Cryptocurrencies are blowing up once again, but when it comes to reaching mass adoption, it appears that only a few small steps have been made so far. While most countries around the world still struggle with coming up with working regulations, this is unlikely to be the reason why cryptos are still only being used by a small portion of the world.
True enough, the new price growth has sparked the interest yet again, and terms such as 'Bitcoin' are among the top searches on Google. However, most people still do not use cryptos, even if they know about them. The reason might lie in the fact that using cryptos is not that easy.
This might be an absurd thing to say if you are someone who has been using them for a while. But, for people who are not that into technology — the process of buying, selling, and even withdrawing coins can, in fact, be quite intimidating. This is something that needs to change in order for cryptocurrencies to take the next step on their way to entering the mainstream, and Bamboo is one of the projects that are trying to make it happen.
Bamboo is a micro-investments platform that makes it possible for pretty much anyone to easily buy cryptographic assets. Be it Bitcoin, or any other digital currency — Bamboo aims to make the process easy, secure, and as effective as possible. Its goal is to encourage the masses to join in the blockchain revolution and help bring this new technology to the top.
The speed of innovation in the blockchain sector is what inspired the creation of this project, but the team is still discomforted by the fact that only a few will benefit from this tech unless more people gain the necessary exposure. Of course, the team understands that the situation is not as simple as that. There are more than two thousands cryptocurrencies out there, so people likely wouldn't even know where to start.
Not to mention the fact that handling cryptos involve countless other completely new aspects like wallets, exchanges, passphrases, and more. All of this is so confusing and intimidating that even those with the intention to start working with cryptocurrencies might give up after a single look. That is why Bamboo aims to simplify the process and make a smartphone and a bank account the only requirements in order to start working with crypto. And, of course, its platform will have its own coin, which will see its token sale in due time.
Bamboo has announced its ICO, but it did not reveal its time and date as of yet. Still, it did reveal a few other details, such as the fact that its token, BAM, will be a utility, and that it is being developed on Ethereum's network, as an ERC-20 token.
Whenever the ICO itself takes place, the token's price will be $0.15 per unit, and investors will be able to buy it in exchange for Bitcoin and Ethereum. The project has set up a hard cap of $20 million.
Further, the project is registered in Switzerland, but it will have two restricted areas: Singapore and the US. Other than these two, everyone else will be allowed to participate in the token sale, if they go through KYC and Whitelist procedures.
|Start||July 1, 2019|
|End||September 30, 2019|
I reckon that my accountant will be overjoyed when he becomes aware that I am using Bamboo. That was a touch of sarcasm if you didn't notice. But seriously, I would never allow some shady project to monitor my spendings and convert my money to crypto, or whatever, at its own discretion. How's going to guarantee that they won't be stealing from me. Even if that's pennies - only I get to decide how to spend them.
I have checked the Bamboo app at the App Store to see what rating it has and whether the developers are updating it, and at what regularity. What I've found out is that Bamboo has 4.5 stars, though with only 2 rates, and the application is being updated almost twice a month. This is definitely a very good feat. I would say that this startup has a fresh idea, so I might just give this app a go with one of my banking cards for miscellaneous things.
Even though the idea presented by Bamboo has sparked my interest, I don’t feel comfortable about the fact that the team members chose to conceal their identities, and didn’t provide any information regarding the regulatory compliance of this project. The future users will have to trust Bamboo with very sensitive information, like the details concerning their expenses, so they deserve to know who might handle this data.
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