I don’t sell cars, I sell engines. The cars I throw in for free since something has to hold the engines in. — Enzo Ferrari
Following a year of intense work, with over 14 releases since May 2019, BitCar is now releasing another major update today, 28 August. This release brings with it a game-changer to the platform, which was originally envisaged (and released as a stand-alone product) for the Goodwood Festival of Speed on 4th-6th July, which BitCar also attended with our Ferrari 599 GTO.
Achievements so far - a recap
- 20 April 2018 - Initial Coin Offering (ICO) completed with over 2,000 participants, selling over 98m BITCAR tokens
- May-July 2018 business focuses upon the Blockchain development of the BitCar platform
- 31 July 2018 - BitCar ‘burns’ the remaining BITCAR tokens from the ICO (over 150m) to reduce supply
- August 2018 - BitCar purchases first car and starts expanding its product and development team.
- September 2018 - First major update outlining details of the team and progress to date. Blockchain development has reached a point where web application development can begin.
- 26 September 2018 - BitCar founders elect to burn 36m of their own BITCAR tokens to balance their holding, with the reduced supply due to the burn of unsold tokens
- September 2018 to February 2019 — Extensive work completed on the entire BitCar platform, culminating in a major update and videos showing the timeline for development of both the web application and blockchain code
- 18 April 2019 - First release of the platform onto the Ropsten test network
- 30 April 2019 BitCar MVP first released to the Ethereum Mainnet
From ICO to release took just over 12 months; the platform we have delivered is still technologically ratified as being unique, with no known platform currently rivaling the super car tokenisation process. Additionally, our goal was to keep the platform decentralised, utilising both the Ethereum Blockchain as a ledger of transactions and the Inter Planetary File System (IPFS) as a ledger of both the car data and web application releases — this is a great achievement well ahead of its time.
Although the platform is still an MVP (with many more features to come) we need traction with sales of the car tokens as a top priority. The rest of this update outlines what we have been up to since the launch, including events attended, exchange information and details of the version 15 release.
Goodwood Festival of Speed 2019
UK Launch Events
With the car based in the UK, the team decided to perform the launch in London, having an exclusive launch party at the Connaught Hotel on London’s Mayfair. The invite-list was limited to influencers, media and ongoing supporters of BitCar. The event was an opportunity to celebrate the site launch and get additional exposure within the UK prior to other events which followed.
BitCar Founders outside the Connaught in London
Additionally, BitCar decided to give away some of the car to support these events, with special redemption coupons handed out to those who seemed really interested in the car and the project.
Here are details of the events which were attended:-
12–13 June Blockchain for Business Summit (London) Very poor turnout, with little love being shown for cryptocurrency. This is in stark contrast to any conferences held prior to the big crypto-crash and shows the lack of confidence there is for crypto projects currently. There was a little interest shown by some of the attendees, but few of the redemption codes handed out were redeemed.
22–23 June Heveningham Concours Inaugurated at a site with so much car history, Heveningham is an event which has over 50 luxury and limited edition classic cars on display, whilst also giving some the opportunity to run ‘Horsepower Hill’. This event was an opportunity for the founders to meet and greet car enthusiasts, having been given the opportunity to rub shoulders with the organisers and larger car-collectors.
4–6 July Goodwood Festival of Speed One of the larger car events within the UK, with over 150,000 attendees. BitCar was given an opportunity to showcase the car and the project, providing exposure to the car enthusiast market. Although we had a large foot-fall through the tent, uptake was disappointing. The barriers of entry created by the perceived complexity of cryptocurrency, currently seem to be too high for the general car community. The BitCar PayPal platform, released as a separate product for this event, helped to create some traction and mitigate the barriers, which led to the latest development for PayPal integration with the full BitCar platform (more details below).
5–10 July London FinTech Week Similar to the Business Summit event, the turnout here was mediocre to say the least; traction with Blockchain seems to be stagnant at present, with little interest being seen.
One of the things the team at BitCar constantly hear is “when are you going to be on Coin Market Cap?”, “why have you not got onto a larger exchange?” and so on. This has not been without attempts to do so.
When applying to exchanges, we have found timing has been an issue, with listing opportunities becoming harder and harder as time has gone on; particularly as the volume of BitCar trading on Idex is now significantly lower.
So far we have applied to over 25 exchanges, including; Coinbase, Gemini, Kraken, Coinmama, CEX.io, Gemini, P2PB2B, Cryptonex, B2BEx, BitMart, Poloniex, Bit-Z, Huobi, Mercatox, Lbank, zb.com, rightbtc, Liquid, Kucoin, Tradeogre, hitbtc, Switcheo, BiBox, Crex24. Some did get back to us, with fees far too high in relation to their standing or with conditions of trading which would have meant delisting was inevitable.
This does not mean we have given up! We are still working with a few exchanges, to come to an amicable agreement, which would help lift the BitCar volume and price-point.
Social Media and Promotional Marketing
From February until the end of August, BitCar engaged with several third-parties to help promote and market the BitCar product. This led to several articles and mentions in media, along with improved social media standings.
Additionally, BitCar was advertised within both TopGear and Classic and Sports Car magazines, with online ads supporting these too. However, reviewing the overall impact of these upon car token sales, has shown a lack of return on investment, as such we are currently reviewing alternative marketing plans and focusing upon how to make the most impact that lead to token sales. We would welcome input and support from our BitCar community here, as we are considering online campaigns targeted at crypto-users.
Car Token Sales
Currently there are less than 50 holders of the 5,424 car tokens that have been sold. We feel that the current sales have been disappointing. Considering the number of BitCar holders (over 2,000),this means less than 1% of our BitCar holders have actually purchased the car.
Now we know there have been regulatory issues, which may have stopped some of our Australian holders from investing, however it is disappointing to see a lack of support, particularly as we reduced the cost of ownership for BitCar to well under the market price.
Again — we would be interested to hear your feedback as to what has prevented you from buying the car?
The New Release — Version 15
After a few weeks of the team being back from vacation, BitCar is pleased to announce the release of version 0.0.15-mvp of BitCar. New in this release:-
Fully integrated PayPal payment and redemption support Users can now choose how to pay, if you don’t have MetaMask or are on a mobile, payment is still available
Revamped home screen with links to user manuals, information and videos
The new home screen provides easier access to resources for new users
Link on the car to latest Sotheby’s auctions involving other 599 GTOs You can quickly see past auction results for other Ferrari 599 GTOs to track your investment
General user enhancements and bug fixes This release truly opens up the platform for anyone to invest in the car; with seamless support for any payment type, through a secure provider it is now time for everyone to help promote BitCar as an opportunity for anyone to realise their dream of owning part of a super car and hopefully see an increase in value within the next five years.
So What’s Next?
With the PayPal integration now complete, we believe that the barriers of entry for car enthusiasts has been drastically reduced. This opens the door to those not yet ready to utilise cryptocurrency, hopefully leading to increased sales and opportunities for BitCar.
The founders have also been presented with an opportunity to meet with some larger potential investors in London, if this goes well, it could provide an opportunity to increase the number of cars on the platform and get listed on larger exchanges.
We now invite the BitCar community to suggest ways in which we could sell out the car. Particularly anything which involves gamification or integration with the gaming world, such as e-sports. Please contact us via Telegram or email us at email@example.com.