BITNOB Product Teardown
BITNOB by Bitnob Technologies
Problem Validation: For individuals that find it hard to save and grow their crypto assets.
Bitnob gives people the opportunity to save with Bitcoin. Reach your savings goal and also surpass it as bitcoin could rise above expectations.
Bitnob is built for the crypto enthusiast that desires to save. A young individual that desires to save is a potential user.
Bitnob makes money from Transfer fees, Black market fees for the purchase of USDollar. Also makes money when the price of bitcoin increases.
Major Features: Wallet Plans Actions (Transactions)
The wallet consists of a few sections. USD wallet, BTC wallet. Funding the USD Wallet is quite interesting though understandable. Won't say much about this for security reasons.
Funding the BTC wallet is based on the USD wallet. Limited but also understandable.
The Action features are the regular transaction features. Receive money via an external Bitcoin address or external USDC/USDT address. Buy bitcoin, Payout, and create a virtual card (which seems not available for Nigerians)
The Plan feature is the savings section, where a user picks an amount to be saving over some time to reach a goal.
The major problem with the product is the restrictions on the type of product from the federal government of Nigeria. No fault of theirs but then they have managed to find a working way around it, FOR NOW.
Other problems are: Virtual card Withdrawing rewards from Referrals.
Suggestion A Growth Product Manager and Brand Strategist should be employed to promote and scale up the business. There is a desire for this product, but there is no solid awareness of it.
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