Hello Everyone!
Welcome to Crypto Believers Community for AMA Session with VAIBHAV SETH
Let's start from the first introduction question:
CRYPTO BELIEVERS ADMIN :
Introduction : I will start from a basic question.Could you introduce yourself to our community and tell us about your project ?
VAIBHAV SETH (BITBNS) :
🙋🏻♂️ Hello everyone, I am Vaibhav Seth, Growth associate at BitBns exchange.
It is a pleasure for me to be part of AMA in this community today. <3
Concise intro of BNS token:
BNS is an upcoming multi-protocol utility token by Bitbns, which aims at enabling general masses to use cryptocurrency just like they use FIAT currency in day-to-day transactions. Beyond founding the basic utility of a cryptocurrency as money, BNS would also be capable of being used in complex operations like Banking, Loan Disbursals, Cryptocurrency Investments, and more.
In short, BNS facilitates you to spend your cryptocurrency funds for bill payments, shopping, banking, and even international remittances and that is just the beginning.
On the exchange's side:
• We have the highest number of tokens listed. Also have deposits and withdrawals enabled on almost all of them.
• Margin trading with upto 4x leverage is available.
• Users can also earn upto 16-25% P.A. interest by lending on margin trading.
• Fastest direct bank INR deposits.
• Bank withdrawals.
• We support FIAT transactions for INR, THB and AED on Bitbns (It will go live in around 27 more countries).
• API based trading for coders and a similar version for non-coders will also go live within next few weeks.
• Bracket orders and a host of other features.
• Best trading fee structure, Traders can trade for as low as 0.03% fees with our new fee discount slab offer.
• Bracket orders. We were the first ones to do it globally.
We are also taking utilities of BNS token live from last year:
• Bitdroplet went live in November 2019, You can do automated DCA in BTC from Bitdroplet. It supports direct FIAT transactions of Euro, GBP, INR, THB and AED.
• 100% discount on bitdroplet's 12th month installment using BNS token.
• There was 0 trading fee in USDT market for 5+ weeks for users investing in BNS token.
• Trading fee discount, Initial trading fee on bitbns is 0.25% but you can just hold BNS + increase your trading volume to trade for as low as 0.03% on bitbns.
• Referral bonus, Your referred user gets 50 BNS and you will earn 50% of his trading fee always.
You can check more utilities of BNS token at https://gyazo.com/21877458d2a205260918d89fcb9fdb98
BNS will be nucleus around all of the below mentioned products which is owned by the same founders of BitBns:
Various products from team behind Buyhatke. We started with a vision of empowering users to
- save money,
- make money or
- reduce their commerce friction.
• Bitbns - India's largest fiat to crypto exchange https://bitbns.com/
(Make money)
• Usemycards - World's first peer to peer cards sharing platform
https://usemycards.com/
(Buyers save money and cardholders make money)
• Buyhatke - A shopping research destination that helps users do smarter shopping and has saved over 300 million dollars for users till date
https://compare.buyhatke.com/
(Save money)
• Tatkalforsure - A tool that automates tatkal ticket booking for you. Does over 2% of all the tatkal tickets booked in India daily
https://tatkalforsure.com/
(Reduce commerce friction)
• Cricket Swag - Helps you get cricket scores 1 ball faster than TV
https://play.google.com/store/apps/details?id=cricket.swag.live.line
(Sports commerce)
• BNS token - Working on making crypto payments more rewarding than fiat https://bitbns.com/bns/
(Layer on everything commerce)
• Bitdroplet.com SIP style Bitcoin investing
(Make money)
• Salesla.com marketplace tool for sellers
( Make money)
• Flightsforsure coming soon 😇 Would automate flight ticket booking at best prices
(Save money)
SEGMENT 1 QUESTIONS ( Twitter selected questions)
CRYPTO BELIEVERS :
Q1 : What is the role of the BNS token in the Bitbns Exchange? What will users benefit from holding BNS tokens in the long term?
VAIBHAV SETH (BITBNS) :
BNS token will provide discounts on trading fees, withdrawal fees etc on Bitbns exchange, Other than this users will be directly able to access and run utilities of BNS token directly from bitbns to avail great offer, For example:
There was 0 trading fees in USDT market for 5+ weeks for users having a SIP goal on bitdroplet.
Traders can trade for as low as 0.03% just by doing trades + holding BNS, More such benefits and offers for BNS token hodlers will be released in future.
CRYPTO BELIEVERS :
Q2 : Can I connect bots to my account on bitbns exchange and also to auto-trading platforms? How efficient is your REST API to allow this?
VAIBHAV SETH (BITBNS) :
Yes, You can do API trading on our platform. Currently we allow it only for coders which users can use easily, We will also launch a similar version for non-coders in few days.
More details on API trading can be checked here https://bitbns.com/trade/#/api-trading/
CRYPTO BELIEVERS :
Q3 : OTC is a potential market, #Bitbns plans to implement this market?
What is the listing process of #Bitbns? How many criteria for a project to be listed on #Bitbns , and Is there any difference with other exchanges?
VAIBHAV SETH (BITBNS) :
We are definitely planning to enter in OTC market in future, Testing on it has been started from our UAE based users for it which has pretty good attraction from day 1.
Before listing we evaluate tokens on basis of their use-cases and utilities for the community for a longer period of time rather than focusing on short term hyped PnD projects.
CRYPTO BELIEVERS :
Q4 : The biggest barrier for newcomers in the Crypto space today is buying and withdrawing with FIAT, how robust is your FIAT GATEWAY, do you have plans for other currencies of other nations other than INR.
VAIBHAV SETH (BITBNS) :
FIAT gateway plays an essential roles in centralised exchanges, We have P2P + Direct FIAT transaction gateway for our users doing transaction with INR, Anyone can deposit instantly within few seconds and we are also exploring similar method for enhance our withdrawals flow too.
Our UAE and Thailand users can enjoy doing transaction with USDT P2P, Peers of both regions are super active in-order to confirm and process transactions.
• We also have FIAT on-ramp gateway on bitdroplet for doing instant transactions with Euro and GBP.
• We support INR, AED, THB, Euro and GBP currently and we have plans to expand our services in 27 more countries.
CRYPTO BELIEVERS :
Q5 : On bitdroplet, you mentioned an example about Komal investing 400 INR 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 (BITBNS) :
We show returns transparently for different timeperiod on bitdroplet, You can switch timeframe once from weekly to daily frequency in 2 years and see that average returns every year is around 22-25% which is much higher than Fixed deposit, Mutual funds SIP and gold.
We have suggested daily frequency SIP goal from our side, Anyone can start stacking sats for minimum 80₹ - 1 USDT per day.
Our goal is to transparently show past returns at different timeperiod, Doesn't matters if it is showing negative returns for short timeframe, It helps building more trust and confidence in the community to stack more satoshi rather than holding FIAT currency..
• DCA ensures to reduce loss and give profit for your long-term savings goal, For example:
If you had started a SIP goal at ATH price of BTC and stacked sats for 2 years then average returns on it would have been around 27% P.A.
SEGMENT 2 - COMMUNITY QUESTIONS
CRYPTO BELIEVERS :
Q6 : Most of investor just focus on the price of token in short term instead of real value of project. Can you as Bitbns team tell us the motivation and benefits for investors to long term?
VAIBHAV SETH (BITBNS) :
The utilities. You can check each and every project that buyhatke or bitbns has. They empower the user to either save money, make money or reduce their commerce friction. This is something that's going to be incredibly valuable not just now but 5 or 10 or even 20 years down the line. When you base a business on a fundamental principle and do a good job there users adopt it.
CRYPTO BELIEVERS :
Q7 : How important to you are emerging markets besides India, such as Latin America and Africa?
Where there is Margin, sometimes there is Lending, is this your case? Do you have lending or do you plan to include it in the future?
VAIBHAV SETH (BITBNS) :
We are planning to expand there in next few months around BNS utility remittance goes live,
You can check roadmap at https://bitbns.com/bns/
We have margin trading with 4x leverage and Margin lending also in which users can earn 18-25% P.A interest just by lending USDT.
CRYPTO BELIEVERS :
Q8 : What are the benefits to users holding the $ BNS token? For Fiat networks Are crypto asset purchases available through local banks for users outside India such as ASIA and Europe?
VAIBHAV SETH (BITBNS) :
Yes, Users in Europe and two Asian countries (India and Thailand) can purchase BNS with FIAT CURRENCY for now. We will be expanding to more countries in future.
CRYPTO BELIEVERS :
Q9 : In this time of pandemic, have you make more improvements and development to the Bitbns project while at home? Or its difficult for the team because of lack of communication?
VAIBHAV SETH (BITBNS) :
We have launched too many things during pandemic:
1. Fee discount as per slabs (Users have to pay from 0.25% to 0.03%)
2. Referral rewards, Users can get 50% amount of their referred users trade fee and refered user would get 50 BNS tokens.
3. Euro and GBP direct FIAT txn support went live from first utility of BNS token aka Bitdroplet.
CRYPTO BELIEVERS :
Q10 : As a New user in Cryptocurrency, When i see website ! I didn't understand about Bitbns project! Can you explain in short & details about Bitbns project? What actually you're trying to build & how it is helpful for users & Businesses?
VAIBHAV SETH (BITBNS) :
This image will explain in brief about BNS token
CRYPTO BELIEVERS :
Q11 : How will Bitbns empower Investors, Companies, Developers, Platform Users to deliver impactful solution and bring value to people all over the world ?
VAIBHAV SETH (BITBNS) :
We have launched our exchange token BNS which will empower people around the world to make crypto payments more rewarding and better than FIAT
Take a look at PayBNS
CRYPTO BELIEVERS :
Q12 : What are the advantages of BITBNS exchange to compete with another big one such as Kucoin,Binance, okex etc ? Is BITBNS a good exchange to store my asset in long time?
VAIBHAV SETH (BITBNS) :
Yes, You can store your funds for longtime of BitBns. Bitbns security has never been compromised till date. Also we have had the least downtime over the last 2 years compared to any other major exchanges.
Rather than looking at international exchanges as a competitor we find them pretty good to be on our side as allies, Bitbns and Okex are stragic partners from last year we are also in-talk with few other exchanges to build cryptocurrency world more better.
CRYPTO BELIEVERS :
Q13 : 📌 Why Bitbns don't the typical Japanese candles and indicators? Will be added in the future?
📌 The recent announces show your introduction in Europe, this can be the beginning to add EUR like other Fiat Currency apart of USD and INR?
VAIBHAV SETH (BITBNS) :
• We have this feature in our timeline as now more advanced traders from our the world have started joining bitbns.
• You can deposit Euro and GBP directly on bitdroplet now same like INR.
CRYPTO BELIEVERS :
Q14 : It seems that the BNS token has a very important role, can you tell about its potential? What are some ways users can make a profit by joining your network? And what will reduce the inflation of BNS tokens?
VAIBHAV SETH (BITBNS) :
BNS will be nucleus around all of the below mentioned products which is owned by the same founders of BitBns:
Various products from team behind Buyhatke. We started with a vision around 7 years ago of empowering users to
- save money,
- make money or
- reduce their commerce friction.
• Bitbns - India's largest fiat to crypto exchange https://bitbns.com/
(Make money)
• Usemycards - World's first peer to peer cards sharing platform
https://usemycards.com/
(Buyers save money and cardholders make money)
• Buyhatke - A shopping research destination that helps users do smarter shopping and has saved over 300 million dollars for users till date
https://compare.buyhatke.com/
(Save money)
• Tatkalforsure - A tool that automates tatkal ticket booking for you. Does over 2% of all the tatkal tickets booked in India daily
https://tatkalforsure.com/
(Reduce commerce friction)
• Cricket Swag - Helps you get cricket scores 1 ball faster than TV
https://play.google.com/store/apps/details?id=cricket.swag.live.line
(Sports commerce)
• Bns token - Working on making crypto payments more rewarding than fiat https://bitbns.com/bns/
(Layer on everything commerce)
• Bitdroplet.com SIP style Bitcoin investing
(Make money)
• Salesla.com marketplace tool for sellers
( Make money)
• Flightsforsure coming soon 😇 Would automate flight ticket booking at best prices
(Save money)
CRYPTO BELIEVERS :
Q15 : I have a doubt, do you have a partnership with Xiaomi? if the answer is yes, how this company will support you to driving growth in Bitbns?
Could you explain what does mean "UPI/ IMPS free deposits" ?
VAIBHAV SETH (BITBNS) :
1. We don't have partnership with Xiaomi for now but bitbns team has been constantly in contact with few major mobile companies (Name will be revealed in few months).
2. UPI/IMPS can be used in India for doing bank transactions.
CRYPTO BELIEVERS :
Q16 : When BNS will add the Leveraged trading? The platform have potential to do it.
I'm very curious about one thing,why you don't Accept credit cards to deposit?
VAIBHAV SETH (BITBNS) :
• We already have margin trading with 4x leverage on our platform, Futures and derivatives would also go live.
• We accept credit and debit card deposits for INR, GBP and Euro
CRYPTO BELIEVERS :
Q17 : • The BNS token pre-public sale ‘Phase 3’ has almost started. Can you tell us how were the results of the previous 2 phases? What are the expectations of this 3rd Phase? How many phases in total do you plan to do?
• Futures trading has boomed in recent months. Are you planning to enable this feature on your platform?
VAIBHAV SETH (BITBNS) :
• We have 4 phase in schedule you can check details on https://bitbns.com/trade/#/bns-presale/
• Yes, Futures trading is on our roadmap.. It has been delayed slightly during lockdown for any derivatives thing a very robust liquidation engine is needed. During the 12th March crash we saw even major exchanges fail on this and our internal testing revealed where we still need to improve. Instead of that there are many other features which have not even been mentioned have already been launched.
1. Fee rebates for traders
2. Much better referrals
3. API improvements. Addition of margin trading in API
4. Node sync status and automated missing deposit sync
5. Dynamic Withdrawal fee
6. Credit card deposit option
7. Bitdroplet launch in 50 countries of Europe with direct bank fiat support
8. Direct INR deposit flow on bitdroplet
And many more things which I have not mentioned and many more are coming
We balanced what's more critical for users and prioritised it.
CRYPTO BELIEVERS :
Q18 : What benefits do you offer to a trader to trade at bitbns exchange over others?And the fee for trading, is it cheaper than other exchanges?
VAIBHAV SETH (BITBNS) :
Yes, We have launched 2 offers recently for traders and Crypto enthusiasts
1. https://bit.ly/2JRrCVv You can get 50% as reward of trading fee of your referred user.
2. Trading fee discount from 0.25% to as low as 0.03% https://bit.ly/2V0QUpf 
CRYPTO BELIEVERS :
Q19 : * How long does the KYC take to be completed? Some platforms take longer than 24 hours. Is it a plan to be able to make it faster?
* Pre public sale of BNS token is scheduled for april 27th on ChainX and ExMarkets. What made you choose those exchanges as partners? What benefits will it bring to users, over that is there any other exchanges that you might have considered?
VAIBHAV SETH (BITBNS) :
1. KYC on bitbns usually takes around 5 minutes to 6 hours.
2. We are taking entry with all of our services in South Korean and European market very soon, This thing made us choose Chainx and ExMarket for pre-public sale phase 3.
CRYPTO BELIEVERS :
Q20 : If you were to summarize your project in one word, what would it be?
VAIBHAV SETH (BITBNS) :
Bitcoin Buy n Sell
Bit B n S
Because that's what our motto is, We are also launching a decentralised version of bitdroplet for stacking sats very soon. Users will be able to own their keys.
CRYPTO BELIEVERS :
Q21 : What is core fundamental idea behind bringing BNS as payment? And, what will be legal difficulty in India to implement it and make vendors understand the use case of crypto as currently UPI have zero fees ? There challenge are ahead how do you plan to tackle it.
VAIBHAV SETH (BITBNS) :
We have made all legal aspects clear before making announcement of https://bitbns.com/bns/
Slowly we are making things clear with legal authorities of other countries and expanding our services there. We are currently operating in India, UAE and Thailand with proper FIAT support and we are planning to expand to overall 30 countries.
Yes, UPI FIAT transactions have zero fees but BNS will help you to earn cashback on every online and offline transaction, Go through bitbns.com/paybns once.
CRYPTO BELIEVERS :
Q22 : - How much privacy and Anonymity have the BitBns's users? Considering than you require KYC to unlock all functions.
- What are the advantages of Bitbns as exchange over other Indian Exchanges? Like Warzix or coinmama
VAIBHAV SETH (BITBNS) :
1. KYC is needed only for FIAT transactions, Which we will be limiting it also in few months. Users will be able to do smaller FIAT transactions in few countries without any KYC verification.
2. Utilities and Features set bitbns apart from all of these exchanges.
CRYPTO BELIEVERS :
Q23 : I know bitbns is trying to be adopted around the world. And if it work, How have you handled the different regulations of the different countries in which bitbns has arrived? it has been difficult?
VAIBHAV SETH (BITBNS) :
With such great tech and legal team we have faced no difficulty related to regulatory talks around the world. We have made all legal aspects clear before making announcment of bitbns.com/bns
CRYPTO BELIEVERS :
Q24 : Why have you made a partnership on OKex, being another exchange, perhaps considered a competitor?
How does your margin work, how much leverage does it have and how competitive are the fees?
VAIBHAV SETH (BITBNS) :
We see them as a ally rather than competitor both exchanges will help each other as there is a strategic partnership.
We have 4x leverage on margin trading, Tutorial on it can be checked on our YouTube channel. There will be fees discount with BNS on margin trading too in future.
CRYPTO BELIEVERS :
Q25 : How do we trust Bitbns ? What to do if you encounter a hacker incident? Will there be a security fund to protect user assets?
VAIBHAV SETH (BITBNS) :
Yes, We have plan to introduce safu funds for our users too in near future. Check whitepaper at https://bitbns.com/bns/
CRYPTO BELIEVERS :
Q26 : Do you also plan to partnership with any Indian exchange as binance did with wazirx & What's your future plan for India as now ban has been removed?
VAIBHAV SETH (BITBNS) :
We are already in a strategic partner with one of the major international exchange and yes we will be doing more partnerships to make crypto payments rewarding future.
CRYPTO BELIEVERS :
Q27 : In BNS use cases u mentioned bitbns will provide all banking services. But why people will trust an exchange to saving deposit rather than bank to get just more interest?
And if we are getting more interest that also mean we have to pay more interest on cryptocurrency or fiat loan?
Please elaborate BNS use cases as banking service.
VAIBHAV SETH (BITBNS) :
- People trust decentralised world more than centralised one, We are launching decentralised version of bitdroplet in few weeks similarly there will be decentralised version of our other usecases too.
- Nominal fees, No extra or hidden charges. Bitbns team focuses more on building a better community rather than taking heavy fees. Our platform usemycards.com is running without any single fee on any step from last year.
CRYPTO BELIEVERS :
Q28 : What are the Main services that Bitbns is providing Currently? Do you plan to add more services in Near future?
VAIBHAV SETH (BITBNS) :
- Crypto exchange with FIAT transaction support.
- Margin trading.
- Bitdroplet - To stack some sats via SIP.
We will be launching more platforms and services to expand cryptocurrency in future, You can check roadmap at bitbns.com/bns
CRYPTO BELIEVERS :
Q29 : Will Bitbns use an API based model that connects with multiple exchange Platforms?
Does the platform require full access to our exchange Accounts and if yes, how secure is it?
VAIBHAV SETH (BITBNS) :
• No, We have no plan to move our exchange to API based model.
• Your account can be accessed by no one other than you, We are also exploring dex version for bitbns and bitdroplet right now.
CRYPTO BELIEVERS :
Q30 : Will you burn BNS token ? What is the benefits by hold BNS token long term ?
What is the best way to earn BNS token ?
Why should i invest in BNS token ? What's make user hold BNS for long term ?
VAIBHAV SETH (BITBNS) :
We have announced massive rewards for users who are holding bns tokens who would trade in our exchange. You can find the details here https://medium.com/bitbns/the-best-trading-fee-structure-is-here-82c0c3e2058d?source=collection_home---7------3-----------------------
We think it's better to give benefits upfront to users rather than charging more and then burning it. You can check all utilities of BNS token at https://gyazo.com/21877458d2a205260918d89fcb9fdb98
That's the end of AMA session.
Thank you Vaibhav Seth for joining us.
It was a great AMA Session.
Hope everyone enjoyed and learnt from it
Thanks community for joining.
Thank You everyone who participated!!
You can find more about Vaibhav Seth - Growth Associate of BITBNS : here
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