Safcoin Scam? Is Safcoin Legit? The Safcoin Story told by founder Neil Ferreira
By admin• February 28, 2019
The Safcoin Story
It is 2017, winter in South Africa, and we are 2 brothers and a wife discussing our current South African E-Commerce business. Some great topics come up. Then the concept arises, let’s create an African crypto, just an idea? Right? These 5 words will later take over our lives in terms of time, energy and savings.
After sleeping on the thought we turned the idea into planning. “Let’s do this, let’s take on the world and create an Africa-focused cryptocurrency, combine it with e-commerce and build use-cases - a powerful combination.”
With the blockchain world literally smashing into the scene in South Africa the writing was on the wall.
Entering a new world of blockchain we knew we were in for plenty of obstacles, ready to learn several lessons, with infinite determination a MUST.
"If you see an opportunity, you grab it, and then you learn how to do it."
After planning and research, and more planning and research, oh yes and some more planning and research we started our development.
Then came the coffee and testing, more coffee and more testing and extremely little sleep. In between being fathers, husbands, a mom, and a wife, we just had to magically create the time and energy for this project to start rolling its big heavyweight wheel. Ideas don't come out fully formed, they only become clear as you work on them. You just have to get started.
The Patriotic ICO.
We launched the Safcoin ICO (Initial Coin Offering), an exclusive South African ICO where we only accepted South African Fiat (ZAR) as payments for tokens and not any Bitcoins. This raised eyebrows all over the country as it is completely different and new to offer exclusivity, AND to offer an ICO without Bitcoin. How else could we offer exclusivity to our people, our country other than eliminating Bitcoin payments and excluding the international investors? And why not?
We planned to offer our ICO exclusively to South Africans, so we did.
Safcoin tokens were created on Ethereum by means of smart contract and were non-transferable, which will be burnt after the ICO. Half of the crypto coins will be pre-mined and ICO investors will receive a full SAFcoin in their wallet for each token bought. Simple concept, that worked!
Now the taste of an ICO post 2017 did not go off that well… you know ALL ICO’s are scams? Right? This is too good to be true, it MUST be a scam! 86% of ICO’s don’t even list and 10% make it. Safcoin must be a scam.
It was never going to be a walk in the park being a new kid on the block, especially in a highly financially tensed government like South Africa with the negativity surrounding the media caused by previous ICO Scams.
After all, the harder the conflict, the greater the triumph.
So we were labelled as a scam by some “(not so) crypto savvy” bloggers preying on spreading negativity online, but who can blame them when it is all happening so fast? How can 3 self-employed entrepreneurs fund this project themselves? Who is the team? Who is the international company behind this? Where are the offices? Where’s their Twitter account?
We were like, everything in life once had a starting point, why can’t you let us enjoy ours?
Maybe this is a mojo action from bloggers, and they prey on fresh things to complain about online, after all, complaint websites in South Africa are the leading websites in SA. So, calling 100 start-ups a scam and being right with some of them really boosts the ego? I don’t know, I am not a blogger, but I know a selection of people in South Africa and boy can they be negative.
Even some shocking business ethics from an established South African crypto exchange, seeing us as a threat started spreading the “warning” about us. I won’t mention the company, but it saddened me to see how they tried to stop us from succeeding and launching.
Here we are trying to make Africa better for all, while others are breathing into our necks trying to break us down so they can succeed and catch a ride on our site traffic. Not nice.
So after some more long nights, more tiring days and the odd sleep here and there, we started gaining momentum with the ICO.
We opened our 1st offices, got a call centre going, and quietly started to prove our commitment towards our plan (whitepaper).
The ICO successfully ended on 31 October 2018
I can respect any person that puts their ego aside and say, "I made a mistake, I apologize and I am correcting the behaviour."
The Safcoin Launch
The only place success comes before work is in the dictionary.
While our ICO was having fun online, in the news, on TV, blogging sites, Twitter, Facebook etc. etc. there were pungent decisions to be made, combined with intense software development, security audits, algorithms, coin testing, mining testnet, applications, integrations etc. to be done for the launch. Ever wonder how you receive that OTP, the email verification, the KYC uploads, the tokens to coins migration, the exchange executions on blockchain, the password forget, the automated withdrawals, the card deposits, the wallet hacking security, the real-time experience, done in no time to waste?
All God’s will, we magically did it.
The best prize is a surprize.
And guess what? We did not run away to a secluded island with ICO money as predicted by the scam bloggers and that “friendly” crypto exchange. Oh no we decided to stay in sunny SA, take our hard work forward and make this thing happen. After all this is our lives we are playing with here.
There’s a new kid on the block of chains and it is called SAFCOIN.
It is 13 December 2018 and it feels like a lifetime since we had “the idea” planted, which is now rooted in a new world called The Blockchain. Safcoin, the crypto by South Africans for Africa is live.
Safcoin ZAR Exchange
Safcoin exchange is a P2P, Safcoin to ZAR, Bitcoin to ZAR exchange where trading can take place for South Africans. Liquidity for Safcoin comes from this exchange.
Listing on other South African exchanges will be done with an API integration. The API is still in development and will be ready for testing in Q4 this year. We have been approached by existing and new exchanges who will look into listing Safcoin on their exchange. More info will follow as soon as this feature is launched.
Safcoin USD Exchange
We are ready for Africa! The international exchange is here. The USD exchange will enable the rest of African countries to trade with each other using a P2P method. Safcoin/USD and Bitcoin/USD trading can be done. All African countries will be able to deposit Fiat (USD) into our Africa bank accounts across various countries such as Botswana, Zimbabwe, Zambia, Malawi, Mozambique, Uganda, Mauritius or with our direct card deposit merchant account.
South Africans will be able to switch currency in their profiles and trade on the USD exchange as well. The wallet will have USD and ZAR and you will be able to interchange the USD/ZAR wallets. The Safcoin liquidity will be combined between the 2 exchange volumes.
An API for the USD exchange is also on the way to enable Safcoin listing on other USD exchange in Africa.
Now that the exchange is running smoothly, and the liquidity is looking after itself comes the use-cases. What will I be able to do with my Safcoin?
This is where our combined 3 decades of experience in e-commerce and development comes into play. Now we’re really starting to gain momentum, this is our game!
The whole idea around Safcoin is to eliminate the middleman when it comes to online trading so the first thing we need to do to achieve this is build our own payment gateway. Things are getting exciting. Really, can we have our very own crypto payment gateway? Well absolutely. Let’s do it!
The Safcoin crypto payment gateway was built and will be launched during Q3 2019. It will enable e-commerce business to accept Safcoin at 0% fees and Bitcoin at 1% compared to fiat gateways’ 4-5%
The Safcoin marketplace is well on its way which will bring together business, services, retailers, ex- and importers across Africa.
The ZERO FEE mission
As mentioned before, Safcoin was created to be as low on fees as possible. We will be implementing a zero-fee structure for e-commerce merchants, and zero fees for sending/receiving Safcoin.
Yes, zero-fee mission!
Because crypto should be as free to use as possible.
Where will we make money?
Trading on exchanges have fees, withdrawing Fiat has fees, Depositing Fiat has fees, Bitcoin payment through our e-commerce crypto gateway has fees, instant buy has fees.
Safcoin Rewards system
The Safcoin rewards system will be distributed into the retail and e-commerce sector which will give consumers Safcoin rewards. The rewards come from our pre-mined coins budget. We will be rolling out our first rewards project at Hartenbos Seefront Mall, Western Cape South Africa, after which we will branch out online and into other African countries. The idea behind the rewards is to get more African shoppers involved in crypto and to help small businesses across the continent compete against the bigger business loyalty rewards systems.
Small businesses do not have the funds and the logistics to compete against the bigger franchise market leaders. Safcoin rewards will change this.
And that's the start-up story for now, surely we will add to this as we progress further. Hope you enjoyed the read, till next time.
There's no gold that shines like your own! Happy trading!
...to be continued.