First Formula One City that accepts cryptocurrencies? Sounds pretty awesome!
When it comes to cryptocurrencies, they are giving new possibilities for us to kick start our projects and cheaper alternatives to send and receive money due to its decentralized technology. Initial coin offerings are now one of the hottest things we ever seen in the internet now, where they outperformed traditional crowdfunding platforms such as Kickstarter, Indiegogo, etc.
It is where Bitrace wants to take advantage on because they believe that blockchain could help them get more exposure. On top of that, they are here to make history in the F1 racing world that they would be accepting cryptocurrencies for payments.
In the current industry today, there are problems that we need to address in the Formula One industry today:
1. Higher fees are somewhat painful
In all life aspects, it’s painful for us to pay such higher fees in any way. In the F1 industry, it is one of the common problems that they’ve experienced for several years. Recently, talks have broken down regarding the contract due to the break clause by the owners of Silverstone. In two years time, the British Racing Driver’s Club (BRDC) have the intention to back out of their current deal. Due to the break clause, the owners of the Northampton shire based circuit are likely not going to continue with their deal that the future of British Grand Prix is now in jeopardy.
2. Hosting fees need to be covered due to the absence of government’s participation
To be honest, the government’s role is to help and support whatever they can for a project that is promising to help the community. However, it is not happening in the Northampton shire based circuit where they are not supported by the government. Around 15 of the last 19 grand prix events were being funded by the government. In their respective countries, the government has invested approximately $600.5 billion to host the F1 racing events.
3. F1 Grand Prix tickets are the only way to generate revenue, which is not enough.
Sad to say that the race organizers only receive revenues coming from ticket sales. Only the ones who are generating big revenue are the F1 owners, where they receive them from broadcasting, corporate client services, promo banners and merchandising. It is something that the race organizers find it unfair despite spending more effort to make the grand prix event a success.
Without further ado, I would like to tell you exactly why the F1 industry needs to take #Bitrace in a serious way:
Here are some details that you need to know about their initial coin offering.
Platform: Ethereum
Token standard: ERC20
Ticker symbol: BRF
Total token supply: 1,000,000,000
Soft cap: $3,000,000
Hard cap: $57,626,400
Tokens available for pre-sale: 220,000,000 BRF
Tokens available for main sale: 356,264,000 BRF
Token price: $0.10 per BRF/ 1 ETH = 6,000 BRF
Restricted countries: USA and Singapore
Minimum deposit: $10 (100 BRF tokens)
Accepted deposits: ETH, BTC, BCH
Emission of tokens: After the ICO period
NOTE: You should not deposit using an exchange wallet like Coinbase, etc., or else you will lose all of your deposit.
My thoughts about the entire Bitrace project
First and foremost, I am highly impressed with their project concept. It is something out of the box and inmovative for me. You know why? There’s no such thing as a cryptocurrency project as big as this one. I know there are some questions that are coming from our heads if their project is possible with the power of cryptocurrencies. Since it gives us infinite possibilities, I strongly think that it is possible that their project would succeed. More importantly, they have reached the soft cap of 3 million USD.
Well done, team Bitrace! To the moon!
You could also watch my video review here:
Check out their website here: https://www.bitrace-token.com
Read their whitepaper: https://www.bitrace-token.com/whitepaper
My Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=254229