AMA Recap Crypto Library with BITCOINVEND

                                          

On 26th August 2021, BITCOINVEND conducted an AMA in the Crypto Library Community. Our guest is Joe Jewson. Lots of questions as usual from the Community about BITCOINVEND progress. The BITCOINVEND team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into BITCOINVEND.

Let’s take a look at the most interesting points of our conversation. 

INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Joe Jewson (BITCOINVEND) : So, I started my career in the health and wellbeing industry, mainly focused on research and sales. Being quite an avid researcher, I had been reading about the law society and monetary systems during my evenings, so when I discovered Bitcoin, I was very intrigued by the concept, principles and technology; this was in the later part of 2013. A few years later, I started investing and taught myself to trade. Several years after that, I took a step back from the stresses of trading and started an apprenticeship of sorts with Peter (one of our advisors). I find psychology and human behaviour fascinating and see marketing as another way to learn about that in a real life setting with data. My role at BitcoinVend is marketing manager, but as a startup, we all do a lot more than what our titles make out. Crypto never sleeps! 

Chris, our main founder I met locally and worked with him in the institutional OTC space, when he told me about his ideas for BitcoinVend I was keen to help make it reality. I was interviewed on the Bitcoin.com podcast recently where I talked more about my crypto story if anyone wants to listen I can post the link. I will. I have quite a fun story like many people. Haha, in this podcast I think I said "boom" 5 times. The host was very friendly so I sort of forgot I was being recorded haha: 
FIRST SEGMENT (HOST)
Crypto Library Team : What is BitcoinVend? and how does it work?

Joe Jewson (BITCOINVEND) : We describe BitcoinVend as a next-generation crypto exchange. The reason for this is that we have integrated three features into one smartphone app; exchange, payments and marketplace. These are the primary elements needed to facilitate commerce/trade and manage finances. Think of BitccoinVend like an economy in your pocket. It will start small, but we will put in the work required to help it reach millions of people and create a whole new way of trading with one another – mostly with crypto (fiat on/off should be thought of as a necessity, not a core feature). We intend to enable people to make the most of their crypto instead of just using it to profit, crypto can help a lot of people if its used the right way. How it works is complex, I am guessing you will ask a few questions where I can go into that a bit

Crypto Library Team : Could you give us some reason why should we choose BitcoinVend than other exchange apps out there?

Joe Jewson (BITCOINVEND) : So, in the app trades settling at best rates, users can make instant payments between themselves, and we have a marketplace for buying and selling new or used items with crypto. Thus, we create a more complete and comprehensive solution than other crypto apps/exchanges do currently, the idea being we bring these features together and keep it simple for the everyday user. Furthermore, setting up an account will be really fast and easy, fees are very low, and users can acquire membership, making it a zero-fee platform! We are also quite different to crypto exchange startups because of our technology. Our behind the scenes technology is very powerful and normally only used by large well established brands.

Crypto Library Team : Please tell us about $BCVT token ! What are the token use-case, distribution, and where we can buy it?

Joe Jewson (BITCOINVEND) : Membership will be obtained by staking or locking BCVT - this is what makes the platform zero fee. In addition to this, BCVT will play a key role in the ecosystem that forms in and around BitcoinVend, with other use cases such as 1) paying for In-app Advertising 2) contributing towards user reputational score, as well as 3) rewards and incentivisation programs. There are a total of 100 million tokens and only 40 million in circulation. It is currently trading on various exchanges, which I will post links for at the end. Its an ERC20 token.

Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

Joe Jewson (BITCOINVEND) : The main points that have been and gone are token launch, CEX listings and app development (which is very nearly finished). We initialy intended to launch our app in Q2 but we decided to do an overhaul and major upgrade before we do so. Initially, it was almost like a Craig's List with Bitcoin as the payment means, but we decided to make it into a full-featured exchange which, as you can imagine, was a pretty significant shift. We decided to integrate Fireblocks as a backend, which is rare for a startup as its quite costly and complicated. Fireblocks enables us to scale with ease, provide second to none wallet architecture, and connect into multiple trading venues. By connecting into lots of trading venues, this is how we get best price for our users. Fireblocks tech is used by Revolut, BlockFi, Celsius, PrimeTrust, Genesis Trading, crypto.com, eToro and others, so we have a pretty impressive tech stack. At the moment, our focus is finishing the integration with Fireblocks and getting our app onto Google Play and App Store. We have just started a pre-alpha testing round with community members to begin collecting valuable feedback and soon, we will transition to alpha testing. So the really fun bits are just about to begin, having people on the app at the moment feels really great since its been quite a road to get here. 
SECOND SEGMENT (TWITTER)
Crypto Library Team : All coin projects have Utilities & real life usability, Can you tell us what is the main role of your coin in this ecosystem? What makes this project attractive for people to invest in long term?

Joe Jewson (BITCOINVEND) : Yes most tokens have some sort of utility but very few have real life usability, this is one of the challenges with crypto and why we created BitcoinVend. As we have discussed above, our app is intended to make crypto more practical and straightforward for every day people. To reterate, in addition to staking and membership, BCVT will be used for:
To reterate, in addition to staking and membership, BCVT will be used for:
  • In-app Advertising – Sponsorship marketplace listings within the app
  • In-app Reputational Score – Boosting your reputational score with the app
  • Rewards & Incentivisation – For activities that help grow and maintain the app
Personally I think these use cases are quite strong and do have real life practical application, now (staking) and more in the very near future when the app goes live. Many crypto protocols are focused on products that offer an opportunity to profit / make gains or have use cases which will not become relevant to every day people for quite some time.

Crypto Library Team : Speed is needed in decentralization, for example the problem of Eth Gas, high fees and slow transaction processing. what is #BitcoinVend's plan and strategy to solve this problem?

Joe Jewson (BITCOINVEND) : Gas and slow transaction are a big issue. So, for the time being all transaction on the app are off-chain and instant. We have a ledger system a lot like how crypto.com works. So, there is no gas fee or slow transactions because the transactions are not onchain until you withdraw. In the future we will make Bitcoinvend more and more decentralized. But thats a bigger task than we are undertaking right now, and we have to use very specific tech to keep costs low. We are not entirely decided at this point because its a way off, but we are looking at some tech from Polkadot at the moment and various other networks. We would love to make BitcoinVend fully decentralized. Thats our ultimate goal. It will take time to do so.
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : Can we use your platform without holding BCVT and if i holding BCVT, Is there a minimum number needed to be held?

Joe Jewson (BITCOINVEND) : Important question! Yes, free for download and anyone can use it without BCVT. The benefits of having BCVT is obviously the staking and no fees when using the app. Minimum staked amount, 5,000 BCVT. This may change in the future but initially it will be set to this amount.

Crypto Library Team : Many people are skeptical when it comes in KYC's because of trust issues within both parties (users and project). For Bitcoinvend, is the KYC registration for your app is requiured or optional? What personal information/data does your app need in order for us to use your products and services?

Joe Jewson (BITCOINVEND) : Important question: So the information we require will be minimal and eventually we will turn BitcoinVend into full Defi so no KYC needed. For now, basic info like email and phone verified, and then there will be withdrawal limits for those who dont KYC. Like how most the other exchanges function it will be, "You can withdraw up to X per day without KYC, over X you need to do KYC"

Crypto Library Team : Have you being audited? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?

Joe Jewson (BITCOINVEND) : Good question: So, our product is not live to the general public yet so it hasnt been security audited. However, before we go onto Google Play and App Store we will have a 4rd party security audit done - this is vitally imporant. Secondly you should know that our backend and wallet infrastructure is provide by Fireblocked. Their technology is regarded as the cutting edge for security. Check out firbelocks here: https://www.fireblocks.com/

Crypto Library Team : Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?

Joe Jewson (BITCOINVEND) : Initially no but we are listening closely to what our community has to say. In fact, one of the main factors behind deciding to overhaul the product earlier this year is that the community were asking for far wider token support and other features which were not possible with our original design - we listened and made a change. Like I said earlier, in the future we hope to become more and more decentralized and in that process there will be a requirement for community governane. We are employing some interesting game theory elements within the marketplace side of the app and hope to make it entirely community managed one day... which will almost certainly involve some kind of voting. In brief, not at the moment but we do intend to get the community as involved as possible in the future. 

Crypto Library Team : Do you have a Token Burning plan to increase Token value and attract Investors to invest?

Joe Jewson (BITCOINVEND) : Token burning is a bit boring I think! ;) hehe. This is our plan... Tokens need to be locked to be able to use the app without fees. By making the app really good and useful many people will want to use it. If many people use it, lots of tokens will get locked so why burn them? As demand increases because we keep making the app better and better and attracting more users... then demand for the token will rise and more will become locked. Think about the math. Only 10,000 people with premium membership (each staking 5,000 tokens) results in 50 Million tokens being locked. 50 Million is more than the current circulating supply.

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