AMA Highlights(with Satoshi Club)
Hello, this is Bitsonic team.
We had an AMA on Satoshi Club at 22:00 (KST) on Feb 3rd, 2021
The AMA was composed with FAQ and 10 live questions.
AMA Q&A Highlights
Q1) from Telegram User @Arisabela
Since the release of your native token $BSC, it is already possible to swap with coins/tokens based on other blockchain projects. Currently, what are the choices to swap on other blockchains? Is this project purpose to allow through its services interoperability cross-chain? And more coins?
Yes. We launched a cross chain bridge to allow swaps between BSC and hBSC.This is to support Huobi Eco Chain as a partner and we are planning to support the majority of HECO (Huobi Eco Chain) tokens on our bridges. so the answer would be 1. BSC — hBSC (right now) 2. in the near future, the majority of HECO tokens.It is also interoperable so users are free to cross the bridge if they find the right products to play with.
We are working hard to expand the ecosystem with more major blockchains, so you guys can expect it. Lots of pre-arranged dev schedules coming up.
Q2) Do you have any guides explaining how to swap?
Yep. Swap guide is available on the bridge https://landing.bscbridge.io/
right on the bottom, you guys can see the guide. And medium post here:D
https://medium.com/bitsonic-global-channel/how-to-use-bsc-bridge-1186fdeb6607
Once swap and stakings are open those guides will be shared too.
Let me add some highlights on that.
1. Reasonable swap fee. (not pro-rata)
2. Will fully support HECO token.
3. Swap and Stake scheme. One simple transaction for staking (when users want to stake heco coin from ERC swap and stake can happen simultaneously) users will save fees and time.
4. Backed by Centralized Exchanges so those listed on Bitsonic are always welcome to get onboarded on HECO for the swap.
Q3) from Telegram user @Wormz28
I heard that after the launch of the Bridge service, the Staking Pool service will be activated. So may we know in advance the details of your upcoming Staking Pool Service especially how it works? Also, where are you more focused right now?
As mentioned briefly earlier, ETA is Feb, this month. you guys will have various choices on ETH and HECO for staking and Yield farmings.
Since BSC is our native token that would be the most highlighted pair and we will also support 9 Huobi tokens to work with the HECO team.
We are currently reviewing what to add and this will be finalized once we complete the discussion with the HECO team.
With close cooperation with the major projects issued on the HECO chain, the BSC token will be able to successfully take root in the HECO chain’s ecosystem.
Q4) Did you ask your community opinion?
We will ask :) however, the list should be along with an attractive rate of return.
This means that we also need to forecast a bit of price movement to ensure our users are better off. We can’t always be correct but for the best result for our users.
Q5) Can you give us a hint about how attractive it will be?
We are currently offering 20~25% of APY for our USDT and ETH staking (lock-up) on Bitsonic.
We want them to be also attractive to ensure our holders are better off. Lots of things to consider.
I wanna tell you guys, 20~25% APY is in a high position in the Cefi market!
Q6) from Telegram user @AmirJosh
One of the Bitsonic articles said that the exchange is using 100% of the profits on buy-back and burn to reduce the overall circulating BSC token supply. May I ask where Bitsonic gets the funds for the operating expenses if 100% of the income is being used for Buy and Burn purposes?
We are an IT company that started in 2011. Bitsonic is one of the services we developed and operates. While we are operating the Crypto business, we are also working on a different part of businesses such as Service integration, Development, Emojis, and Reg-Tech.
Some are fully on us and some are invested by us for the operation.
They are doing pretty good so we have multi business channels to generate revenue.
BSC. We offered BSC for those Staking participants. it means that the BSC supply keeps growing. We needed to ensure that BSC value is well looked after to deploy some of the Defi services with BSC.
Now we decided to burn BSC as Bitsonic Exchange generates trading fees rather than supply more BSC.
Daily trading fee -> we buy BSC on the market -> Burn
We believe the earnings from value kept are higher than getting shares from staking.
That was the reason being we changed our policy.
These series of processes are all transparently disclosed on our website.
Q7) Are you operating worldwide or in some regions?
Worldwide. but mainly in KR.
Q8) Do you plan to move to Europe?
We have a partnership with one of the European banks!
We will work with European partners since they know the market more than us.
Q9) from Telegram user @Antoni_azx
I had some difficulties researching this project because the website it’s all Korean. Will you add some translated information in the future? For what populations are principally intended for your marketing strategies?
We are working to rebrand ourselves to work globally and full translation of our web is one of the top priorities. We will get it done once we are fully ready for the coming regulation waves in Korea.
BTW, BSC bridge is in full ENG. :)
And also, you can change the language by clicking the Korean or English tab in the upper right corner of our website.
Q10 ) Your crypto legislation is one of the most progressive in the world, isn’t it?
Yes. We have a deadline coming for the upcoming regulation from KR Gov.
The deadline is coming in March, we have a 6 months grace period however we need to make sure we are fully ready.
Q11) By the way, how big is your team?
started with 60 when I joined but now around 30
Q12) Did you mostly automate your work or you had to fire someone?
It is more about dealing with the regulation. We restructured our team last year but we needed a dedicated team for information security to ensure we can still operate our business after the regulation is down on the ground.
Q13) from Telegram user @konditer_rolex
There is an interesting page on Bitsonic called EasyBuy. I expected to see something similar to a regular swap, or buying a currency with a credit card … But what I saw raised even more questions. Unfortunately, there were no active offers, but in history, you can see the sale of physical goods. What is EasyBuy, BSC LEAGUE, and SHOP? Auction, marketplace?
Easy buy is Tokens sales like IEO
The majority of token sales were closed early last year and IEO is not the trend these days. We also offers some of the lock-up (staking) products on the page as well as some shopping items like iphones and stuff
Those were available to purchase with BSC
Q14) Are you planning to continue this direction? Or are there other priorities?
About two years ago, the exchange-led IEO market was very popular in Korea, and we were at the core.
Some good offers can be up there too so we will continue to leave it open for other products like hashpower :)
If there are good products we are always happy to put it up there. Lock-up products are still on there regularly but all sold out.
Next one will be open there again soon.
Q15) from Telegram user @Gutike95
In many IEOs it is required to complete a KYC to be able to carry out the smallest operation, with Bitsonic it will happen the same? Or is your focus on decentralization and will you avoid all kinds of personal data from users?
On Bitsonic! KYC is mandatory! Sorry guys. That’s a must. You know that we can’t compromise on the Gov guideline right?
It is hard however it is not evitable.
We have bridges coming up soon! Some of the Dex features will be open too.
Q16) Any countries restricted?
Sanctioned and high risk countries, of course.
I used to work in that area of work so I know how harsh the consequences can be if we don’t follow the rules.
10 live questions
Q1. What kind of idea on NFT on BITSONIC? — amila
Not sure how you know we are actually looking at this part.
NFT. This should be linked with something with value. We can’t disclose much since we are currently evaluating the model however we have Emoji businesses :) Guess is yours.
Q2. Do you have any banking customers from anywhere in the world? — Super Ronaldo
We have only a banking customer. Dukascopy bank.
They are corp clients and we are their corp client.
We are currently preparing some collaborative products for us.
ETA was Jan 2021 however since they are a bank they are conducting a full test since Jan and we hope that ends soon so that we can provide their products on us soon :)
Q3. Bitsonic used Sygna Bridge — a solution for secure data transfer. Explain why the exchange needed this and why it is important for the user — Garri
When ppl are transferring money to others, Banks share the account holders information so that who is involved in the transaction. This is to ensure that financial institutions are not abused by the criminals.
In the crypto world, we have more spaces to grow however this can only happen when Governing bodies are happy with Crypto. when we can safely protect ourselves and our users from financial crimes we can grow faster and bigger. lots more to tell but since it’s too long.
Sygna, they are also one of our good friends :)
Q4. What varieties of programs is Bitsonic planning for the global market beyond Korea? — MOANa
We are advancing into the global market by paying particular attention to the Defi market. In addition to we opened Vietnam-based Mtobit exchange, BSC tokens were successfully supplied to Uniswap through collaboration with the project last year.
Through Uniswap, many people around the world can access BSC, and I think that everyone can experience various ecosystems that we will create in the future and now.
Q5. What policies and discussions are being held to raise BSC prices? — 후훌 률루
Myself and our team are working super hard to find the best way to maintain the value of BSC. Our effort on that is something you can’t imagine. De-fi, stakings, Uniswaps, NFT, Bridges, partnerships with global exchanges, Partnerships with banks and Reg-tech companies.
Myself and our CEO were overseas to meet those partners all the time. This is to make sure that we find the best opportunity to grow our business (bitsonic) because we believe our effort will pay back all one day.
I know that the current price of BSC is a bit low however I want to let you know that our CEO and my team are working super hard to protect the value of BSC. That is why we keep introducing new stuff. It is not easy to partner with global banks and companies.
Q6. What other products besides BSC Bridge do you plan to launch? Do you have in mind to work with loans or NFT Token? — Super-girl Says
If 2020 was the era of Defi, I think the second half of 2021 and 2022 will be the era of the NFT market. We will be prepared with some concern about this.
At the moment, we will focus more on the Defi market and further increase the use of BSC tokens, and the development team is making great efforts to introduce other Defi systems in addition to Mining-Staking.
Q7. If BSC staking is still going on won’t it cause token price to go down? — Market Adam
Staking reward was BTC. When we are reviewing products, we also consider that it is also fun to play with. what we offered on Hotbit was BTC and APY was about 120% when BTC was approx. $20,000. What we are preparing is also with other HECO partner’s tokens so it won’t affect its supply
Q8. Why did you choose BSC name as coin? Don’t you think it can make confusion with Binance Smart Chain BSC? — CryptoFollower
Since the name of our exchange is Bitsonic, we named it Bit-Sonic-Coin. Because Koreans read characters in syllables, it is easier to pronounce them in B-S-C.
For reference, we started the blockchain business in 2018, and from then on, Our native token’s name is BSC.
Q9. BSC Bridge has a lot of strong opponents. Does this situation worry you? How are you planning to tackle them? — CoinTravolta
Currently, we know that our project is the only one in Korea where products have been developed to some extent in the Huobi eco chain ecosystem. In particular, in the Heco Chain, we will preoccupy the position of a pioneer, and through partnerships to be announced in the future, the ecosystem of BSC will be expanded to more major blockchains.
Q10. The BSC is the main token that works on Bitsonic platform, this token have special uses on you exchange like BNB with Binance? — Sen
Lots of utilities on BSC are1)IEO 2) Shopping on Bitsonic — (Hot deals like I phones) 3) lock-up and staking 4) trading fee discount 5) Trading experience on BSC market
and out of Bitsonic- 1) Staking on Hotbit 2) Staking on Octetfi 3) Staking on BSC Bridge 4) Staking on Hubdao
BSC is also listed on Uniswap to ensure global users have access to it.
