCash. Lending platform for investors is also presented. But nothing is said about the borrowers, who should also use the platform.
The founders of the project see two main advantages of BitherCash:
- The opportunity to buy coins at the ICO stage at a low price and earn on their further growth;
- Opportunity to receive daily income by investing in the lending platform;
- Stable currency.
But the product is not different from many existing analogues. And it is unclear how the stability of BitherCash will be ensured.
Unfortunately, it is very difficult to find advantages of BitherCash project. We have to talk only about the shortcomings:
- Vague concept of the project;
- Huge competition among cryptocurrency projects and lending platforms;
- Complete lack of information about the project team;
- Lack of competitive advantages.
There is a high probability that the project will be a scam.