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Frequently Asked Questions

Welcome to Baracoin, this page is intended to guide you through our most common queries on Baracoin. If you have any more questions, contact us at info@baracoin.io or use one of the social media links below.

How does our Baracoin network system work?

Baracoin will be run on the Multichain Blockchain platform allowing us to conduct fast transfers, issue multiple assets and customise the Blockchain to suit our payments model. This is supported by a custom made Application Program Interface (API) which makes it possible for everyday users to pay for goods and services and participate in other network activities.

How can we provide fast and easy payment processing?

Our Blockchain will allow clearing of transactions within one minute, with merchants’ and customers’ balances updated in real time and reflecting real world value of their holdings.

Does your coin offer any other functions besides payment of goods and services?

Yes we do. As we expand our business we will continually work to improve our service new and exciting innovations. For now however we do offer:

  • Making a Baracoin purchase with a Network merchant will earn the purchaser Baratoken.
  • The Baratoken will allow businesses to deliver loyalty programmes to customers who spend Baracoin with them.
  • The stability and the strength of the Euro allows it to function as a great saving tool.

Can any person/merchant use Baracoin?

Yes. No matter where you are in the world and whether you are a large company or a small local shop as long as you go through our quick and easy registration process. We will conduct Customer Due Diligence (CDD) to ensure our platform is not used to facilitate money laundering or terrorism.

Do merchants/persons have to have their own Baracoin wallets?

Wallets will be automatically created for the individual/ businesses once an account is created through either our website or mobile phone app.

Can any person/merchant convert his Baracoin to fiat currency?

Yes. We allow all of our customers and any business using our platform quick and easy exchange into their local fiat when needed, either pick up from a local Bara Network Merchant or transfer into a pre-chosen bank/mobile money account.

Can you explain your transaction fee?

Making a purchase on Baracoin network attracts a 0.75% fee. This is significantly lower than current transfer prices provided by other Blockchain services and traditional payment services. These will be regardless of distance or location, allowing Baracoin to be significantly cheaper than competing remittance firms. Merchants who join the Bara Network will have their transaction fees reduced to 0.25%.

Conversion of Baracoin to fiat currency for withdrawal will attract a 0.75% fee. Person to person transfers will be subject to 0.5% fees.

Users will have the option of using their Baratoken to offset the cost of transfers and withdrawals.

Users may incur fees related to transferring funds into their bank/mobile money accounts, should these 3rd party companies charge a fee for this service.

Where are you located?

We currently have offices in Dublin and Harare, through partnerships with local firms. We are looking to open our African HQ in Cape Town in Q1 2018 to serve as a platform for our large-scale expansion.

Do you have any active partnerships with any well-known businesses?

We plan serve a variety of merchants involved in different industries, whether an international conglomerate or a local shop, and we are currently in the process of establishing relationships with African merchants in order to make onboarding of these to the platform easier when we have a Beta tested product for them to test in Q1 2018, prior to full deployment in Q2 2018.

How do you plan to recruit merchants and other partners?

We will build up a base of merchants from the ground up, onboarding local and international merchants of all sizes to ensure our users have access to all goods and services they may desire and that our merchants get the most benefit they can out of being on our network. This will be led by our CSO, Joel Maweni, who has significant practical business and finance work experience in Africa, as well as authoring numerous policy papers on the continent. The process will be supported by local advisors and experts to ensure Baracoin has widespread local adoption, sensitive to all local nuances, considering the diversity on the continent.

We also have an Import/Export export unit led by our CCO, Dr Shahram Shirazi, who has experience in the field having previously coordinated numerous international multi-million pound partnerships, to onboard and support African Import/Export companies.

Who do I contact if I have a problem?

Once online will have a dedicated customer services team, available 24/7 to help with any potential queries arising from using the Baracoin service. For now, all queries can be sent to info@baracoin.io rapid response from senior members of the team.

Why should I invest in your Crowdsale?

Purchasing Baratoken at Crowdsale gives you an opportunity to invest in a token which will have widespread daily use and value across the whole of Africa. Furthermore, each year we will use 66% of revenue from transactions with non-network Merchants as well as 10% of overall transaction revenue, to buy back from the market and remove from circulation the corresponding amount of Baratoken.

How does Baratoken work?

Every transaction between Network Merchant and Consumer earns the consumer 0.1% of transaction value in Baratoken (BRT) - The amount of token to be given is based on current token value as an average of prices on 3 largest exchanges, in real time. These tokens will come from the Loyalty Token Pool. Consumers can then spend their Baratoken with Network Merchants. The fiat value of each discount will be predetermined by the Network Merchant, and so the amount of redeemed BRT will also be adjusted in real time, to match the fiat value of the discount. All redeemed BRT will re-enter the Loyalty Token Pool.

What will be your target market?

We anticipate that Baracoin will largely be used by young, and largely urban users. Through Africa's increasing youth population and the rapidly expanding of the continents population currently 5 times that of 1950, we hope to anticipate this change and growth by integrating with the market now.

Can a cashless economy succeed in Africa?

Research by our team and other experts shows that Africa is actually leading the world in terms of mobile money and payments, where, whilst only 2% of adults worldwide have a mobile money account, 12 percent in Sub-Saharan Africa have one. This already present level of understanding of mobile phone based transacting along with increasing levels of IT literacy, urbanization, increasingly young & middle-class populations, places Africa in a prime position for a cashless economy - Baracoin will bring stability, fairness and transparency to this already growing market.

How do you calculate a merchant's Uaminifu Score?

5*[(Customer Rating of Merchant/Average Customer Rating) + (Number of network tokens redeemed with merchant over past two weeks/Average number of network tokens redeemed with merchants over past two weeks) + (Number of network loyalty offers provided by merchant over past two weeks/Average number of network loyalty offers provided by merchants over past two weeks) + (How swiftly merchant deals with complaints/How swiftly the average merchant deals with complaints)]

The average Uaminifu score in our system is 5.

In the event of a successfully proven case of fraud, the merchant will be removed from the network.