We are proud to present the new cryptocurrency for cyclists, by cyclists:
BikCoin is a worldwide decentralized digital cryptocurrency and payment system, which works without a central repository or single administrator. The inspiration for it came from our CX Guru Keith, who has been banking mile after mile since the idea hit home. In 2019 he sat down with our team of developers, to create a code which would collect data from your bike computer or apps to translate into BikCoin.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
What are the BikCoin units?
The unit of account of the BikCoin system is BikCoin. As of 2020, tickers used to represent it are BKC. Small amounts of BikCoin used as alternative units are milliBikCoin (mBKC) and keith — named in homage to the founder. A keith — the smallest amount within BikCoin — represents 0.00000001, one hundred millionth of a BikCoin. A milliBikCoin equals to 0.001, one thousandth of a BikCoin or 100,000 keiths.
How are they created?
BikCoins are created as a reward for a process known as mining. Different to bitcoin’s mining process which is only possible with large batteries of cooperating processors, graphics cards and other components, BKC can be mined by the collection miles and elevation meters while riding your bicycle outdoors with your bike computer or even on your indoor trainer. Essentially any cyclist can mine their own BKC. More on mining can be found here.
Each BKC, which has been mined, goes to the so-called blockchain — an information archive in which the code lines of each coin and all transactions are stored. These transactions are properly encrypted, using very complex mathematical proofs. Thanks to this we are sure that a specific BKC can be assigned only to one person at the same time. This is a guarantee that if we have a coin, then no one else in the world can have it in its portfolio — unless we send it or we are the victims of a hacker attack.
What can I get for BKC and where can I store them?
Now BKC can be exchanged for products and services. The use of BKC to exchange for other cryptocurrencies and even your own everyday cash is planned to roll out towards the end of 2020.
As of 1st of April 2020, Bikmo and our partner businesses accept payment by BikCoin. We have recently presented our own independent payment system to some of the largest cycle stores, such as Wiggler or Chain Creation Cycles, and we are in last steps of finalising the acceptance of payment by BikCoin. You can find the full list of retailers and other shops who support it here.
If you want to purchase BikCoins, you must first configure your wallet. Think of it as an application that you have in your phone/computer, which was created only for you, giving you the ability to manage BKC. Bikmo also offers the possibility to safely store your BikCoins in your profile on bikmo.com in our encrypted wallet. Simply enter your Bikmo profile and select BKC wallet in the top right corner.