new currency to rival bitcoin

GENEVA: A new virtual currency launched on Tuesday (May 2) aims to rival industry leader bitcoin by pegging its value to hard oil assets, a first in the rapidly growing digital money sector.

The currency called “bilur” and created by London-based financial services company R Fintech uses the technology pioneered by bitcoin, while trying to offer an alternative for those weary of the wild fluctuations that have plagued digital currencies.

“This is the first crypto-currency with a real value”, R Fintech Ignacio M. Ozcariz chief executive told reporters in Geneva.

To start, the company has valued 1 bilur as equivalent to 6.5 barrels of Brent crude oil, making it an asset worth US$356 (€326).

Texas-based oil company Hockley has initially set aside 1 million barrels of crude as collateral to underpin the currency but has told R Fintech it can ramp up if bilur becomes popular.

Like bitcoin, bilur is run with so-called blockchain technology, where encrypted digital coins are created by supercomputers, regulated and controlled by a community of users who try to guard against counterfeiting.

Bitcoin was the world’s top performing currency in 2016 and continues to hover around record highs of US$1400, after being worth just a few cents when it launched in 2009.

It has appealed to those interested in bank-free transactions and to money not controlled by a government or central bank.

But detractors have suggested that bitcoin could ultimately be undermined by its volatility, noting that the currency dramatically lost 75 per cent of its value in 2013.

Bilur is targeting those who like aspects of virtual currency trading but would prefer funds supported by a fixed asset – similar to a gold standard for traditional currencies.

“We’re still a crypto-currency, we’re just backing it up with a real physical thing”, said Usama al Ali, an IT specialist at R Fintech.

With the project in its infancy, there are no merchants accepting bilur as a valid form of payment.

Bitcoin is in contrast increasingly accepted by merchants worldwide.

R Fintech said it aims to make money through a small management fee, charging bilur holders roughly three per cent per year.

The name “bilur” is the Basque language word for “chain”, a nod to blockchain technology, the company said.

Source: AFP/ec

 

Bilur, The New Way to Invest in Family’s Heritage or Companies Worldwide

by Dani Gas · April 27, 2017

bilur-768x597

In these times of great uncertainty as to Fiat money yields, placed in the traditional financial systems, where banks do not offer returns, it is a feat to ensure that these resources do not lose value over time, so it is necessary to find the Protection of family and business assets.

Therefore, when there are monetary surpluses in an economy full of possibilities, for the small, medium and large investor looking to put funds into fiat money, it is quite an odyssey and sometimes an arduous task to find the best returns, for financial resources Few of the family and businesses. From this perspective and with the new technologies of information and communication it is possible with a Clip, to find the closest to perfection in terms of a safe investment, now it is possible in these times to achieve the dream investment.

For this reason, a digital currency arises, bilur; Is a digital currency based on a peer-to-peer consensual network, which allows for a completely decentralized new monetary system. Bilur, by definition, is backed by units of stored energy, meaning that the bilur value is given by energy raw materials such as oil. In other words, one bilur is equivalent to one ton of oil equivalent (TOE), which in turn is equivalent to approximately 11.6 MWh of energy. To trade from bilur to dollars, the daily quotation of “Date Brent” provided by Standard & Poor’s Platts is used as follows:

1 bilur = TOE.

1TOE = 6.48 barrels of oil

1 barrel = USD 52.91 (quote from Standard & Poor’s Platts April 19, 2017).

Then, 1 bil = 6.48 barrels x USD 52, 91 = USD 342.86

How does bilur work? Bilur uses the Distributed Ledger Technology, DLT (Blockchain Technology) with more powerful mechanisms of Proof-of-Stake and Encryption than those that currently support bitcoin.

The question arises Why use bilur?

Bilur has real value because it is backed by raw materials.

Bilur is a safe investment. It is a refuge value in times of crisis

Bilur is independent. It has not been created by any financial institution.

Bilur has no transaction costs, there is only a small maintenance cost of 0.01% per day

Bilur is combinable with other financial products and strategies:

Bilur uses the technology of the future (Blockchain, DLT), but that future is here!

Starting to buy and sell bilur is as simple as creating an account on the website, bilurmarket.com. The management is simple and the bilur team is always ready to resolve any concerns that may arise.

Likewise, what can you do with Bilur ?, you can “Buy” “Sell” “Transfer”. Exactly the same thing you can do with your fiat money.

Seeing all the benefits and the real support of this new digital currency, we were able to make a brief interview with the executive; Agustín Muñoz, COO of the company.

1) How much is the minimum and maximum that can be acquired?

Since our goal is to bring the energy market closer to all types of investors, the minimum is only USD 100 and there is no cap.

2) Which currencies or fiat currencies are accepted for purchase?

The bank transfer to buy bilur can be made in any currency, then the bank will convert it to USD.

3) Is the purchase made through a bank, which banks?

The person who wants to buy bilur can make the bank transfer from any bank in which he has an account, the destination account of the company is currently from Santander.

4) Is there a possibility that this digital currency can be purchased from Latin America?

Yes, it can be bought from anywhere in the world, as long as local legislation allows for transfers abroad and the local currency can be traded into USD.

5) Does the information say that whoever supports the digital currency is oil, where and what company has those reserves ?

R Fintech PLC is the company that, directly or through its subsidiaries, makes oil contracts with world-class oil companies to acquire the necessary oil reserves and then issue bilur.

6) Is it possible to exchange the bilur, with other digital funds or currencies, which are accepted and which are not?

There is no exchange, so the dollar is changed to USD when the investor wants to sell it is sold (and then you can ask your bank to convert the USD to the local currency you want). We are evaluating the needs and feedback of bilur owners and we may implement new means of payment in the future, so that a user can buy bilurs for example with bitcoins.

7) When the sale begins and the initial price, it is said that it is based on the barrel of oil, what companies are endorsing it and its Mercantile Registry ?

It uses the oil price (Dated Brent) published daily by Standard & Poor’s Platts.

8) How can the coin be mined?

There is no mining because bilurs are issued when an oil contract is signed. R Fintech PLC buys a certain quantity of barrels of oil and then issues the corresponding amount of bilur in accordance with the formula set out above.

9) Are there exchanges that work with that currency?

For the moment, given the unique nature of bilur, it is not found in any exchange.

Bilur is not only a great opportunity for the investor, but also presents opportunities for those who seek to protect their savings from the deflations of their fiat currencies, and for those who wish to use it as a medium of exchange since bilur transfers are free and unlimited

In summary: there are great possibilities to make the investments that you have to consider, what is lacking is financial education, this can be a good opportunity, lack the layout and the corresponding study.

Reference: bilurmarket.com

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

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New virtual currency tied to oil takes aim at bitcoin

AFP

| May 2, 2017

bilur2

The company has valued 1 bilur as equivalent to 6.5 barrels of brent crude oil, making it an asset worth US$356 (326 euros).

GENEVA: A new virtual currency launched Tuesday aims to rival industry leader bitcoin by pegging its value to hard oil assets, a first in the rapidly growing digital money sector.

The currency called “bilur” and created by London-based financial services company R Fintech uses the technology pioneered by bitcoin, while trying to offer an alternative for those weary of the wild fluctuations that have plagued digital currencies.

“This is the first crypto-currency with a real value”, R Fintech Ignacio M. Ozcariz chief executive told reporters in Geneva.

To start, the company has valued 1 bilur as equivalent to 6.5 barrels of brent crude oil, making it an asset worth $356 (326 euros).

Texas-based oil company Hockley has initially set aside 1 million barrels of crude as collateral to underpin the currency but has told R Fintech it can ramp up if bilur becomes popular.

Like bitcoin, bilur is run with so-called blockchain technology, where encrypted digital coins are created by supercomputers, regulated and controlled by a community of users who try to guard against counterfeiting.

Bitcoin was the world’s top performing currency in 2016 and continues to hover around record highs of $1400, after being worth just a few cents when it launched in 2009.

It has appealed to those interested in bank-free transactions and to money not controlled by a government or central bank.

But detractors have suggested that bitcoin could ultimately be undermined by its volatility, noting that the currency dramatically lost 75 percent of its value in 2013.

Bilur is targeting those who like aspects of virtual currency trading but would prefer funds supported by a fixed asset — similar to a gold standard for traditional currencies.

“We’re still a crypto-currency, we’re just backing it up with a real physical thing”, said Usama al Ali, an IT specialist at R Fintech.

With the project in its infancy, there are no merchants accepting bilur as a valid form of payment.

Bitcoin is in contrast increasingly accepted by merchants worldwide.

R Fintech said it aims to make money through a small management fee, charging bilur holders roughly three percent per year.

The name “bilur” is the Basque language word for “chain”, a nod to blockchain technology, the company said.