Frequently Asked Questions
TIBADO is a digital currency system that emulates digital coins that act much like real cash but comes in the form of a digital file not plastic/paper notes and metal coins.
We have two digital cash heavyweights Dr. David Everett and Tim Jones CBE. With the certainty of digital cash being a significant move forward within the payments industry, they set-up and wholly own the private UK company TIBADO Ltd.
They then founded and developed TIBADO, a patented application with a public API to make the application flexible to work with licensed parties in implementing their own products to market.
With TIBADO emulating physical cash, the only difference being is the form of the money, which is defined as a coin stored in your mobile pocket on your mobile device.
Your mobile pocket has the sole purpose of managing your coins which are unique and can only be spent once. Once your mobile pocket is installed through either Google Play or the App Store, it’s a simple request to spend your coins.
When using TIBADO, you simply pay in or pay out coins to each other which are just transferred from mobile pocket to pocket. As the TIBADO is in the form of an image, this can be communicated through any social media channel or messaging carrier like email or Whatsapp without any payment intermediaries.
With its flexible and simple application, TIBADO is totally managed by the user and as each one has its own unique identity, once updated, anything previously held will no longer hold value.
In some instances, you may want to pay someone with a different value that you don’t have in your mobile pocket. This is done by splitting or merging the TIBADO coin to the required amount as long as it is lower than what was originally in your mobile pocket.
TIBADO Ltd holds and owns the core Intellectual Property (IP) and this can be made available in the form of a non-exclusive license which will then allow the licensee to implement and brand the TIBADO IP to their own exclusive product or system.
TIBADO is different to Bitcoin due to their different currency appliances. Bitcoin being a cryptocurrency is distributed amongst a community through a blockchain and the value of the coins can be variable.
TIBADO represents a fiat currency and has its own single centralised ledger which is very similar to how a bank works with real money.
The only similarity between TIBADO and Bitcoin is that they both work in a digital format.
Payment systems like PayPal, Snapcash, Apple Pay and Pingit are very different to TIBADO in the fact that they are all various forms of payment systems which are linked to user’s bank accounts. Whereas TIBADO is not linked to any form of account it is just like having physical cash in your pocket but on your mobile device.
With online spending and social pressures continually changing, the requirement for a more flexible, non-committed and simpler way of using cash online has been approached with the development of TIBADO.
Anyone can use TIBADO be it for personal or merchant use in the form of P2P payments; online micropayments; in-app purchases; media and game industry; the under-banked and community groups.
This is undertaken by the originator (central bank) who issues the digital cash to a group of agents who then distribute amongst the merchants and consumers.
TIBADO is like using cash and it is immediate.
TIBADO offers privacy and does not require any personal details or registration.
TIBADO offers value and has no transaction fees unlike conventional payment systems.
TIBADO offers complete control what you do with your digital cash.
TIBADO can be used for online micropayments.
TIBADO coins are purchased from an agent that could be a bank, shop or even the local garage.
TIBADO can be used on all mobile devices where a transaction setup is made very simple for you.
TIBADO coins are supplied as an image so this can be saved anywhere and used at will by the user through social media, email or messaging communication channels.
You can even print out TIBADO coins that can be read and added to the receiver’s mobile pocket. TIBADO coins can also be swapped, split or merged to accommodate the user’s/receiver’s requirements.
TIBADO keeps a ledger of all used and non-used coins, so in the case of a device crashing and losing all its data, there is a backup that can be accessed.
TIBADO represents a fiat collateralised national currency and is subject to all the relevant laws that are applicable within each country where it will be used.
TIBADO is not involved with individual transactions which avoids transaction fees and relies on the users to validate the transactions they make which is the same as for physical cash.
TIBADO is designed for digital cash payments of small value particularly micro payments and includes controls that limit the maximum size of a transaction.
TIBADO coins are manufactured into the economy by an originator (central bank) and then issued to agents who will distribute TIBADO coins to consumers or merchants.
TIBADO has a live database. It keeps a record of all unspent coins and with the application of cryptographic security each coin is allocated its own identity to avoid duplication issues.
If you wish to cash in your TIBADO coins, there will be a small charge issued by the Agent.
There is no limit on the amount of TIBADO coins that you can buy or send.
TIBADO will not charge transaction fees between users but it has been envisaged that fees could be applied when buying TIBADO coins or cashing out.