Bidesk AMA with Sunil Robert and Sam Choi
Our AMA for tonight will be with Bidesk!
Bidesk exchange is a digital asset trading platform that has been built to provide a secure and safe environment for trading high quality tokens and coins whilst providing the best user experience to its users.
EXNETB: Hello everyone! Please welcome our guest from the Bidesk Team!
Sam | Bidesk: 👋 Hi everyone, excited to be here
EXNETB: Could you guys give a quick introduction about yourselves. What were you doing before crypto and how did you get into crypto?
Sunil Robert: Hello Team excited to be here and nice to meet you all
Sebastian: Hello everyone, it’s my pleasure to be here :)
Sam | Bidesk: Sure, so before joining this wonderful industry I was mainly in early and mid stage startups dealing with card linked marketing, AI, and E-commerce. At Bidesk I’m mainly using my years of experience in looking after the commercial operations funnel.
Sunil Robert: I am Sunil Robert, based in Sydney Australia. I am a IT Architect and have worked many years in IT and Blockchain.
I am a CEO at Bidesk and responsible for overall operations with a close net team
Sebastian: Hello everyone! I am Sebastian, Bidesk Community management leader. I’m glad to be here with you all today, and thank you so much for having us. I’m a physicist and I’ve been in the Crypto space for 5 years, I’ve invested in many start-up projects and also helped them to succeed. We have seen some of the problems projects, new users who are joining Crypto, professional traders and hedge funds are facing, and we decided to build bidesk to help to solve all these problems.
Sam | Bidesk: I got into crypto through a few friends back in 2017 who introduced me to Kyber Netwotk of all things 😀
Sunil Robert: Power ledger really got me into Cyrpto and i did meet SAM during one of those early days
EXNETB: Can you tell us more about Bidesk? What is it and how does it stand out?
Sunil Robert: Bidesk exchange is a digital asset trading platform that has been built to provide a secure and safe environment for trading high quality tokens and coins whilst providing the best user experience to its users. With the advanced matching engine, all types of users; from beginners who’re buying their first cryptocurrency, to the professional traders and hedge funds, are ensured of having the best trading experience. Bidesk also provide 24/7 customer support service which is always on hand to help, users are made certain of prompt responses
EXNETB: How about the Bidesk token, what will it be used for?
Sam | Bidesk: Great question, so we can’t speak holistically and exhaustively, but we’re really excited to bring the ecosystem to the community
We’re looking at multiple different uses of the token right now. The main use case we have right now is to give some benefits to our community immediately, such as airdrops, discount on trading, and IEO allocations
the list will go on as we develop and discover what our users want! We are definitely sculpting our roadmap and future around the core fundamentals of a strong use case for our platform users
EXNETB: I’ve tried the exchange, and have to say, the initial user experience is on point!
Eric Clark: Hi guys! Excited for this AMA. Lots of exchanges out there and i initially dismissed this but when i tried the product. I noticed its quite snappy. And the aggressive listing of quality tokens caught my eye. Particularly, unibright, grin and tellor. Keep up the great work! Tuning in now.
Sebastian: Thank you Eric for the compliment 🙂🙏
Sunil Robert: thankyou @ERCSU we value your support and hope to do many good things ahead
OPEN FLOOR AMA
Q: Do I need to complete KYC Verification to use the Bidesk exchange? And what benefit do I get when do KYC?
A: It’s advisable to complete KYC verification because it will give you all the benefits of our platform, such as participating in our IEO, receiving Airdrops, having an unlimited daily withdraw. At the moment, you can only withdraw 5BTC daily without KYC.
Q: How does BIDESK generate liquidity for a great commercial experience and what are the security measures for the BIDESK EXCHANGE?
A: Security is of paramount importance, you’re absolute right that this is an important point. So we’re constantly implementing industry best practise behind the scenes to strengthen our protocols and platform. We can’t divulge these all here, but we are learning from other exchange examples all the time. We’re also planning to engage and educate our users along with this to ensure that they sufficiently understand the risks of this space in general.
Q: I like to trade futures, like a lot, but Bidesk doesn’t have Bidesk doesn’t have futures feature, are you planning to implement futures in the near future?
A: We have many things in the pipe line for our dev ops and releases. We have a futures trading service release coming in Q2 of 2020. In fact we have many more features coming out in Q2 2020 such as Roadmap & Update
Binance Chain integration — Q1 2020
Future trading — Q2 2020
Margin trading — Q2 2020
Staking — Q2 2020
Lending — Q2 2020, I could go more in detail but we are tight of time here and i kept my answers to the bare minimum
Q: The real challenge for new exchange is volume & liquidity, which results impact to user experience and slippage in trades. How will Bidesk resolve this while it isn’t on top exchange of CMC /Coingecko? #bideskama
A: It’s true, it’s a chicken and egg scenario sadly, without users there won’t be any volume, and without good volumes there will be a struggle for users to join! I can definitely say we’re pouring our hearts into making sure that Bidesk is the best place to be for our users, running constant engagement exercises, and listening to requested features that you want. We’re working on our APIs and spreading the connections wider, but we can’t speak for specific websites at this time!
Q: Fiat and regulation problems presents a much bigger issue for Centralized exchanges. However, the only way exchanges will grow and reach new markets is to provide the trust customers demand, and this comes with complaint procedures and regulation. What steps has Bidesk exchange taken as regards to this?
A: Customer service and complaints handling is probably one of the biggest things missing with the industry as a whole. We’re looking at different models right now, but we believe that we have the people, processes, and platforms in place to exceed our users expectation if a problem does arise.
Q: Does BİDESK feel pressure from this on the race of global payment solutions? Are they having enough qualifications and experience to deliver a world class project, BİDESK ??
A: Bidesk at this stage is a crypto exchange, our fiat features are down the time and yes we will cross the bridge when we come to that. we have plans for addressing the regulatory requirements
Q: In addition to the famous exchanges, there are many new exchanges appearing, many competing strategies are applied, so how can Bidesk exchange keep a strong community and attract more new users?
A: By actually focusing on the community. We’re planning many different initiatives to truly demonstrate how much we love you all! Examples could be voting for platform users of upcoming features or prioritisation of tweaks on front end UX!
Q: Many people are hesitant to use Centralized exchanges because of High trading fees, poor customer support, security, non-user friendly & illiquidity issues. How does Bidesk address this issues on it platform and reinstall trust back to CEX?
A: This is exactly what made us standout from other exchanges. We have looked into mistakes other exchanges made and reasons why they are not attractive and we’re improving on it.
Trading fee; many exchanges have high trading fees and we have made our own trading fee very low, and sometimes it’s zero fee and we’re not a money grab. This helps to encourage people to make use of our exchange because they can easily take advantage of trading on our exchange at a very low fee than other exchanges.
Liquidity; many exchanges have suffered low liquidity which makes users to find it hard to trade. We have developed a good mm bot for liquidity and anyone can easily sell/buy. You can check our orderbook, we always have high liquidity, low spread to serve customers.
Customer support: bidesk has 24/7 customers support which are always available to give prompt response to our customers.
User experience: we have the best user experience and you can try out our platform www.bidesk.com
Q: A current exchange often integrates many features such as spot, margin, futures, OTC … But Bidesk seems very simple? Do you plan to integrate them in the future?
A: yes you are right, but we are good in what we do and want to be the best. this starts with good interface, good value for users, and the extra features are not really core to the exchange rather a nice to have thing. we have most things in the pipe line ahead Roadmap & Update
Binance Chain integration — Q1 2020
Future trading — Q2 2020
Margin trading — Q2 2020
Staking — Q2 2020
Lending — Q2 2020
Q: Can you describe why we should use Bidesk instead others? Which types of advantages traders perceive in your platform?
A: Well, exchanges have loyalty to an extent, but most users are actually signed up on multiple exchanges, so each one has their own purpose for users. We hope that with our customer centricity and flexibility of development we can be your go to exchange more often than not!
Q: Other exchanges launch their own blockchain and decentralized exchanges, what do you think of this issue? Will Bidesk in the future improve its own blockchain and decentralized exchange?
A: Most exchanges have their own token and build its value around this. we are no different and as the white paper outlines, the token holders are key to our exchange. we will reward them as a part of our growth plans and business
Q: What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?
A: Always focus on building the best experience. However, it must be said, development in isolation is always dangerous too, we need the community and users to give their feedback to drive and sculpt the change effectively. Partnerships will come as we are open to others with a similar mission — watch this space!
Q: Bidesk is currently going well and is receiving positive attention. What will you do to get more exposure and adoption? What is the bidesk message for the Community today?
A: Bidesk has been a product of hard work from our team from a long time and we have worked hard to build to the stage where we are now. at this stage we are focussed on getting value and growth for our users and token holders. the growth of the token in value will attract holders and user alike, this is out simple growth strategy.
Q: What’s the Future roadmap of #Bidesk for next 3–4 years? Which announcements and developments we can expect from Bidesk ?
A: Great question, 3–4 years is an awful long time to live in isolation. Most of the time a start up has differing priorities on a quarter to quarter basis let along over a few years! The age of build it and they’ll come has definitely gone. We do have a basic structure in place for upcoming sprints and cycle, however as i said before, I’m excited to get the users to start giving their feedback and using this to shape development priorities instead.
Q: Other than exchange tokens, we know that BIDESK is also listing many other coins/tokens. What are the key drivers of success for a listing?#bideskama
A: We have many criteria for listing a project on our exchange. Some of the criteria is the quality of the project, Bidesk supports high quality projects. The project Community, we always support projects that have a huge Community by helping them to provide liquidity to their token/coin for their Community.
Q: Bidesk has lowered ETH and ERC20 tokens withdrawal fees by 50%. Why did you lower the withdrawal fee for ETH and ERC20 tokens alone? What criteria must other tokens meet for there users to benefit a lower withdrawal fee also?
A: So we do a round table daily on how we can make feed cheaper for everyone whilst remaining competitive. The recent changes here were just an update to our existing fee tables on a review. More to come!
Q: What killer features BIDESK has that are ahead of the competition and how does intend to open up the technology to the community and to researchers so it can be continuously improved on?
A: Bidesk has a trading engine build very recently and with current API and Functions. this means it does not have the old code base like older exchanges. you will find this in the interface and the apps. we can build new features on top of this architecure easily. Bidesk has been built internally we have not spent millions on dev and software companies. most of out IP in inhouse
Q: Nowadays, exchanges are very vulnerable to hacks,even the top exchange binance was hacked but luckily,all of the users weren’t hurt because of SAFU, does Bidesk plan to launch SAFU of its own?
A: SAFU is a great principle, as I mentioned earlier, we’re constantly on the look out to learn from others in the industry and key learnings from the past. If there are specific initiatives we could implement — they’re going on the roadmap for sure
Q: I want to know more about bidesk team. Are there significant challenges your team has faced in the past?
A: The founding members of Bidesk comprise of Techno Business Executives, IT Architects, blockchain developers, investors with profound knowledge of regulations, and current crypto markets and its operating ambience, order matching processes and trade algorithms. With an average of more than 15-years of professional experience, the team has significant exposure to trading, business development, planning, finance, database dev ops, quant-trading and business management.
Q: For exchange tokens, do you have anything you look for before listing?
Any specific criteria you would look for? Is it Volumes , or Regulation, etc? #bideskama
A: Pretty much the line of questioning you’re going along, it’s more about quality than quantity, aside from the usual technologically related questions, and those around regulations, ultimately it’s to bring more of the best in one place for you guys!
Q: My question for the @bideskcom and @theamaroom AMA at http://t.me/amaroom: You will launch token sale for BDK so what are the benefits of holding the BDK token on Bidesk? #bideskama
A: the whole design of the bidesk business model is around the token as you would expect. the bidesk token holder will get exposure to IEOs, airdrops, and other services. in addition we wil haev regular token burns to dry up supply so that there is good upward pressure on the value
Q: Most of exchanges end up illiquid in long run aside from some exchanges that have launched market makers programs, How does Bidesk plan to fix such issue?
A: Great points, attracting market makers and building programs around these things again are a bit chicken and egg. We’re focussing more on getting our experience right for users, and then we can focus later on other tertiary programs.
Q: Many exchanges have been hacked, even though they have a high level of security.
Do you have a mechanism to prevent such attacks? Will you compensate users if such an attack occurs?#bideskama
A: I have seen many exchanges in my time and have heard many times that decentralised exchanges will take over. this has not happened and will not for a very long time or may never. Bidesk has its own space in this market of centralised exchanges. but we think its more a community driven exchange that for bidesk owners who are the token holders and the team at Bidesk
Q: Bidesk is relatively new exchange entering crypto, how do you plan to catch up with other exchanges who have gotten out of their ways by developing even extra stuff for their users?
A: We looked into the mistakes of many exchanges and we’re fixing it, and this will definitely make us to catch up because we’ll always do our best to make our platform attractive to our users. You can check my answer here before https://t.me/amaroom/19227
Host: that’s a wrap! thank you for the insightful AMA. Can you tell us more about the upcoming token sale? how’s the format and pricing? and let’s invite everyone to join
Sunil Robert: Ok it will take a while to tell here but in essence this is a high level overview of our token sale. Token Sale Details
Time: 2020/02/27 13:00 PM (UTC) — 2020/02/28 13:00 PM (UTC)
Token Name: Bidesk (BDK)
Hard Cap: 240,000 USD
Total Token Supply: 100,000,000 BDK
Total Token Allocated: 3,000,000 BDK (3% of Total Token Supply)
Public Sale Token Price: 1 BDK = 0.08 USD
Individual Contribution Limit: 750 USD
Supported Currency: USDT
Token Distribution: BDK will be issued as ERC20 within 24 hours after the token sale
Host: Noticed the very low hardcap as well!
A: exactly, thanks we intend to keep our token at a premium and hence want to keep the supply at the minimum. Further to that we will have regular burns to keep upward pressure on value
Sure, people can always find us here https://t.me/bidesk_exchange
They can also get all the updates and news here https://t.me/bidesk_announcements
Host: And that wraps up our AMA. Thank you for taking the time to share more about Bidesk. We wish you good luck in your upcoming token sale! @BiDesk_Sam @SebastianBi @SunilRobert