Money Transfer System - TransferZ (passed)

Problem statement
Last time we have faced some negative news and facts, like EXMO delisting and strong sale of coins by holders, which brought price down to 0.

We should be more active and implement new technologies, use cases etc. which can change situation to better and bring BTCZ to the rightful place between Top10 in Coinmarketcap. :wink:

Mission Statement or Vision
Many people are looking to be able to pay with crypto in shops, restaurants etc. and try to implement payment systems (like KioskZ). I think this is a big mistake and this is not applicable nowadays due to 2 main reasons:

  • People don’t want to spend their crypto when it is cheap. And the problem is that it is always not expensive enough.

  • Legislation of the most of the counties is a problem for such payments - crypto is considered as fake money.

I offer the idea, which was discussed during the Community Meeting in Rome 16-17.11.2019 – this is Money Transfer System (possible name: TransferZ), based on BTCZ blockchain. This is a real use case which is applicable today and can stay with legal grounds.

Objectives to be achieved + Preferred approach
Development of mobile application and all infrastructures to transfer fiat currencies from one recipient to another, using BTCZ blockchain.

How this should look and work:

  1. User1 and User2 install the application (IOS or Android).
  2. User1 and User2 add their bank cards to the application.
  3. User1 buys BTCZ coins with fiat money (USD, EUR etc.) and gets his BTCZ coins on his wallet. This will happen with crypto-exchange (Crex24, Stex or others).
  4. User1 sends coins to the wallet of User2 using BTCZ blockchain.
  5. User2 makes reverse exchange and gets fiat money to his bank card.

Possibly we should implement simplified mode for not advanced users (in this mode users don’t see any crypto transfers):

  1. Install application.
  2. Add cards.
  3. User1 send money.
  4. User2 receive money on his card.

Possible additional functionality, which can be added:

  1. Exchange BTC-BTCZ, ETH-BTCZ in the application.
  2. We can implement txtZ in the application in order it is possible to send money with no Internet connection.

Possible option ( IMPORTANT! ):
From the very beginning or as a next step we can consider our own “exchange” which will be used only as a gateway for these money transfers. For this we will need some liquidity with BTCZ coins (we can use VaultZ funds) and fiat currencies (we can invite investors to invest). Later on these funds will grow with transfer commissions.

Moreover, we eliminate problems 1, 2, 3 and 6 (see Clause “Risks and ways to address them” below). Money transfer system will be more fast, secure and cheap.

Benefits statement

  1. Money transfer system is intended mainly not for crypto-users, but for ordinary people, so potential market is HUGE. And users are not afraid to use their coins.

  2. We make great advertising for people who are not connected to crypto yet to make them to buy, to use, and to hold BTCZ.

  3. We can stay on legal grounds, this means real use case today .

  4. We create huge trading volumes on exchanges – no de-listings any more.

  5. Exchange rate is not important (see below why). Money transfer system can work with price 1 sat and 1000 sat – there is not big difference.

  6. We implement possibility to buy BTCZ directly by fiat. This was also discussed during the Community Meeting in Rome.

  7. This will be new “use case” for the entire crypto market and will send us to the moon. :wink: At least I don’t know about other projects like this.

Performance and progress measures
Step 1: Detailed discussion here, during the Online Meeting 07.04.2020 and afterwards.

Step 2: If this idea with TransferZ is supported and acknowledged to be feasible, to prepare new Roadmap and detailed plan of realization.

Other steps should be determined in the Roadmap.

Risks and ways to address them

  1. Since we work with exchanges, existing price spread 1 and 2 sats is not suitable, because we will have 50% commission rate. Here we need decimal Satoshi (like Crex24) and better to go with price above 10 sat. This will give minimum commission for money transfer.

  2. We should reach agreements with exchanges about lower commissions for input and output transactions, as well as exchange commissions to get the lowest transfer commissions possible.

  3. We should do something with a number of network confirmations required by exchanges. Waiting 100 confirmations, which many exchanges require, is not suitable.

  4. This is a limited functionality of the money transmission system (because you can work only with bank cards) but this is a good start. Later on we can think about working with cash, joining other projects, including not-crypto projects with offline offices.

  5. Network security. BTCZ network security is essential. We can easily be attacked with very low costs. We need to implement masternodes. This is in contradiction with the White Paper, but we can establish no payments for the masternodes or low payments. If we have a goal I’m sure the BTCZ community will support.

  6. We need no KYC with exchanges. Some of them ask it.

  7. It is necessary to calculate what will our money transfer commission. Possibly we won’t be competitive.

  8. We will need a lot of money for development and advertising. Moreover, we will need some money on regular base for the support issues. Potentially we have investors, who are ready to pay, but we need to develop a plan and to reach an agreement.

Cost estimates and funding sources
Costs should be estimated additionally, because I don’t have enough expertise in programming and marketing to evaluate them.

Definitely we shouldn’t have even to start until we have financing of this idea, including financing for development and marketing.

But there is a chance with a group of investors, who invested a lot in BTCZ previously, including paying for listing at EXMO.

  • Yes
  • No

0 voters


Marcelus could not attend the meeting, the 7 so we moved to Saturday 11.

Btcz- fiat is a solution. I m Happy to talk about it in the online meeting


Your approach is definitely good. It could really add an instant use case at least for borderless funds sending.
I would gladly upvote and support any try for something like this.

However I think that we could have some issues like the fiat money deposit/ management in the app.
I fear that something like that requires a special permission to act as a financial institution, something that could be very difficult to acquire as a Community coin and not a company.

Otherwise , all the other problems like closing some deals with no KYC exchanges like Safetrade and taking measures for offering the required liquidity with VaultZ or reducing block time and implementing masternodes for extra safety can all be done with a hard working dev team.


I agree that fiat money deposit / withdraw can be a problem, yes.
I see 2 possible solutions:

  1. We reach agreement with one or more exchanges and use their service. But this will bring some more drawbacks like longer processing time and higher transfer rates.
  2. We organize our own BTCZ-fiat conversion gateway, if this is possible due to legislation. Here we need to carry out some research.
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? I don’t transfer fiat anywhere, however, there are people that do use, western union, etc to transfer money.

Could this be an app that companies like western union could use instead of their internal software, to keep their FIAT balance sheet on the BTCz block-chain and when they use the app “TransferZ” it’s costs BTCz to log the send amount on their FIAT ledger?

Makes a use case for them to buy BTCz for internal use.
They can worry about the FIAT?

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I’m not sure that I 100% understood you. But I think that companies like Western Union, Unistream etc will not use BTCZ blockchain because this is third-party technology for them which they don’t control. From the other side they already have internal money transfer technologies which are very secure and fast.
However we can develop our own app and in case we use our own conversion fiat-btcz gateway, we can be very competitive in terms of transfer rates. In our case, cost of transaction will depend only on costs of maintenance of the gateway + possible taxes etc in case we have to register as a banking company or smth like this.
I mean that big money transfer companies like Western Union bear a lot of expenses for offline offices and wages. In case of TransferZ expenses should be much lower, unless we stay only online.
My personal opinion is that we should find investors (we have some ideas here) who will establish and own the money transfer company and will get transfer commission and also currencies exchange operations commissions to them.
For BTCZ holders the benefit will be growing of cost of their coins.


do you have any idea how to do it?

There are only two possible solutions:

  1. Centralize into a companyand we do it (like changelly)
  2. Create a peer-to-peer exchange (like localbitcoins)

first we figure out what we want to do and then we think about how much money is needed

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I have made a flow spread sheet from the original idea
Please let me know if this is what the process might look like?

Also I like the local bitcoins idea


I still don’t understand. and I can’t see a practical example. Why should I use btcz? Because I don’t have to use western Union or others, the answer is the commission. Okay but how it works. example today I want to send 100 usd in Russia to a friend. I give the money to greyfox in Rome, and kirill give the money to my friend in Russia… But why does GreyFox have to send btcz to kirill that now can’t even sell them on the Exchange… Better that greyfox send by bank transfer or PayPal (send by friends and family not pay commission)


Hey, are you willing to present your idea during presentation and have 1-2 slides on it? If yes, please dm me.

The Idea seems to be good in a way but shouldn’t we wait to have a real customer trust and market cap for it ?
Because for what it is some people would never buy BtcZ because of being afraid to sell them after.

Nowadays people carry a lot about their money.

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Well its passed the vote lets say barely.
Avarage votes counted during proposals around 30-40 votes.
So basically 17 its half.
If we look it from the sight of Community 17 - thousands of holders its low.
Anyways this is a technology so a coder is in need for it i guess.

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