Rimbit vs Bitcoin

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Category: Rimbit News

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Like many people that are jumping onto the Bitcoin wagon, we too left it a bit too late and Bitcoin prices have skyrocketed to prices that many cannot afford. With such a big financial risk as Bitcoin fluctuates wildly, we personally cannot justify the investment expense!

We had originally planned on setting up Rimbit as a secure Bitcoin wallet, but the deeper we looked into the code and even wrote a wallet for the code, we discovered some alarming issues that meant that we could not justify launching our version of the Bitcoin wallet. So instead we took another look at the main issues surrounding Bitcoin and decided that mining is based on outside parties creating hardware to mine coins and secondly, the hardware was super expensive and only had a short window in which you could get some Return on Investment, that it just didn't seem feasible. For instance, when you purchase a $5000 Bitcoin mining rig, you first have to mine coins to cover the cost of the mining rig and then whats left over is yours to keep. As the time-frames to make a profit is short 2-3 months, then it became a bad investment choice.

So we decided to setup a crowd-funding project to build a new Crypto Currency, that did not need to be mined and secondly, would be 100% in the hands of consumers within a year, as opposed to Bitcoin that will be out to the public in 100 years.

Then we decided that instead of mining, we would offer Interest on Rimbit Wallets so that people holding wallets could earn from them and this is what is called Minting!

Minting Rimbit is based on an algorithm set inside the code that randomly creates new Rimbit and issues them out Randomly to the Network and anyone holding a Rimbit Wallet and sharing just a small amount of processing power to keep the network alive, by leaving their wallets open, would then be eligible to mint the Rimbit, based on luck, rather than who has the fastest machine. Essentially it equals out so that everyone gets interest rate, based on the coin age etc.

We have a forum that you can discuss rimbit further and to also allow you to meet like-minded Rimbit users who can help you with issues and even suggest ways to gain more Rimbit as a merchant, selling your good and or services.

Rimbit is the right way forward and we appreciate what Bitcoin has done... We have just done it better!

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