BitWell AMA | Introduction to Bit.Store — The Innovative SocialFi Trading Platform
On February 23rd, David, the Co-Founder of Bit.Store, visited the BitWell community and brought a wonderful sharing with the theme “Introduction to Bit.Store — The Innovative SocialFi Trading Platform!”
The following is a review of the full content of this community sharing:
Moderator: Catherine, VP of BitWell Overseas Market
Cathy: For those of us who just joined the community, please give us an introduction about Bit.Store.
Bit.Store is a SocialFi investment platform designed with beginner investors in mind. The platform gives its users access to global digital currency markets quickly and easily by supporting different money transfer methods via cooperation with a wide network of regional payment providers. The app provides a variety of features, including social trading, following, and copy trading strategies published by seasoned experts in the space, and allows experts to monetize their contribution to the platform. At the time of writing, Bit.Store has managed to achieve a milestone of 500K active users (by Dec 2021) across Europe and Southeast Asia, and continues its rapid expansion into markets worldwide.
Cathy: Why did you take a decision to start an investment platform? Do you have any previous experience in the investment sector? How about the rest of the Bit.Store team?
I 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 stablecoins 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.
The Bit.Store project team brings together professionals from Europe and the United States specializing in finance, investment, management, and marketing. All founding members of the team behind Bit.Store take pride in numerous successful endeavours in the world of traditional finance prior to focusing on blockchain-based projects, which the team has been actively working on for nearly half a decade.
Cathy: How would you encourage the newbie investors to invest their money in different cryptocurrencies & make a profit using your APP? We all know that the world best exchange is currently the Binance exchange. What kind of unique features do you have other than Binance? Do you have buying options like P2P, Credit/Debit card, Bank transfers, etc..?
This is a great question which i believe plenty of investors, especially those newer in our market, ask themselves. As you said, the crypto market is unpredictable and its practically impossible to time the market even if you are a savvy 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, really. 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 the most, if not all, exchanges. We offer a whole suite of options ranging from debit/credit card payments, Paypal, mobile wallets and bank transfers. Of course, the payment channels available ranges from market to market.
Cathy: While reading your whitepaper, I saw that users on the platform will be classified 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?
Anyone can become a signal trader, 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 this data regularly by uploading it onto the blockchain.
To incentivise signal traders, firstly, they will receive incentives from the platform for posting projections and pieces of advice especially if they pan out to be accurate. Secondly, they will also receive a commission from the trades of investors who follow their signals.
Cathy: As we know, STORE token got listed on BitWell just yesterday. Could you tell us something more about its current/planned utility?
Sure. We are currently building a wide variety of functions for STORE token within the Bit.Store ecosystem. Some of those include:
1. Governance: In the early stage, STORE can be used for governance voting and other functions. Soon after, when community shift to DAO, STORE will manage the entire system as governance tokens.
2. GameFi staking and lottery：
A) Stake, Store, and Buying Coins at a Discount
By staking enough STORE and inviting friends to use the app, users can buy coins like BTC and ETH at super low prices.
Example: Staking 10,000 STORE and inviting 50 people nets a user one half-priced ETH! If a user invites 100 people, they’ll enjoy a 75% discount.
B) Prize Pools
Through Bit.Store’s prize pool, users get the chance to buy BTC/ETH with as little as one STORE. Users can stake STORE and participate in this activity. If they win, they can buy 1BTC/ETH with the staked STORE and if they lose, the staked STORE will be locked for one year.
3. Fee Discounts: Users at Bit.Store trade digital assets, they can can use STORE token for a handling fee deductions.
4. Expert Support: STORE token can be used to support experts in sharing professional information, knowledge, or trading strategies, many experts may impart knowledge or information through social network tools such as articles, live broadcasts, short videos, groups, and users can support long-term sharing of experts by sending tokens to experts.
5. Setting-up Private Funds: When experts want to set up their private funds, they can stake STORE as the compensation reserve.
6. Advertisement: Experts can pay advertisement fee with STORE, these part of STORE will be distributed to users.
7. Activities: Use of STORE token to participate in IEOs and other activities.
8. Staking: STORE will be used for the Staking or farming of STORE ecology to obtain a variety of ecological benefits, some of which will be soon announced.
Cathy: Does the team behind Bit.Store have any further marketing plans when it comes to further expansion of the project?
We absolutely do, and things have been already put in motion. We already spent our marketing budget of over 200k USD in January 2022, and successfully completed over 20 live AMA sessions. We are currently cooperating with more than 40 KOLs, and just recently we entered into cooperation with NEAR protocol. Our token got recently listed on a few leading exchanges. Our have the our next marketing budget of over 300k USD almost fully allocated for February/March 2022, and our negotiations to enter the Philippine market should be concluded in February 2022. We are heavily focused on further expansion to various markets in the short and medium term.
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