BitcoinVend AMA Summary
Yesterday, on May 25th at 17:00 UTC, we welcomed Joe Jewson, Co-Founder and Marketing Manager of BitcoinVend, to our channel for an AMA.
BitcoinVend is a holistic crypto-ecosystem combining payment solutions, a marketplace as well as an exchange. The team is working on making crypto easy to use and more broadly adopted.
During the AMA, we gave everyone the chance to ask questions about BitcoinVend and crypto in general. Read on for a summary of the most important questions we answered.
Question: give us a little background about when and how you got involved with Cryptocurrency and how this transitioned to you starting BitcoinVend?
Joe: “In 2012 a friend was mining Bitcoin and I didn’t understand what was going on. It wasn’t until about 1 year later that another friend of mine said: “Encrypted digital signatures and free-market money on the internet”, then I started to realize that this technology was compelling.
Still somewhat on the sidelines but reading all that I could, it wasn’t until early 2015 that I started paying more attention and made my first substantial investment. The next couple of years I had an adventure learning how to trade, traveling quite a lot and getting more deeply involved in the industry. Cutting a long story short I had taken a slight step back from trading for a while in exchange for a deep dive into marketing psychology and project management before meeting Chris (the main founder of our project) in a telephone call about an OTC trade.
In the process, I realized Chris knew many things I didn’t know about how the big players trade and settle Cryptocurrency, and after getting to know him, he told me about his idea for Bitcoinvend. I was excited by the idea of being able to spend my crypto and how great it would be to have an all-encompassing solution that makes crypto work in the real world, so I jumped straight in. Here we are approximately 1 year later, having made the project live just a short while ago.
Question: All crypto-based organizations share a common mission of trying to accelerate mass adoption. In your eyes, how do BitcoinVend approach this differently vs. other projects, and what do you see happening with the BCVT token over the coming weeks and months?
Naomi: Well, I think any organization in it for the long run has an interest in creating solutions that make crypto easy to use and don’t necessarily require a deep understanding of what’s happening in the back-end.
I am sure that many people can’t explain how exactly DNS works, yet we all use the internet just fine. 🤷
Many DeFi projects are offering very innovative solutions but require users to jump through a lot of hoops and to understand what’s happening technically. BitcoinVend seems to focus more on making crypto easy-to-use, enabling anyone to start using their marketplace and to exchange crypto all in one app. It’s a great idea, and I will definitely give the app a try. 💪 I’d expect that this might also increase the interest for the BCVT token.
Question: Please tell us about the features of the application you are building and how BCVT fits into the model, I.E; what can people do with BCVT?
Joe: BitcoinVend is an all-in-one product that brings together everything needed to create a full-fledged crypto-economy inside an intuitive easy to use Smartphone app.
The app combines:
- A marketplace — think Silk Road marketplace but legal and clean, like eBay / Facebook marketplace.
- A payments solution — think Fintech/Neo banking with instant payments, low/no fees and multiple cryptos.
- An exchange — think peer-to-peer trades (like LocalBitcoins) and a brokerage style exchange.
The app puts all these features together in a simple and intuitive user interface that is super easy whether you are crypto savvy or do not have a clue. It helps people get more from their crypto by enabling anyone anywhere to sell items they don’t need, buy items they do need, pay one another or businesses and exchange crypto for crypto or crypto for cash. Without all these features together in one place, it is very difficult for people to use crypto — that’s why we are building it, we want to make crypto work in the real world.
The product is simple on the surface but behind the scenes has some fancy stuff going on to ensure its safe, reliable and can do everything that is needed to start making the most of cryptocurrencies.”
Question: What should people expect over the next 3 to 6 months and what plans does Bitcoinvend have for the future?
Joe: Before this month is over (probably later this week or early next) our staking solution will be ready to use. Token holders can stake their BCVT and earn 6% rewards for a 6-month lock. And in addition to the rewards, token holders who stake up their coins will also get premium membership in the app which means being able to use it without paying fees.
There are other use cases for the token such as referral rewards and other types of rewards/bounties which people can read more about on our website (it’s a bit too much to explain here).
In addition to the staking just about to go live, over the next couple of months people should expect to start seeing the app in action. It will be released to our community first for a few rounds of Beta testing before going live on Google Play & App Store for anyone to download.
Looking further into the future, we have the following:
- Exchange License — We applied for an Estonian exchange license so we can have a fiat on/off ramp too, this is especially important for merchants who want to use our app.
- Desktop Version — Once the Smartphone app is released we will build a desktop version so people who need it can have a bigger interface and access other great features like OTC settlement solutions
- New Website — We are building a new website at the moment.
And naturally, we will be doing a lot of marketing once the app has its initial users as well as adding new features and functionality to give customers the best experience possible.
Question: How is your project pursuing its objectives?
Joe: “Right now we are very focused on finishing the app. it was ready to go but we decided to do a major upgrade making it a full exchange as well as marketplace and payments app. so just finishing up that integration — the key is to deliver and awesome product and the message will spread (as well as market it heavily).”
Question: How will privacy coins feature?
Joe: “We will support top 50 tokens by default and many more as time progresses, so if your favorite privacy tokens are high up on CMC it's likely we will support them from the get-go.”
Question: How do you ensure the safety of users on your app?
Joe: “Users will have the choice of how much info they give. the only required info is an email and for that to be verified. In terms of how safe funds are the exchange, tech is cutting edge using MPC for private key storage/transaction signing and all the wallet tech is institutional level. The only major security risk areas should be with any tech project like this… on the side of the user and how they manage their passwords, devices, etc. We have integrated biometrics and 2fa at all the necessary stages.”
Question: Which obstacles could affect the progress of your project?
Joe: “It's just a case of delivering what we set out to deliver, like I said before the app was ready a short while ago but we made a nice upgrade which has many benefits. Once our community starts seeing what it can do and how easy it is we believe the message will spread like wildfire. If we get the crypto community behind us we will be away!”
Question: What kind of smart contracts does BitcoinVend use to facilitate secure transactions?
Joe: “it's a custodial solution, insured and working with an internal ledger. What this means is that we can do instant settlement, and obviously, users can withdraw funds whenever they want.”
Question: What is your mission?
Joe: “Our mission is to provide a user-friendly straightforward solution that anyone can use to bring crypto more into their life or business. The vision is the spread crypto further and wider, enabling people to use it in the real world and lowering the barrier to entry to zero.”
Question: How will demand for your token increase in the future?
Joe: “Locking up the token to get a membership. Being able to use this cost-free will be very attractive for people and as users grow more and more tokens will become locked. Perhaps we will burn in the future but for the time being it's all about numbers of users and locking up tokens.”
Question: Since NFTs are a hot topic, are you planning to integrate them?
Joe: “NFTs is an interesting one. The tech of our app means that someone can sell an NFT for any supported token (of which there will be a lot) and bids will be instant with no gas or wrapping. All bids will be free and when someone's bid surpasses yours money comes back right away. The only area where we take a commission is from the seller on the winning bid. This is a game-changer for the NFT space and we have some key figures there already very interested in bringing their auctions to the app”
Question: What is your target audience?
Joe: “There are no restrictions at the moment. We will focus on Europe since this is where we are based but we have token holders all over the world who will naturally want to spread this in their own communities, this is a project which is very well suited for organic growth. But at the same time, naturally, we will put a substantial budget to marketing in a variety of ways.”
Question: What is your biggest achievement so far?
Joe: “Our key achievement is how well the apps work and yet remain very simple, we really focused on this so it works for everyday people whilst also satisfying the discerning crypto users — this is a tough balance to find. Also, we are a small team right now and have been handling a lot, naturally, not everything goes to plan but considering how big our objectives are I would say we are doing pretty well right now — looking forward to what's coming next and locking up lots of token in staking contracts.”