The birth of ‘bilur’, the physically-supported cryptocurrency

The slow recovery from the financial crisis that took place in 2008 in the US and the fiscal voracity of governments, cleared the path for the boom of cryptocurrencies. Standing out from the overwhelming amount of cryptocurrencies, appears bilur, a cryptocurrency with a unique value proposition.

Since 1971, when president Nixon abandoned the gold standard, the world has been operating with a money system called fiat. Which is based on the trust of the community and the promise of payment by the money-issuing entity. Fiat money is nothing more than a fiscal certificate; without it, it would have no value whatsoever. This system, in which banks create money through loans, tends to cause inflation, financial bubbles and  government debts that are impossible to pay.

Several crisis took place worldwide. As an alternative to the collapsed system, in 2009, bitcoin was born. Together with the rest of the cryptocurrencies born thereafter, it represents the rejection towards the manipulation of fiat currencies in the hands of governments and central banks.

Cryptocurrencies rely on blockchain, a technology that allows information to be decentralized, as a consequence, the power is shared by all the users of the system, in a way that none of them can exert it unilaterally. This implies a paradigm swift, information belongs to everyone and power to no one.

In line with the concept of information decentralization, one of blockchain’s main principles is Distributed Ledger Technology (DLT), this means that there no longer is a unique document, held by a sole agent (bank, government, etc.), where all transactions are booked, but a copy of the document for each user; each user keeps a copy of the ledger. This brings significant advantages: with a central agent no longer being necessary, the system gets more transparency and becomes fairer. Additionally, transactions are executed faster, costs are reduced and security is largely improved since there no longer is one central document subject to manipulation, but as many copies as users in the system.

One of the main issues preventing cryptocurrency mass adoption is the price volatility. All of the main cryptocurrencies have experienced huge price swings, which can cause mistrust between users and investors. And that is where bilur stands out thanks to its unique value proposition.

Bilur is backed up by energy commodities, which means that its price is based on stored physical energy and not mere speculation. One bilur equals one ton of oil equivalent (around 6.5 barrels). It is traded through the bilurmarket platform and it has no transaction fees, just a minimal maintenance cost.

Bilur was created as an alternative for users who are suspicious of the large price fluctuations of cyrptocurrencies and also for small investors who up to now could not access the energy market. To illustrate bilur’s possibilities, users who bought bilur on May 9th, took advantage of the oil price increase and sold on May 17th at an 8% profit!