BitStore x Satoshi Club AMA Recap from the 26th of January
Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from BitStore and our guest was . The AMA took place on the 26th of January
The AMA session was divided into 3 parts with a total crypto reward pool of $500
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Mary | Satoshi Club
Hello Satoshi Club! We are happy to announce our AMA session with BitStore! Welcome to Satoshi Club
Gold Rocket | Satoshi Club
Hello again, dear Satoshi Club community!
Gold Rocket | Satoshi Club
Today our guest is @CarlMoss09
Gold Rocket | Satoshi Club
Hello and welcome to Satoshi Club @CarlMoss09
Mary | Satoshi Club
Hello Satoshi Club! We are happy to announce our AMA session with BitStore! Welcome to Satoshi Club
Gold Rocket | Satoshi Club
Hello again, dear Satoshi Club community!
Today our guest is @CarlMoss09
Hello and welcome to Satoshi Club @CarlMoss09 .Finally you are with us
Carl Moss
Hello everyone! It’s a real pleasure to be here and interact with everybody!
Apologies for the delay; met up with some technical issues and was not able to message.
Mary | Satoshi Club
Np, we are happy to see you here
Carl Moss
Very excited for all the questions you guys have for me. i hope to be able to share more with you what we do here at Bit.Store
Gold Rocket | Satoshi Club
We are very excited about the upcoming AMA with you
Mary | Satoshi Club
Let’s start it. sure it will be fantastic!
Gold Rocket | Satoshi Club
Will make a short intro of yourself and the project please
Carl Moss
Sure!
My name is Carl and I’m a Co-founder of Bit.Store ($STORE).
Bit.Store is an investment platform built for traders new to the complex crypto market. Bit.Store further integrates SocialFi elements into our platform, allowing experienced traders to guide junior investors along their investment journey as well as allowing STORE holders to vote for overall key directions of the platform.
Mary | Satoshi Club
Why did you take a decision to found investment platform? Did you have previous experience in investments?
Gold Rocket | Satoshi Club
You help beginners become whales
Carl Moss
The Bit.Store team and myself come from the traditional finance space with decades of experience in the capital markets. Crypto was a natural direction for me to pivot to as I wholeheartedly believe decentralization will bring financial services to greater heights.
However, when I first entered the crypto market and begun using crypto exchanges, i was shocked at its complexities, from private/public keys, to stablecoin and numerous trading pairs. My team and i knew that we had to lower the barrier of entry to crypto investment to help everyone, no matter novice or experienced investors, get into this space as easily as possible.
Mary | Satoshi Club
You’re right! I am happy that you are trying to make our lifes easier! And i think it’s time to introduce your team, tell us please how big is it? Is it international or located in one place?
Gold Rocket | Satoshi Club
By the way tell us about your team, who is the core of the project?
Gold Rocket | Satoshi Club
Oops
Mary | Satoshi Club
Same thoughts
Carl Moss
Great minds think alike!
Carl Moss
Our core team members sits across the world to cover the key regions — each of us bringing over 10–20 years of experience in finance, products and business development. Our core team members sit across Europe, Canada and Columbia — myself, i come from the UK
My co-founder David, has over 10 years in project management and holds a PHD in management. While Catalina, our marketing guru comes from the investment banking and finance sectors.
Mary | Satoshi Club
Excellent team!
Gold Rocket | Satoshi Club
Thanks for great introduction, we will have several questions selected for the Part 1. Ready to start?
Carl Moss
Fire away — let’s roll!
Gold Rocket | Satoshi Club
Q1 from Telegram user @Asela1112
I learnt that BitStore App is suitable for new & Junior investors. But, Since the current market is at unpredictable situation due to huge market crash. So How will you encourage the newbie investors to invest their money on BTC & make them profit? We all know that the world best exchange is Binance exchange currently. So what kind of unique features do you have rather than Binance? Do you have buying options like P2P, Credit/Debit card, Bank transferring etc..?
Carl Moss
Thank you @asela1112 for your question to kick off the AMA!
This is a great question which i believe plenty of investors, especially those newer in our market, has a lot of doubts on. As you said, the crypto market is unpredictable and its practically impossible to time the market even if you are a saavy technical analyst. Bit.Store is designed to make it easy for junior investors by incorporating features such as recurring buys option so that users can automatically DCA (dollar cost average) into the market; all while having access to timely curated market news and getting access to tips and advice from senior traders with solid track record.
With regards to other exchanges such as Binance, we are not competitors. In fact, we are peers! We secure our crypto assets liquidity from top exchanges such as Binance to provide to our users. We are here to serve the underserved investors who want to begin buying crypto but are unable to due to the complexities of crypto exchanges as i mentioned earlier. Exchanges are mostly targeting experienced traders as well as institutions that we well-versed with trading features such as margin or futures trading.
In terms of payments, we certainly excel over most, if not all, exchanges. We offer a whole suite of options ranging from card payments, paypal, mobile wallets and bank transfers. Of course, the payment channels available ranges from markets to markets.
Gold Rocket | Satoshi Club
Thank you very much for the detailed answer
Mary | Satoshi Club
So many methods! That’s awesome! It will be really easy to start with BitStore
Mary | Satoshi Club
Is KYC verification compulsory to start using your platform?
Carl Moss
We have different levels of KYC, ranging from as simple as an email to begin trading to identification verification for larger trade sums. We do KYC in order to combat money laundering as well as preventing illicit funds movement on our platform.
Mary | Satoshi Club
Gotcha
Gold Rocket | Satoshi Club
Are you ready for the next question?
Carl Moss
Yes!
Gold Rocket | Satoshi Club
Q2 from Telegram user @V1ct0r_26
Hello, BitStore’s Team!
While reading your whitepaper, I saw that users on the platform will be classifed into two types of users: Beginner Investors and Signal Traders. I was wondering if you could tell us more about this last type of users? What exactly means to be a Signal Trader and how does a user become one? Do you ask for any kind of information to BitStore users before trusting in them as professional investors? If so, what kind of information is required and how do you verify it’s truthfulness? Are there any kind of rewards for those professional investors on BitStore that act as Signal Traders and share with others their portfolios? Thanks.
Carl Moss
Anyone can become signal traders as we aim to be a truly open platform where anyone can participate. However, there will be key metrics of these investors that novice investors can use to discern if these signal investors are worth following. Some examples of these metrics include, portfolio performance, market projections posted by them as well as verified public profiles. These information are recorded by our system and cannot be edited. Furthermore, the system will encrypt these data regularly to be uploaded onto the blockchain.
To incentivise signal traders, firstly, they will receive incentives from the platform for posting projections and advices especially if they pan out to be accurate. Secondly, they will also receive a commission from the trades of investors who frollow their signal.
Mary | Satoshi Club
I like this system! Hope our members will join Signal Traders
Gold Rocket | Satoshi Club
Well, that’s logical enough.
Mary | Satoshi Club
Thank you for your answers! Ready to go to the next question?
Carl Moss
yup!
Gold Rocket | Satoshi Club
Q3 from Telegram User @Arisabela
It has recently been in the news that Bit.Store has received investors like the Blockchain Infrastructure Alliance’s with a lot of crypto projects, including Algorand, Near and Polygon, could you tell us if these investors will have a part in the technological growth of your platform? How would Bit.Store benefit from these funds? And above all, what benefits will there be for the community?
Carl Moss
Bit.Store benefits from a huge variety of benefits by having a strategic investors such as Blockchain Infrastructure Alliance!
In addition to having additional capital that will accelerate our growth, both in-markets and global expansion, having BIA as a strategic investor mean that their members — which are top crypto projects as you mentioned — will be supporting us on three fronts:
1) Business Expansion — these partners hail from all across the globe and are able to advise us or provide us with networking opportunities that help us significantly on our expansion plans. An example would be connecting us to partners that would like to use our investment APIs to build crypto investment services onto their own solutions. Another good examples would be guiding us on how to navigate the ever evolving regulatory landscape!
2) Payment Channels — In order for us to make crypto investment more easily accessible, we need to make sure that our users can use the payment channels that they have and are familiar with. One of our key partner, Alchemy Pay — a leading payment crypto project, provides us with numerous fiat payment channels to help us connect with our users, no matter where they are at.
3) Marketing — These partners are well-versed and experienced in marketing tactics in the cryptoverse. Not only do they guide us on how to market ourselves better in this sector, they also help to promote Bit.Store amongst their communities which brings plenty of users onto our platform!
Mary | Satoshi Club
Where we can find the full list of your investors and partners?
Carl Moss
We are about to update our website with this information! Keep a look out on www.bit.store for this
Gold Rocket | Satoshi Club
Thanks for your great answers
Mary | Satoshi Club
Thank you! We will follow your updates
Ready to jump to the next question?
Gold Rocket | Satoshi Club
Ready to proceed to the next question?
Carl Moss
Yup！
Gold Rocket | Satoshi Club
Q4 from Telegram User @Z0ryan
I downloaded Аpp for online cryptocurrency investment from your site. It looks quite usable. I noticed that there is a referral program. I’d like to know more about it.And also explain how I can buy cryptocurrency using VISA and MasterCard in this app? I also noticed that there is no support for my language. Do you plan to expand spheres of influence in Europe? If yes, when will it happen?
Carl Moss
Ah.. I’m glad you like it! We place a lot of focus on enhancing our app to provide great user experience — both aesthetics and functionalities.
We have a strong referral program whereby there varied bonuses — such as invitation bonus and commission bonus. A referrer will get the invitation bonus upon a new sign-up and continue to receive commission bonus for all assets purchased by the invited friend!
In the future, users can further stake $STORE to unlock even greater rewards! For instance, after staking STORE and inviting 50 friends, the user can buy their next Bitcoin or Ethereum at a massive discount from prevailing market price!
The purchase of crypto with cards is very straight forward, simply key in the amount you would like to purchase, provide your card details as you would while shopping online and voila — you are now a proud owner of crypto-assets!
We are going to expand rapidly in 2022, especially with the support of BIA and its amazing members. Do keep a lookout for our Twitter as we will release more information on our expansion plans
Mary | Satoshi Club
We definitely will keep an eye on your social media
Mary | Satoshi Club
Thank you for detailed answer! Ready for the next question?
Carl Moss
Absolutely!
Gold Rocket | Satoshi Club
My friend’s girlfriend once wanted to order sushi and bought cryptocurrency in a similar app
@ciupidos
Mary | Satoshi Club
Lol ,now she is holder
Gold Rocket | Satoshi Club
Q5 from Telegram User @ghostofcharmeleon
Hello, the Bit.store team.
After studying your tokenomics, I saw quite standard crypto cases, but an interesting point can also be highlighted. For example, rewarding crypto professionals for their information products is cool. But sometimes projects also use such a tool as buyback and token burning to reduce the total amount of supply and increase the value of the remaining tokens. Do you plan to use them in the future? If there are no such plans at the moment, can the DAO make such a proposal and how will it be met by the team?
Carl Moss
That’s the kind of experience we want to provide! Our aforementioned investment APIs allows other service providers to enable crypto investment easily
Carl Moss
Certainly! Bit.Store currently allows STORE holders to vote on key decisions. We intend to progress towards DAO — we built Bit.Store for the community and want it to become a platform with this motto “made by community, for the community”.
In terms of reducing the supply of STORE there could be a number of ways which will work absolutely great such as burning fee income, introducing lottery system where a portion of the prize pool is automatically burnt. However, we will leave this to our community to decide!
Mary | Satoshi Club
Do you have any active proposals in this direction?
Carl Moss
We do but have to proceed very carefully as our lawyers have advised token burning (especially of revenue/income streams) can cause the token to be perceived as security. We will continue to find ways, through legal consultation or seeking advice from BIA, to ensure that we can continue to bring value to our users and investors.
Mary | Satoshi Club
Sure, everything should be legal
Mary | Satoshi Club
Thank you for your answers! Ready for the 6th and last question from this part?
Carl Moss
Lets go!
Gold Rocket | Satoshi Club
Thanks for your great answers
Gold Rocket | Satoshi Club
Q6 from Telegram User @Meta_MateX
Personally, I strongly support your mission on helping the world diversify and grow their portfolio with cryptocurrencies. And the main advantage here will be a simplicity to buy crypto in just a few seconds in any corner of the world. However, there’re many countries (and their list is increasing) where it is not possible to buy crypto with bank cards or, moreover, the use of crypto is banned. What solutions can you suggest your potential users who is not able to join Bit.store? Are you planning to work with officials to promote your project and crypto in general? Thank you!
Carl Moss
This is a fantastic question!
This is the reason why Bit.Store places a great deal of emphasis on regulations. We have a team of lawyers and compliance officers as well as external advisors to help us on this end.
It certainly helps that the founding members of Bit.Store holds decades of experience in the highly regulated financial sectors which helps us navigate regulations as well as seek out for legitimate payment channels that are willing to support crypto investing.
We have held conversations with government officials to figure out as well as provide guidance in terms of how regulations should shape up in a way that we can combat money laundering or crypto used for illicit transactions without obstructing the value that crypto brings to their citizens and corporations.
Mary | Satoshi Club
Thank you for your answers! Before we will go to the most exciting part of our AMA — live part we would like you to share your social media links with our community , so we will always stay updated about your latest news
Carl Moss
Twitter: https://twitter.com/www_bit_store
Telegram Official: https://t.me/Bitstore_official
Website: www.bit.store
Thank you for following us!
Gold Rocket | Satoshi Club
Thanks for sharing
Mary | Satoshi Club
Thanks! Ready for the storm of live questions?
Gold Rocket | Satoshi Club
It was really good first part of AMA
Carl Moss
Oh, yea! Let’s do this.
Mary | Satoshi Club
Let’s go
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Shiva_shivi
I read that bit store app is not available on App Store
From where can I install the app?
Carl Moss
The app should be on App Store in the near future!
If you are using iPhone, you can refer to this link: https://bit.store/bitstore/DownloadGuide.html
Q2 from Telegram user @riki12341
What fees does your platform charge for buying Bitcoin?
Carl Moss
We charge absolutely nothing for buying cryptos on our platform! We have structured this to attract more users to dip their toes into crypto investing. We do, however, charge a small fee for sell-transactions. To save on fees, our users can choose to pay for fees using $STORE which will provide them with fee discounts!
Q3 from Telegram user @Tahsinahmett
What are the advantages of Bit.Store over strong competitors like PAYPAL and SQUARE? What kind of strategy do you have to be strong in competition?
Carl Moss
Paypal and Square’s Cash app charges 3 to 5% in fees, of which, some are hidden. This is mainly due to the fact that they focus mainly on credit card payments which are known to be very expensive. We provide alternative payment channels such as mobile wallets and bank transfers which help our users save on fees!
Additionally, we integrate SocialFi element onto our app. Crypto investment is not only complex, it’s also scary — especially for novice investors. Our SocialFi element will not only help new investors follow trade signals, but also learn how to invest on their own as well as keep abreast of industry ongoings!
Q4 from Telegram user @klolslsk
Do you have AUDIT certificates?? or
Are you working to AUDIT your project, to make it more secure and reliable ?
Carl Moss
Not only do we place great emphasis on ensuring our investors have a great experience using our app, we also want to make sure they have a peace of mind!
Security is never an afterthought for us. We work with top custodians such as Coinbase and Cobo to keep our assets safe and also purchase insurance for our assets so our users’ assets always remain safe and intact. We also engage external auditors to verify our assets tally with our system, in addition to having a four-layer security system and access rights to ensure additional security.
Q5 from Telegram user @lemonloots
What if signal traders want to keep their portfolio secret from public?
Carl Moss
Great question! We will be launching an alternative to the signal option whereby experienced investors can start a private fund on the platform which will allow novice investors to participate. We understand that this may signify additional risk to investors hence the fund manager will have to i) stake STORE tokens which will act as insurance for fraudulent behavior that will be confiscated to be paid out to investors ii) have a certain % of their own funds invested so he/she will have vested interest to make sure the fund performs well.
Q6 from Telegram user @Robotliker1
Why have you choosen project name BitStore and token ticker STORE? How old is your project and how are you unique in the market?
Carl Moss
We wanted Bitcoin investing experience as simple as stepping into a store and making purchase with payment method of your choice! Hence — Bit Store
We begun development and building the infrastructure — in particular, our payment channels and compliance framework as early as 2018. Although our services have only been launched about a year ago, we have over 500k users today. It’s an amazing feat that shows that we are moving in the right direction to serve the underserved folks who are crypto-curious!
Q7 from Telegram user @surendra040
Where is token STORE listed ? Do you have released contract address on the etherum mainnet? How can we buy your tokens?
Carl Moss
Just yesterday, STORE token was launched and listed on Huobi Global, MEXC and Gate.io! Today, we launched on the leading Ethereum DEX, Uniswap, and will be on ACY Finance Exchange later too.
Q8 from Telegram user @klolslsk
STAKING is one of the STRATEGIES to ATTRACT USERS and HOLD Them and long term. Does your GREAT PROJECT have plan about to Staking??
Carl Moss
You are right! Stay tuned to our Twitter for an upcoming staking campaign which will be announced very very soon
Q9 from Telegram user @laaf0
You offer that our assets will be protected by custodians, but really why should we prefer this, when in DeFi we can find a completely custody-free system free from any manipulation by third parties? Or could it be that despite being protected by custody, our assets could not be manipulated by third parties?
Carl Moss
You have a great point. While the founding team of Bit.Store prefers pure decentralization (hence our movement towards DAO), we need to be realistic about the market’s present level of awareness. Many novice investors do not even understand how to manage a crypto wallet, much less a non-custodial one which requires them to understand private/public keys, different networks. It’s simply too complex, or even scary at the thought of losing all your investment if you were to transfer your assets to a wrong address!
Bit.Store aims to first reduce the barrier of entry to crypto investing. Provide them a safe environment to learn more about crypto and blockchain before they will dive deeper into other areas such as staking, NFTs and more.
Q10 from Telegram user @Antonio287
There are unlimited platforms out there that provide Access to invest in digital assets
Why anyone should choose Bit Store?
Carl Moss
Cash App offers only buying and selling of Bitcoin at a much higher fee compared to top exchanges such as Binance. Yet, Cash App revenue from its crypto segment overshadowed the entire’s group (Square) revenue. This is validation that investors want an easy to use platform.
We are providing exactly that, and more. Our SocialFi and DAO model is never seen before on an investment platform designed for novice traders. Simplicity, Guidance and Community Incentives are the reasons i believe Bit.Store will take the crypto investing space by storm!
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/
Our partners:
Telegram –https://t.me/Bitstore_official
Twitter-https://twitter.com/www_bit_store
WebSite — http://bit.store/bitstore/
