A BRITISH ‘crypto-bike’ firm is launching cryptocurrency classes to help riders take advantage of the blockchain

Founder and CEO of 50cycles Scott Snaith says he is aware of the fact that not everyone is completely understands the confusing world of cryptocurrency. This is why he and his team have vowed to give current customers, and everyone who buys a TOBA bike, the expertise they need to make it in the world of Bitcoin, Ethereum and Ripple, by offering classes.

“The classes are aimed at customers that want to learn a little bit more about the crypto space and also any owner of our new brand TOBA electric bike. It is likely many of them will not be familiar with with digital assets before they jump on board and start earning their own.” Said Scott Snaith. “We hope these classes with give our customers an insight in to what will be the future economy — a digital age that is just around the corner, as well as getting to grips with the TOBA electric bike.”

The lessons will be available free of charge to anyone who pre-orders a TOBA bike, and will cover the basics of safely buying, selling and storing digital currency.

Once customers get riding, coins can be redeemed across a number of brands and stores, or traded for popular digital tokens such as Litecoin, Bitcoin, XEM and Digibytes.

Snaith says the ebike essentially acts as a mobile ‘crypto miner’ – mining being the process used to release digital currency. But instead of being dished-out automatically, Bitcoin and other similar cryptos have to be unlocked by completing complex mathematical equations.

Here each turn of the TOBA bike’s wheel will unlock new tokens.

And the TOBA, which costs £2,595 to buy, is also an electrically-powered bike – featuring an electric motor used to add a boost to human pedal power, making it much easier to cover big distances.

Snaith explains: “This is not only the first electric bike of its kind, but it will be the first product ever to be tokenised and which will issue rewards for use. “As soon as they start pedaling, riders will be on the way to producing cryptocurrency — and every 1,000 miles should be enough to unlock a set amount to the equivalent of around £20, giving each of our customers an incentive to get on their bikes.

Keen cyclists in the UK regularly cover around 4,000 to 5,000 miles a year, through a mix of commuting and leisure rides. “It is a way of rewarding our customers and riders who are fully-committed to green transportation.”Snaith adds: “We have always been a company that moves ahead of the times by embracing the latest technology.

 “Just like we saw the potential in electric bikes in Tokyo 15 years ago, we now see the promise and future in blockchain technology, cryptocurrency and product tokenisation.”

Snaith’s 50cycles is one of an increasing number of businesses to spot the potential in cryptocurrency.

Meanwhile ebikes are experiencing a popularity surge in the UK. According to the latest stats from HMRC, released last month, imports of ebikes have jumped from 50,000 to 62,500 in the last year alone. Ebikes accounted for just 5 per cent of the UK bike market in 2015, but that accelerated to 12 per cent in 2016. More recently, Halfords described a 220 per cent e-bike sales increase in 2017. In 2015, 1.2 million were sold in Europe, and it is estimated that this number will triple in 2022.

Snaith adds: “Getting back on two wheels in adulthood can be a fairly daunting experience, but it needn’t be with an ebike. They act as a gateway to riding and for exercising in general.“We should do all we can to make it an enjoyable and safe form of transport.”

• A BRITISH ‘crypto-bike’ firm is launching cryptocurrency classes to help riders take advantage of the blockchain – September 25, 2018
• Type 2 Diabetes Epidemic in India Combated with use of Blockchain – September 25, 2018
• Asset Holders Reassured by NEM After Zaif Exchange Security Incident – September 25, 2018
• Pre-registration starts for Mossland’s Virtual Property Auction Game – September 20, 2018
• Semiconductor Industry Most Bullish About Adopting Blockchain according to Accenture Report Finds – September 20, 2018
• Alpha Version of Blokusign Released by Sagewise, First Gmail-Integrated Blockchain-Powered Electronic Signature Tool – September 19, 2018
• Launched by Oneiro, ndau, Globally the First Coin Optimized for Long-term Store of Value – September 19, 2018
• Firms on board with leading digital asset exchange technology provider to launch cryptocurrency benchmarks and Smart Baskets – September 18, 2018
• Firms on board with leading digital asset exchange technology provider to launch cryptocurrency benchmarks and smart baskets – September 18, 2018
• Trust Square expanding to become world’s largest blockchain hub – September 17, 2018
• New way to create return from Crowd Machine compute tokens – September 17, 2018
• ETC has been integrated due to UTRUST partnering with ETCDEV. – September 15, 2018
• Two large scale Blockchain facilities opened by Etix blockchain in Iceland. – September 14, 2018
• Blockchain capabilities upgraded by Waves platform – September 14, 2018
• Innovative blockchain partnership kicked off between Paris Saint-Germain and Socios.com – September 14, 2018
• Cryptocurrency app breaks milestone-downloaded a million times – September 12, 2018
• Liquid, a new crypto platform with access to worldwide crypto exchanges is unveiled by Quoine – September 12, 2018
• Best-in-Class Marketplace for Blockchain Companies and Service Providers launched by Cointopia – September 6, 2018
• Alliance between Fidelity & Blockchain Start-up Building Block REIT – September 6, 2018
• High profile ICO funded company Polybius first to publish audited annual financial reports – September 4, 2018

View All Articles