Bitsoko is an Android mobile wallet that implements Blockchain technology in a bid to both remove the cost of transferring money between two individuals and to increase access to payment services. Our innovative solution doesn’t just allow bitcoins to be instantly sent around the world at minimal cost; our approach integrates Blockchain technology into the current mobile money platform in Africa and service providers, allowing access of funds to be sent from the developed world through Bitcoin to be received as mobile money. By integrating specific services such as energy providers, paying bills, payroll solutions for merchants in Kenya, we hypothesize that these easy-to-use services will create a system that can support small scale payments in all aspects of financial lives. These solutions to lower the costs of sending and spending funds can provide the stability and empowerment for further solutions and innovations to be created on our open development platform. We can replicate our services to integrate Blockchain with mobile money in East Africa throughout the continent and the rest of the world.
Bitsoko is designed around a money transfer wallet and a POS service, allowing money to be sent around the world as long as you know their Bitsoko username, phone number, or bitcoin wallet address. One advantage of the Bitsoko wallet service is that Bitsoko replaces all of your public keys and wallet identifiers with an easy-to-remember four digit numeric passcode. So once inside the app, sending money, paying for goods and access to other services are only a click away.Additionally, merchants can accept Bitcoin/Mobile Money as payment for their goods and services; all you need is a Bitsoko QR code and you can withdraw your balance at the end of the day. Users can easily find merchants on the Bitsoko directory and merchants selling goods online can have them displayed in the Bitsoko marketplace on the app.
More Than a wallet service
Bitcoin/Mobile Money (Center). Allowing users to withdraw their bitcoins into local currency using MobileMoney (right).
With Bitsoko, making donations is easy, as we do not intend to levy any transaction fees.We have developed the donation section of our website where all donations sent to our partnered charities’ Bitsoko wallets can be followed on the Blockchain. This would ensure donors that the receiving parties use the funds as specified. In order to receive donations through Bitsoko we will invite trusted organizations with which we have developed relationships, and then implement a screening and application process through which additional charities can join.
The experimental phase.
To date our experimental has involved encouraging our Beta testers to send, receive, and store bitcoins as well as performing transactions and withdrawals to their M-pesa account and purchase of airtime. Then performing transactions at the Bitsoko merchants who are testing our QRC and daily payout system. We will focus on scaling up the number of wallet users and merchants while testing the security and ability of our services to handle it. As we expand services throughout Kenya we will then use our partners in other seven other African countries to test our services there.
To see how the product works, Visit our website