Frequently Asked Questions
TIBADO is a micropayment system which uses electronic coins that act like real cash but comes in the form of a digital file not plastic/paper notes and metal coins. Just like cash there are no payment intermediaries and no transaction fees.
We have two digital cash heavyweights Dr. David Everett and Tim Jones CBE. With the vision of providing the properties of physical cash in an electronic environment, they set-up TIBADO Ltd as the legal vehicle to achieve that mission.
TIBADO emulates physical cash, the only difference being is the form of the money, which is an electronic coin that can be stored in a mobile pocket app on your mobile device.
Your mobile pocket has the sole purpose of managing your coins which are unique and can only be spent once. Your mobile pocket is installed through either Google Play or the App Store, it’s then a simple request to spend your coins.
When using TIBADO, you simply choose the coin you want to send which is then taken out of your mobile pocket. As the coin is in the form of an image, this can be communicated to the other person through any social media channel or messaging carrier like email or WhatsApp all without any payment intermediaries.
With its flexible and simple application TIBADO coins are totally managed by the users.
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 proprietary currency.
Bitcoin is a cryptocurrency based on a blockchain transaction ledger, TIBADO is based on an Autonomous Finite State Machine (AFSM) which controls a live coin ledger. The transactions are not known to the cash box which means there are no transaction fees and the user’s privacy is preserved.
TIBADO represents a national currency (e.g. £, $,Yen, etc) and each currency has its own live coin data base and cash box.
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 that they are all various forms of payment systems which are linked to the user’s financial accounts. TIBADO is not linked to any form of account, you hold the coins, 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 currency originator who issues the digital cash to the users (content providers, merchants and consumers) through a group of agents.
TIBADO doesn’t charge transaction fees unlike conventional payment systems.
TIBADO is like using cash and it is immediate.
TIBADO offers privacy and does not require any personal details or registration.
TIBADO offers complete control with how you use your digital cash.
TIBADO provides a micropayments solution.
TIBADO coins are purchased from an agent (see website for a list of agents).
TIBADO can be used through any existing web application or social media connection.
TIBADO coins are supplied as an image so a payment can be made by sending this image from the payer to the payee by any available communication method.
You can even print out TIBADO coins that can be read and added to the receiver’s mobile pocket.
The TIBADO app on your mobile device keeps a secure back-up in the cloud that can be recovered in the event of a broken or missing phone.
TIBADO represents a 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 micropayments and includes controls that limit the maximum size of a transaction.
TIBADO coins are distributed by the originator (of that currency) and then issued to agents who will distribute TIBADO coins to consumers or merchants.
TIBADO has a live coin database. It keeps a record of all unspent coins protected by the application of cryptographic techniques to avoid modification or double spending issues.
If you wish to cash in your TIBADO coins, there will be a small charge issued by the Agent.
There is a maximum coin value set by the currency originator. TIBADO is not a speculative currency but is backed by the national currency it represents. The TIBADO system is optimised for low value cash like payments and particularly micropayments.
TIBADO will not charge transaction fees but the agent will charge a small fee for cashing out of the TIBADO currency.