A popular millennial-focused online business that has developed a huge following with its goal to not use any kind of money in exchange for products is now actually launching its own digital currency called BTZ, which stands for, “Bunz Trading Zone.” The new token is pronounced, “bits.”
Every Bunz member, of whom there are over 200,000 right now, will be getting 1000 BTZ, valued at around $10, that they will get to use on Bunz itself, along with an additional listed 25 Toronto-based stores, to purchase goods or services.
“The beautiful part about BTZ is you’re not buying this currency like a typical currency, where you have to put money in to get value. We are giving the currency to you for contributing to the network,” shares Bunz’s CEO, Sascha Mojtahedi.
BTZ is a digital currency that is derived from a bigger cryptocurrency, and it can only be utilized for certain functions within one specific program, which is Bunz.
“So let’s say I want to buy this thing from you, and I don’t have the right goods in exchange for it. You can send me BTZ in our chat platform instead, or meet up with me and use your Bunz wallet to pay for the item in BTZ,” shares Mojtahedi.
Along with the 1000 BTZ that Bunz users automatically receive just by being members, BTZ can also be earned by writing posts, sharing other people’s posts, and even by leaving comments on other members’ posts.
Mojtahedi explains, “Essentially, the more you contribute to the platform, the more you earn. BTZ is also earned by how great your items are and the quality of your items — all without exposing people to actually buying cryptocurrency.”
Bunz was initially launched in 2013 as a Facebook group by Toronto fashion design graduate, Emily Bitze, and it began as a basic marketplace to swap stuff, without using any money. An old, but lovely lamp, for instance, could be exchanged for another item of similar value. This value was actually determined by the buyer and sellers. So, it was essentially a form of online bartering.
Fast-forward to today and it appears that the site has developed greatly and now wants to enter the crypto world. Mojtahedi claims that this decision is not driven by money, saying it is purely a way to give back to the community in an important way. The company has not currently divulged any plans to launch an Initial Coin Offering for BTZ.