Bit.com x Satoshi Club AMA Recap from the 15th of September
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 Bit.com . The AMA took place on the 15h of September.
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
Robocop | Satoshi Club
Good day Satoshi Club community ! Welcome to our special AMA with Bit.com
So let us introduce our guest for today @HeyRuby and @sdleung
Ruby
Hi Satoshi Club community! Thanks for having Bit.com and me here today!
Robocop | Satoshi Club
Welcome to Satoshi Club Ruby, nice to meet you
Mary | Satoshi Club
Hello, Ruby! welcome to the Club
Ruby
Thank you, nice to meet you too
Robocop | Satoshi Club
Do your partner will join with us to discuss about Bit.com?
SD
Hi guys
Robocop | Satoshi Club
Hello, welcome to Satoshi Club @sdleung
Mary | Satoshi Club
Hello happy to have you here today!
So, as everyone is here we can start
Robocop | Satoshi Club
Let’s begin our AMA with introduction
Mary | Satoshi Club
We’ll kick off with an introand now i would like to ask you gys to introduce yourself
Ruby
Sure, my name is Ruby, the marketing director of institutions at bit.com.
I have more than 4 years experience in the blockchain and crypto industry. I was previously working for a tech startup in Beijing on global branding and marketing, maintaining relationships with VCs and business partners like IDG, Lenovo, China Mobile, etc. Using the knowledge and experience I gained, I started her career in the blockchain industry by helping a local hardware wallet with global branding and marketing from zero to one before she finally moved to the exchange business.
Bit.com is a high-performance crypto exchange. It was launched in 2020 and quickly became the second largest options trading platform in terms of volume and open interest. Bit.com is quickly developing, introducing futures, perpetual futures, and spot trading as well. Recently listed many popular tokens.
Bit.com provides an industry-leading full-service platform for institutional, seasoned, and new retail investors, helping our users feel immersed, enriched, and secure.
Ruby
Done.
Mary | Satoshi Club
Great career, Ruby!
What is the most important thing you will tell everyone when introducing Bit.com? What Bit.com brings into crypto?
Robocop | Satoshi Club
Impressive ! you have great background and experience, how about @sdleung
Ruby
A bit more background of the team of bit.com. It was launched by Matrixport, the 1 billion USD valued crypto asset management firm, founded by Wu Jihan, who was also the co-founder of Bitmain, the leading miner producer.
Bit.com is one of few exchanges that offer such a full product suite, including spot, convert, futures, perp, and options. It is an all-in-one crypto exchange.
Robocop | Satoshi Club
So basically Bit.com have main office on China?
Mary | Satoshi Club
Interesting sometimes such facts can tell as much as intro tells
Ruby
Bit.com is registered in Seychelles, and has offices globally but not in China, Matrixport is not in China either. They base in Singapore.
Robocop | Satoshi Club
I see, thank you for your confirmation
Mary | Satoshi Club
We thank you for the incredible intro! Are you ready for the first part of our AMA, where you get to answer six questions from our community?
Robocop | Satoshi Club
Thank you for the great Intro.
We already have 6 questions from Satoshi Club community for part 1,
ready to proceed?
Ruby
Let’s get started.
Robocop | Satoshi Club
Q1 From Telegram User @BitDominiQ
I learn that Bit.com is a crypto exchange site which user can do various trading like spot, futures and options trading. But as i know, there are a lot of crypto exchange out there that offering similar product. Actually i also already have favourite exchange to do trading and keep my asset. So my question is, can you please tell me about your best feature inside Bit.com that possible to attract user to move and use Bit.com? Do you also have special trading event/program inside Bit.com?
Ruby
Thanks for your question.
Generally, I can answer this question from 3 aspects:
Ruby
- One is from the product front, bit.com is one of few exchanges that offer such a full product suite, including spot, convert, futures, perps, options, and crypto savings products. It is an all-in-one crypto exchange. Product innovation has been in the genes of the people here.
- The other is from the technology front, bit.com is one of the few exchanges that support unified margin, and portfolio margin, the advantage of this is to allow users to maximize the fund efficiency.
Unified Margin is an upgraded trading and risk management system adopting a single account solution to optimally trade spot, margin, perpetual, futures, and options without the need to transfer funds between multiple accounts. Through this, we achieved trade every coin with any coin, the ultimate flexibility of crypto trading.
For people who would like to learn more about Unified margin, please visit here https://cointelegraph.com/news/one-stop-shop-solution-empowers-crypto-traders-to-optimize-their-capital-utilization
- Thirdly, we are services and solutions driven, we constantly listen to our users and develop features as they need. For example, we have the trading tool RMM for users to try and automate their trading.
We have non-stop listing campaigns that users can simply deposit and trade to earn some tokens, or even, this time, for the BONE and LEASH listing, we introduce meme creation and earn tokens. Please check our announcement channel and telegram channel to get the updated info.
https://support.bit.com/hc/en-us/sections/360009271614-Latest-Promotions
Mary | Satoshi Club
Typically, one of the marketing strategies is to provide excellent support. What do you have with this direction?Are your users pleased with it?
Robocop | Satoshi Club
There is rumour CEX also have bad customer service support
Mary | Satoshi Club
I believe it’s not Bit.com btw, DEXs usually have not the best support as well
Ruby
We offer a 24/7 online service to better serve our users and retain them with bit.com as long-term users. We have a mature SOP to cope with all kinds of user issues and customer enquires. You can simply try us out.
Hahah I think traders even do not expect DEXs to offer any kind of support or service.
Mary | Satoshi Club
I am intrigued will definitely try!
You got it
Robocop | Satoshi Club
Btw for the 1st community question, do you also have some kind of event for Bit.com? trading competition maybe?
Great to know this, so Satoshi Clubber Bit.com really professional solve problem from their user, you should no worry
Ruby
[ Photo ]
Yes we do, you can earn rewards from Bit.com by simply checking in on the Bit.com app, or depositing to open a blind box, and trading to get more rewards. You can find all the campaigns here https://support.bit.com/hc/en-us/sections/360009271614-Latest-Promotions
Mary | Satoshi Club
Thank you, guys! Perfect and full answers
Robocop | Satoshi Club
Don’t miss this event guys
Robocop | Satoshi Club
Thank you for the detail answer Ruby !
Mary | Satoshi Club
Do you feel ready to proceed?
Ruby
Ready to go.
Robocop | Satoshi Club
Q2 From Telegram User @Ivvanna_Cahya
Knowing that Bit.com is A revolutionary new platform where we can own a portion of any popular NFT our heart desires. Well, to be honest, there are a couple of NFT MarketPlace In existence in the Cryptosphere right now such as Opean-Sea and the rest. However each of these Marketplaces possesses a Lot of Similarities but each have their distinctive unique Features and Advantages for users, so in the Case of your platform Bit.com, can you tell us what to expect from your NFT MarketPlace? I hope the Fee for NFT transactios ate not too High? What are the Distinctive features that differentiates your Platform aside from its competitors?
Ruby
This is a good question.
I think the description itself is actually the best explanation of how our NFT marketplace will be different from others. A revolutionary new platform launched by bit.com where you can own a portion of any popular NFT your heart desires.
NFTs have quickly grown into a big market, most of the successful and famous ones tend to be really expensive, and only the big players can afford them. This is the current situation of the market and all the existing marketplaces. Bit.com is trying to lower the access for the retail players by allowing users to buy, send, and sell a portion of a big project at an affordable price. This is what makes Bit.com different from others. As for the trading fees and other details, pls stay tuned.
Mary | Satoshi Club
I see that we need to join to waitlist for early access to your new feature a Bit of NFT can you tell us when it will be implemented?
Everyone who signed will be able to get early access?
Ruby
This is something that we are not allowed to reveal yet hahah. What I can say is there is no harm in being the early bird.
Robocop | Satoshi Club
Yes, NFT really popular now , but do Bit.com also have plan to create own NFT ?
Robocop | Satoshi Club
Satoshi Clubber love secret , but let’s wait good news from Bit.com
Ruby
Wow you are so smart to ask this question and the answer is yes, we are working on the design now and hopefully it will be launched soon.
Mary | Satoshi Club
You have a special gift – to intrigue people
Robocop | Satoshi Club
Don’t forget to share it with Satoshi Club when its nearly launched soon
Thank you for the great answer Ruby, do you want to add something or we can go to next question
Ruby
I am all good, let’s move to the next question.
Robocop | Satoshi Club
Q3 From Telegram User @spanishsimon
I discovered that, You have an ambassadorship program which will help to expand you crypto community.well I have just a simple question on this. can you please give some lights on this what would be the requirements for being an ambassador and it’s. Benefits. And also I tried applying for the ambassadorship program and it was asking for a bit.com UID account can you please tell us the meaning of that what is a bit.com UID number and what can it be used for.
Ruby
Good question, thanks for bringing this up.
A Bit.com UID is a unique number for your Bit.com account, you can get it simply by registering on Bit.com.
It’s not difficult to become an ambassador, as long as you have a community of 1000+ followers or business development potential and are able to promote communication and development within the community. You can then promote Bit.com in your community with your affiliate referral link, which will bring you up to an 80% commission rebate. Plus based on your referral performance, you can enjoy a monthly salary of up to $1088 USDT. For more details and application, please refer to https://www.bit.com/legacy/ambassador
Done.
Mary | Satoshi Club
Do you already have many ambassadors?
Ruby
Yes we have a small group of selected ambassadors
Robocop | Satoshi Club
By the way, for the refferal link, how much user can get if they can ask their friend to registered into Bit.com ? how much % ?
Ruby
Up to 80% commission rebate, but you need to sign up for the ambassador program or the Bit.com affiliate program. https://www.bit.com/legacy/
Robocop | Satoshi Club
Thank you for sharing this
Do you want to add anything before we go to next question ?
Ruby
All good, the next question please
Robocop | Satoshi Club
Q4 from Telegram User @Cengihaztekin
Hello sir, if we check history from crypto exchange from past few years ago, there are a lot of hack issue from various exchange like from KuCoin, Bithumb, Upbit, Poloniex and more. That makes me afraid to save my asset inside exchange and how about Bit.com? Can you please explain to us about the safety from Bit.com and how do you prevent similar problem from hack issue? Also i want to know about what kind of feature that Bit.com have to keep user asset keep safe ?
Ruby
Thanks for your question.
Bit.com provides institutional-grade security safeguarded by Cactus Custody (a qualified custodian).
The exchange also applies an incremental liquidation mechanism to provide additional user protection during extreme market conditions. This robust risk management system was built by a world-class team of derivatives, risk management, and technical professionals.
Upon launch, the bit.com Insurance Fund had over 200 BTC (one of the largest among new exchanges) to mitigate socialized losses, better protecting your investment.
Done.
Mary | Satoshi Club
Is there any possibility that withdrawals could be suspended? In what cases? How protected are users from force majeure?
Robocop | Satoshi Club
It’s great to know that Bit.com also care about security and do insurance for user asset
Ruby
This will only happen when the user’s activity has been taken as suspicious.
Mary | Satoshi Club
Wow, excellent
We don’t do anything suspicious
Thanks guys for your answers! Do you want to add more or we can start with the next question ?
Robocop | Satoshi Club
Thank you for the great answer, let’s continue to 5th question
Robocop | Satoshi Club
Q5 from Telegram User @Cheriemike
Bit.com together with Paradigm launched fully-automated Request For Quote (RFQ) protocol on your platform.So can you tell us the essence of building the RFQ protocol?How will this feature be of good benefit to users when it comes to demand liquidity on large size orders and competitive pricing?You also mentioned that the RFQ protocol will be built on two structures the “Single-Leg and Multi-Leg Structure”.So can you give more highlights on both structures?Please tell us how users can use the RFQ features and what is the process of signing up for the RFQ on Bit.com. Thank
Ruby
Good question.
Generally speaking, Bit.com/Paradigm RFQ allows you to simultaneously request two-way quotes from multiple dealers without revealing your identity or trade direction and then instantly execute on the best bid/offer. Paradigm aggregates prices and displays the best bid/offer on Bit.com. Your execution is confirmed on Paradigm and settled in your Bit.com account.
With more financial institutions entering the crypto market, RFQ will play an important role in the growth of institutional crypto option trading by providing a single point of access to multi-dealer, block liquidity.
Here is how to use the RFQ on Bit.com:
Submit an RFQ by selecting the “Inquiry” button on Bit.com for an Option contract.
Bit.com electronically notifies Paradigm to request quotes from multiple makers.
The best quotes are displayed to you on Bit.com.
Review the best bid/offer and decide to buy or sell the contract.
Bit.com notifies Paradigm to execute the trade and complete the settlement in your Bit.com account.
Mary | Satoshi Club
Guys, you have a lot of really unique features but i want to ask you about something i couldn’t find – it’s Bit.com token
Mary | Satoshi Club
Do you have it or plan to have?
Ruby
Hahah you can’t find it because we don’t have it. Yet. So, stay tuned!
Robocop | Satoshi Club
Do user need to do KYC inside Bit.com?
Ruby
Yes, KYC is needed after you registered.
Robocop | Satoshi Club
I see, then user cant withdrawn if no KYC, right ?
Thank you for the answer
Do you want to add anything else or we can go to last question from part 1 ?
Ruby
Last question please
Robocop | Satoshi Club
Q6 from Telegram user @blessing_chum
Greetings, Bit.com Team
Building and managing a Crypto Exchange is actually a strenuous work and as such, I really commend the project’s team. In the DeFi space, we tend to see new developments and upgrades almost everyday and as such, I am keen to know how Bit.com aims to adapt to subsequent upgrades in the Crypto Sphere. Since inception, what major milestones have you reached? Tell us about new features that we should be expecting to see on Bit.com in the nearest future. Convince us that Bit.com wouldn’t be just a short hyped project but a project that stands the test of time and remain afloat in the Sea of major DeFi flagships.
Robocop | Satoshi Club
Please remember Satoshi Clubber to join @bitcom_exchange
Ruby
This is a good question.
First of all, Bit.com is launched byMatrixport in August 2020. Again, Matrixport is the 1 billion USD valued crypto asset management firm, it is founded by Wu Jihan, who was also the co-founder of Bitmain, the leading miner producer. With such a background and support, plus we have been operating for 2 years, we already are a well established exchange.
We are working on the product localization to better serve users from different countries, now we have English, Chinese, Vietnamese, and hopefully we will have the Russian version launched soon.
In the near future, there will be an important product launch of USD margined options as part of our USD basket plan. Plus we are working to offer more institutional services, such as custodian and loan to our institution clients. And what we have mentioned above is the NFT marketplace.
Robocop | Satoshi Club
I want to ask, do Bit.com have feature for stake/farm token ?
Mary | Satoshi Club
Little off topic i want to ask do you accept users from all countries or you have some rejections?
Ruby
Not yet but we do offer high yield savings product, for new users the APY is up to 80%.;
We do have some restricted regions such as the US and Canada, you can find the details here: https://support.bit.com/hc/en-us/articles/360051112014
Robocop | Satoshi Club
If you possible to say your opinion in here, which one is the biggest competitor for Bit.com for now ?
Ruby
Well, we don’t take any specific competitors because what we should do is to keep innovating and going beyond ourselves. As the second largest options trading exchange, we would take growing into the first biggest as our goal.
Robocop | Satoshi Club
Great answer
Robocop | Satoshi Club
Thank you for the 1st part of AMA Ruby,
Now we will go to part 2 with live section from our community
Ruby
Let’s move forward.
Mary | Satoshi Club
Let’s go
Part 2 — live questions from the Telegram community
Q1 from Telegram user @famouscryptoo
BEAR Market is A Big Problem in the Crypto Space , So May I know Is Your Platform (BIT.COM) also Affected Due to this Bear Market, If yes please tell us and How Do you Tackled it ?
Ruby
Interesting question. Of course, the bear market will lower the trading volume for the whole market, but this will not affect Bit.com a lot, actually, we are even planning to double our workforce. We are consolidating this growth and looking to expand further in Europe. Beginning life as we did an options exchange, we also have a lot of institutional traders, many of which are registered with offshore companies.
Q2 from Telegram user @Umanah6
For countries that doesn’t accept crypto trading and also the US where your project is restricted, what is you plan to overcome it
Ruby
Now the US is a restricted region for Bit.com. We will operate Bit.com in full compliance and we will not enter the market until we get the license.
Q3 from Telegram user @UncleTheStrange
I am more interested in the futures trading. And as I understand from Bit.Com app, there is a fixed leverage of X50. Can you tell us why you decide to make this fixed? Do you plan to change this (either increase or decrease it) in future upgrades?
Ruby
Yes, this will be changed and users will be allowed to adjust leverage soon.
Q4 from Telegram user @Sonofweirdo
Do you have a very convenient and good customer support? Also any categorisation for VIP traders with customer service?
Ruby
Yes, we have a solid team offering 24/7 online customer service and dedicated account managers for VIP and institutional clients.
Q5 from Telegram user @Asela1112
What kind of advanced tools, Do you provide in your exchange? And How about your trading fees? The trading interface is very imporatant when we trade. Give us a snapshot on your trading interface?
Ruby
We offer trading tool such as RMM for users to try and automate their trading. Using the RMM, you can capture price fluctuations by buying low and selling high. Earn the rebalancing premium and potentially enjoy an excess return; Reduce portfolio volatility; customize the number of single-side open orders to capture trading opportunities in highly volatile markets.
Here you can find the trading fee https://www.bit.com/legacy/tradingCenter?name=feeStruct
And the spot trading interface https://www.bit.com/legacy/spot
Q6 from Telegram user @Rakshhit
I downloaded the app and saw a Deposit offer which gives 80% apy on usdt for new users.
Can you tell me What is the minimum and maximum amount we can stake?
And For how long will it be staked?
Ruby
The minimum and maximum amount for a single purchase is 200 USDT and 1,000 USDT respectively for 8 days fixed savings.
Q7 from Telegram user @prashantwq
Okay, If we wish to open accounts for trading. Do we have to open separate accounts for futures, options, perpetual or margin trading or all will be under one account? How can users benefit from one account solution?
Ruby
Bit.com offers unified margin account, saving you the trouble of transferring from one account to another.
Unified Margin is an upgraded trading and risk management system adopting a single account solution to optimally trade spot, margin, perpetual, futures, and options without the need to transfer funds between multiple accounts. Through this, we achieved trade every coin with any coin, the ultimate flexibility of crypto trading.
Q8 from Telegram user @uncrowned_king_007
Can we have to go through any KYC to register on your platform or not? Please give details about this?
Ruby
You need to do KYC after you register, otherwise you are not allowed to deposit or trade on Bit.com. Here is the guide to how to complete KYC on Bit.com https://support.bit.com/hc/en-us/articles/360046605954
Q9 from Telegram user @Nonerlike
Do you have any affiliate referal program for new users on your platform? Can you please share the link of app to download it and will it support in both ios and android versions or not??
Ruby
Yes we do offer ambassador and affiliate programs. Please check the details here: https://www.bit.com/legacy/affilates/index
And the app download link: https://www.bit.com/download
Q10 from Telegram user @Kistley
I Saw that Recently You have Launched the BUG BOUNTY PROGRAM, May I know More About your 🪲 BUG BOUNTY PROGRAM, How Users Can Register for it and What reward will they get. ?
Ruby
The rewards for this bounty are in 4 tiers, and they’re as follows:
- Critical: $1500 – $3000
• High: $500 – $1000
• Medium: $50 – $500
• Low: <$50
You can find the bug bounty details here: https://blog.bit.com/introducing-bit-coms-bug-bounty/
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/bitcom_exchange
Medium –https://bitcom-exchange.medium.com/
WebSite – bit.com
Twitter-https://twitter.com/bitcom_exchange
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