Frequently Asked Questions

BitBook

BitBook is an ambitious project aiming to revolutionize the world of Travel with a robust growth and adoption strategy. BitBook is conducting a token sale to allow people to become part of the BitBook ecosystem.

What is BitBook?

BitBook is the travel platform where people can book accommodation and earn tokens in the process. We are classified as an Online Travel Agency that connects people who are interested in travel with accommodation providers and related products.

What are the problems and challenges BitBook addresses?

A small number of online travel agencies (OTAs) currently dominate the online market. Their user-friendly sites, together with the use of paid search and affiliate marketing to attract traffic, is what makes people book their holidays on their platforms. Because of this, hotels became completely dependant on these sites. Nowadays, commissions charged to hotels range from 15% to as high as 30%. On top of this, a payment processor is also required to handle the transaction, which adds around 3% more to the total price. Who ends up paying for this? The user.

What is the BitBook platform?

BitBook is the travel platform where people can book accommodation and earn tokens in the process. We are classified as an Online Travel Agency and in essence a Marketing and Sales focused website that connects people who are interested in travel with accommodation providers and related products. We are able to compete as we have a decentralized underlying digital economy that makes us able to have a completely different business model then any traditional business. Our Reward program drives adoption of the platform by incentivizing users to bring others onboard, and at the same time drives traffic by rewarding users who create remarkable travel content on our platform.

What are the major difference to other crypto platforms?

The number one mistake other ICO's are making is that they don't have a working growth model in place. They try to compete against big players that have much more marketing resources at their disposal. Their constant struggle to attract traffic to their sites prevents them from ever taking business from competitors. Due to the lack of an adoption strategy, we can see in hard evidence, that post ICO, their traffic plummets and demand decreases, resulting in a sell-off of their token.

We know that “when David is fighting Goliath, you win by not fighting in Goliath's game.” BitBook is not just another booking platform, we play a different game.

BitBook is built with a focus on growth where everyone benefits:

• Travellers earn tokens when booking and reviewing their experience;
• Content creators earn tokens when they create quality travel content that attracts traffic to the site, and also for every new active user that they bring onboard;
• Influencers earn tokens for sharing the travel content on their social media accounts and leveraging their audience to bring new active users into BitBook;
• Accommodation providers benefit from a low commission structure, solving their biggest challenge and increasing their profits on each of their bookings;
• BitBook community benefit from the increase of traffic and adoption of the site as the value of the BitBook token increases.

ICO

An Initial Coin Offering is the cryptocurrency space's rough equivalent to an IPO in the mainstream investment world. It is however purely meant to buy future functionality on the platform, no equity or investment in the company.

 
 

When will the ICO start?

This is currently To Be Determined, we are allowing people to register for the whitelist and guarantee a spot in the ICO that way. It is likely that we will do the ICO in Q1 2019.

What are the lockup periods of the private sale?

Private Sale is locked for 6 months post ICO.

Will you be listed on exchanges after the ICO?

Yes, our team consists of many Exchange specialists and have a good network in this space. It however can never be guaranteed, exchanges reserve the right to list at the time they decide.

Is it possible for the citizens or residents of the US to participate in the Token Sale?

No, the US Citizens are prohibited from participating in the Token Sale. 

Is there a KYC process involved?

Yes. To receive the acquired BitBook Tokens onto personal Neo wallets, every participant must provide their personal information at any time starting from the first day of the BitBook Token Sale.

What will happen to the unsold tokens?

BitBook will burn all unsold tokens post the Token Sale in a publicly verifiable way. This will immediately reduce the total BitBook tokens supply and make it more attractive for buyers considering all the other ways listed here for BitBook token demand. It is however our expectation based on our market research and social reach, that we will reach hard cap and have too much demand which is positive for the token price post ICO.

Is BitBook a security or a utility token?

Based on the conclusion of our legal partner, BitBook Tokens are determined to be an Utility token.

Blockchain

Blockchain based crypto-economic systems allow the removal of intermediaries from the business processes. The data that underlies those processes, be it asset management or identity and reputation systems, is decentralised and persistent.

What Blockchain technology does BitBook use?

BitBook is based on the NEO blockchain. Neo is a next generation blockchain that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.