Founded in Dec 2017, Bitbns claims to have become one of India’s largest spot cryptocurrency trading platforms. On July 23 Bitbns conducted an AMA in Satoshi Club Community. Our guest was Vaibhav Seth.
The total reward pool was $500 ($400 in BNS+100 USDT) and it was splitted into three parts.
In this AMA Recap we will try to summarize some of the most interesting points for you.
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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Irina K.| @Satoshi_Club: Hi everyone.
Serg | Satoshi Club: Hello! Today our guests are from Bitbns. Vaibhav Seth, welcome!
Irina K.| @Satoshi_Club: ❤️ Welcome to another episode of our AMA series. Vaibhav Seth welcome to Satoshi Club.
Vaibhav Seth | (⊙_◎): Thank you for inviting me here for this AMA today.
Serg | Satoshi Club: We are glad to have you here. Please tell us a bit about yourself and about Bitbns.
Vaibhav Seth | (⊙_◎): I am growth associate with bitbns exchange, by profession I am an Information security expert. I work to expand services of bitbns with proper FIAT support in multiple countries across the globe. Currently my main focus is to get the general public Stack Sats daily via bitdroplet.com because we all know FIAT hyperinflation problem has been growing rapidly around the world and BTC is the solution to it.
Bitbns is one of the largest exchange in India having over 75+ cryptocurrency trading pairs, bracket orders, margin trading, Fixed income plan, Systematic investment plan and a lot of other things. Users from UAE, India and Thailand can deposit and withdraw FIAT on bitbns. We are expanding our FIAT services to 30 countries till end of this year.
BNS is a utility token which mainly focuses to allow users save money while spending it for OnO transactions which is a trillion dollars’ worth industry. We are going to implement BNS as a nucleus around all of our products at buyhatke with many other local and global partnerships.
You can check complete details about BNS at bitbns.com/bns. These are the main utilities of BNS:
Shopping:
- Online/Offline payments.
- Cashback on every transaction.
- Direct e-commerce payments, Users will be able to earn 3-4% direct cashback.
- Paybns card.
Sending money:
- Cross-border payments with full support of crypto to FIAT conversions with just few click and low fees.
Crypto Cashback:
- No matter how big or small, every transaction with BNS will give you a reward.
- BNS will make online/offline payments more rewarding.
Crypto insurance:
– Crypto Insurance would ensure that your crypto on BitBns is insured always which means that your funds are always safe.
Banking services:
- Cryptocurrency and FIAT loans.
- Online and offline payments.
- Crypto investments like Systematic purchase plan and fixed income plan.
- Debit card with assured cashback on each transaction.
• BNS will also be a nucleus around all of our other platforms, You can read about them here https://docs.google.com/presentation/d/1S6XZ_MhNKEzeIJvUdS0gOpjjA0mlq211_6i52Kn42h8/edit?usp=drivesdk
Serg | Satoshi Club: BTC is the solution, yes 🙂 we have collected questions from the community. Shall we start discussing them?
Vaibhav Seth | (⊙_◎): Sure. We can start with it.
Q1 from Bitcointalk user Nyosant
Online shopping with cryptocurrencies is great, but I am really intrigued about the offline part of Bitbns’ OnO shopping. Please could you explain how will offline shopping work exactly and if there will be any perks related to shopping with the BNS token? Thanks!
Vaibhav Seth | (⊙_◎): Great question.
Offline spending part would work in these ways:
- PayBns debit card: Users will be able to spend money by PoS machine and ATMs.
- Store gift cards: Users will be able to buy offline gift cards from https://compare.buyhatke.com/giftcards-wallet.
Serg | Satoshi Club: is the card available at the moment?
Vaibhav Seth | (⊙_◎): bitbns.com/paybns would get launched in November 2020
Here is a short intro that we posted last year even before the announcement of BNS https://youtu.be/0jfB1UbyBbU.
Irina K.| @Satoshi_Club: Do you already have any partnerships with market networks/ chains?
Vaibhav Seth | (⊙_◎): We have partnerships wih few market networks and chains which would get revealed over 100 days’ period after listing. We have planned 100 days 100 announcements for BNS which will reveal partnerships, listing and other details.
I am posting one such example below
Like this is the BitBns hardware wallet which will get launched during 100 days 100 announcements of BNS.
Serg | Satoshi Club: That’s good news. In what countries will it be available?
Vaibhav Seth | (⊙_◎): Our main focus would be on countries like Venezuela, South America and few others that are suffering from hyperinflation of FIAT. PayBns card would allow users to spend their cryptocurrencies such as BTC, USDT, BNS and few other currencies in a better way. More countries would get revealed with launch of PayBns debit card.
We already have bitdroplet.com live in Europe with complete FIAT support. Bitdroplet is one of the first utility of BNS where users can stack sats in a systematic manner to reduce loss and get returns via Dollar Cost Averaging method.
Q2 from Bitcointalk user Elissa
Not long time ago, another Indian exchange, Wazirix, made an IEO on Binance. What is your advantages compared to them and why exchanges are doing IEOs on other exchanges?
Vaibhav Seth | (⊙_◎): Adoption and exposure is the main thing due to which local Indian exchanges are doing IEO on global ones.
In case of Wazirx they got acquired by Binance but BitBns is not getting acquired/sold. Bitbns would be running independently working to improve bitcoin and blockchain space for a better future of financial world.
For example: We recently announced that we are working on payid.org with 40 other global leaders including Huobi. You can find a brief on how PayID works in this video by CNBC. No need to remember long public addresses or account number and IFSC. It’s like UPI for all sorts of payments. You can transfer $ or Bitcoin.
There are a lot such benefits that bitbns has over any other Indian exchange as it is running independently to improve the cryptocurrency ecosystem around the globe. 🙂
Q3 from Telegram user @iulya_i
Fiat deposits and withdrawals are very important. Currently you have only INR, right? If you want global adoption, you need to add USD, EUR and so on. When do you plan to add them?
Vaibhav Seth | (⊙_◎): We support few more currencies other than INR.
One of the best thing is that we do not charge any fee for FIAT transactions in some of these global countries such as UAE and Thailand.
• We have enabled direct transaction for GBP, USD and Euro for bitdroplet.
• Bitbns allows users from India, Thailand and UAE to do direct FIAT transactions for buying cryptocurrencies.
Serg | Satoshi Club: are you working to add more countries in that list?
Vaibhav Seth | (⊙_◎): Yes.We are going live in these 30 countries till end of this year.
Q4 from Telegram user @sato_nakamo
Can I register from US? Also, what is the utility of BNS and will you conduct IEOs on your platform?
Vaibhav Seth | (⊙_◎): Yes. Users from US can also register on BitBns.
I have given a short intro on utilities of BNS on this message https://t.me/Satoshi_club/171596, Please read it.
Pre-public got conducted on bitbns. Now trading will start directly after IEO on kucoin.
Q5 from Telegram user @agz18
How does bitdroplet work? And where will my Money will be hold during the investment period!?
Vaibhav Seth | (⊙_◎): Bitdroplet is a Bitcoin SIP platform where users can stack sats on regular basis in a timely manner. Stacking sats this way ensures that loss is in control and users get good returns via DCA method.
Right now it is there in bitdroplet wallets from where we move it to different hardware wallets in a timely manner to keep it safe from hackers. But in few weeks we are launching a decentralized version of bitdroplet where users will be able to own their keys.
Q6 from Telegram user @zaferce
What are the advantages of using P2P based Deposit and Withdrawal models for trading?
Vaibhav Seth | (⊙_◎): Different types of users are comfortable with different ways of trading. Some of them like an open orderbook with direct deposits on binance whereas some people love localbitcoins. On BitBns users can enjoy both direct and P2P deposits so with bitbns choice is never a concern. Users can use the feature as per their comfort.
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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot questions were posted by the Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @Nickkiii
How does the Fixed Income Plan work, how can I invest?
Vaibhav Seth | (⊙_◎): FIP is a simplified version of margin trading for lenders to lend.
- FIP is simpler
- Guarantees instant execution
- you do not need to covered monitor to figure out what rates to lend at.
- you can always redeem your capital from an FIP instantly
FIP interests are calculated based on how much borrowing has happened on the margin trading platform of bitbns. Bitbns itself effectively lends FIP amount also additionally generates revenue of 15% from the interest amount of the lending and borrowing happening on the platform. Keeping all factors in mind a ratio is decided on how much amount at what interest can come in on FIP for which coin.
Read about Fixed Income Plan (FIP) here https://medium.com/bitbns/introducing-fixed-income-plan-3bc59a18aed2?source=collection_home—7——0———————–.
Q2 from Telegram User @Jhonathanch
Do users in India need to perform KYC? Is it mandatory for all users to make deposits and withdrawals? How do you deal with these policies?
Vaibhav Seth | (⊙_◎): No. Users can deposit, withdraw and trade crypto without KYC. KYC is needed only for FIAT transactions.
Q3 from Telegram User @phamtan310
Before IEO on Kucoin, how did Bitbns raise funds successfully? What helps Bitbns to convince investors easily?
Vaibhav Seth | (⊙_◎): Utilities. Utilities of BNS are one of the top pillars of our token. Most of its usecases would be as a nucleus around all of our other platforms, Read about them here https://docs.google.com/presentation/d/1S6XZ_MhNKEzeIJvUdS0gOpjjA0mlq211_6i52Kn42h8/edit?usp=drivesdk.
Q4 from Telegram User @Idee01
Security and liquidity are the crypto dilemma for most crypto exchange. As one of the top 3 Indian cryptocurrency exchange, how do you provide liquidity? What are the security features of bitbns exchange? How often do you do audits?
Vaibhav Seth | (⊙_◎): Till today bitbns has never been compromised. We were born with a vision as long as bitcoin is there bitbns would be there.
We spend 3 times more time on security in general than any product releases for futures. So now you can think how seriously we take security considering how many unique things we do. Bitdroplet is a global first. Bitbns extension is a global first. Our INR p2p mechanism was a global first. Bracket orders were global first. Similar global first mechanisms are also deployed on the security end with 3x intensity. We off course can’t reveal more but things are safer with bitbns more than ever every single day. Over 90% of funds are never connected to internet and are safely stored in geographically diverse distributed cold wallets with multi authentication systems.
The next awesome thing comes is with bns https://bitbns.com/bns/
Bns would have a crypto insurance option coming soon. Your funds we would actually guarantee that they would be returned in full. Not like banks that we would just give you 1 lac even if you had 1 crore. Everyone knows what happened with PMC bank. You can check the roadmap of bns and get more details when it’s closer to launch. Bitbns stays ahead of the curve always. 🚀
Q5 from Telegram User @Jhonathanch
About the PayBns card? Will this card work with VISA / MASTERCARD? How will it be possible to acquire? Will it have any cost?
Vaibhav Seth | (⊙_◎): It will have a cost but with BNS token that would be negligible. Like BNS hodlers are getting hardwarewallet for nearly negligible price https://t.me/Satoshi_club/171617.
More details on card would get revealed with its launched.
Q6 from Telegram User @Sicxa
Which area does #Bitbns focus on at the moment? (DeFi, Stake,Dapps..)
Vaibhav Seth | (⊙_◎): Currently we are focusing on defi. We are exploring defi to build decentralized version of bitdroplet.com. Bitdroplet is one of the first utility of BNS.
Q7 from Telegram User @Aleurich
The currencies of centralized exchanges always have limited functions. How can you make $ BNS really useful not only within the platform?
Vaibhav Seth | (⊙_◎): We will focus on helping consumers saving money while doing OnO purchases (Online and Offline) which is a trillion dollar industry. We already have a huge potion of this sector via different products of buyhatke which is live from last few years.
Take a look at bitbns.com/bns
We will keep doing new partnerships and improvements in our products to make this product reach masses.
For example take a look at usemycards.com
We started it as P2P card sharing platform for Ecommerce shopping but today UMC has many features that allows users to:
- Buy gift card at discount.
- Do or get mobile recharge at cheap price.
- Flight booking.
- Online food orders at 10-30% discount.
and a lot more.
Take a look on more utilities at https://t.me/Satoshi_club/171596.
Q8 from Telegram User @Jhonathanch
How can I get a BitBns hardware Wallet? what are the advantages of acquiring one? Is it a safe Hardware?
Vaibhav Seth | (⊙_◎): You can hodl BNS to be eligible for it or buy it normally by paying through crypto after its launch. It will get launched within #100DaysOfBNS which is starting from around 1st August.
Q9 from Telegram User @Magoy12
On bitdroplet, you mentioned an example about Komal investing 400inr weekly into btc for 2 years, the roi was -0.67% btc. It is not really convincing, what makes bitdroplet a good way for investment?
Vaibhav Seth | (⊙_◎): We believe in complete transparency. Komal is just an example name that we took. On bitdroplet.com homepage you can see exact an actual past returns on different timeline, amount and frequency to decide your goal frequency.
This helps consumers in taking better investment decision rather than just falling for marketing gimmicks. We are focused to bring-in non crypto folks to invest in crypto.
For example: Bitdroplet has most of the users who are from mutual funds and stock market. They have stacked over 600,000 USD worth bitcoin in just few months. Such continuous user acquisition in non crypto world would help bitdroplet and bitcoin to climb to the top of the mountain in terms of adoption. 😄
Q10 from Telegram User @AyD80
What have you established for the short-term BNS token?
Vaibhav Seth | (⊙_◎): Live utilities of BNS token:
• Bitdroplet- Users are daily stacking sats via it and userbase on it is growing in the right direction.
We have enabled direct transaction for GBP, USD and Euro for bitdroplet longtime ago and we have been onboarding users from many European countries after this.
• FIP- You can see yourself that FIP allocation even larger than 50 BTC gets fulfilled in few minutes. We are launching new FIP plans every week.
• Fee refund: Users have got fee refund for over 70-80k USD from bitbns even before launch of BNS token.
• UMC: It is improving daily breaking each milestones of development and user growth. You can check usemycards.com for utilities that will work for BNS token.
• Spidy: Data crawling service provider. You can search spidy in chrome webstore to check about it.
Q11 from Telegram User @Patty91
What relationship exists between Bitdroplet and BitBns? How does Bitdroplet influence the Bitnbs ecosystem? How does it make you more profitable and positive?
Vaibhav Seth | (⊙_◎): Bitdroplet is owned by Bitbns. Bitdroplet orders get placed on BitBns live bitcoin orderbook which means we get more liquidity on BitBns and better rate for people stacking sats via bitdroplet. Both of them mutually give benefit to traders and investors.
Serg | Satoshi Club: @vbhvsth, thanks for being here with us today! We wish you good luck in the KuCoin spotlight!
Irina K.| @Satoshi_Club: That should be it. Thank you @vbhvsth for your time and answers. 😊
Vaibhav Seth | (⊙_â—Ž): 😄👌 Thanks for inviting.
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PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Bitbns. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 200$ were rewarded between the winners.
For more information and future AMAs, join our Social Media channels:
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Bitbns Community: https://t.me/Bitbns
Bitdroplet: https://t.me/bitdroplet