What’s the first thing that springs to mind when you hear the word “Bitwala?”
Throughout the years we’ve received a number of interpretations, ranging from a battle cry to an ancient tribal chant!
But you’re right, it does sound a little quirky.
Ever wondered what it actually means?
Let’s start with the obvious... the first half “bit” is taken from the binary digit. It stands for the basic unit of information used in computing or digital communications.
The second half, “wala” is short for Hawala (an Arabic word, meaning “transfer”), a traditional and popular money transfer system based on trust.
What is a Hawala Transaction? Here’s an example:
“Maya wants to send money to her daughter, Dora. Dora is currently travelling around the world and has no access to local banking.
Maya gets in contact with Aaron and gives him 500 EUR. He is a traveller himself and has a lot of friends all around the globe. Aaron contacts Bert who happens to travel near Dora and is happy to meet her to hand over the 500 EUR from her mother. The next time Aaron and Bert meet, they level out the amount”.
Our founders Jörg, Jan and Ben soon realized that cryptocurrency has the same principle as Hawala in terms of moving value around. It was basically a digital Hawala!
In 2015, our product was a lot different from how it is today - but one thing that never physically changed over the years was our company name. If you’re wondering why our product offering shifted by the end of 2018, read our CEO, Ben’s story here.