Thanks a lot for actively participating in the Paycent AMA held on 16th October 2019 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Paycent
Q1. How does Paycent compare with the competition for example Coinbase card or Wirex
Coinbase or Wirex card is not globally avlbl so i do not think it would be really correct to compare them with Paycent as we offer cards to all countries including India. Having said that we respect competition & believe the market is big enough for multiple players and is only going to grow as adoption increases.
Q2. Please let us know the use case of PYN tokens
PYN tokens can be used pretty much the same way as BNB that is to get 50% discount on converting crypto into US$. U can use PYN as staking in the app and get 10% per year rewards payable to your app in US$ which you can spend using the Paycent card. And then ofcourse you have the cash back rewards with saving on FX etc on your card spending if you are a holder.
Staking rewards are not in tokens:)) But US$
And u can begin with 10,000 PYN
Q3. I read in the whitepaper a mention about Elite group membership. Could you please elaborate on that.
We call it VIP group. Its for holders of 500,000 PYN and above. There is a separate group for them. They get first hand information from the team before public announcements. They interact with all team members. Get instant VIP customer support for all their issues. And of-course there are hidden benefits:)))
* Announcement *
We are inviting every one to download the app & do the KYC and they will be paid 5$ in USD in their app account which they can use to cash out
Users can also join the referral program and send links for free to all their contact list in the phone without any sms charges. If the receiver downloads the app and does KYC then again the sender gets 5$
So its crazy and limitless
No end to how much you can earn
Its bigger & better than any airdrop etc
Q4. What are the advantages that we can after doing KYC in app ?
Once you do the KYC. U have full functions avlbl in the app. Like top up & with-drawls without limits. You can order the card instantly. You can buy Gold or Silver using your Crypto
Q5. I consider paycent as an incentive reward model, not an investment product. If so, it looks better when paycent uses it as a stable coin. As long as paycent is a cryptocurrency, value changes will occur from time to time and if holding benefits are low, the value
will likely continue to decline, so I'm curious about why you didn't use stable coin as an incentive model?
Interesting take. The issue with stable coins is that the market itself is still distorted. Look at USDT. No one knows from where it comes & when it comes & does it have any equal amount of holding. In this scenario its pointless to get into a stable coin. The field has to be level. Here the playing field is totally unregulated.
Q6. What is your main country where you have more users? Will they try to do more marketing for the Latin American public? or for now will they focus on Asia? How have you handled the different regulations of the different countries in which Paycent has arrived? it has been difficult?
Being based in Singapore. Our main user base comes from Singapore, Malaysia, Brunei, Thailand, Japan, South Korea, Vietnam & Japan
We really find Latam to be the next big thing along with African continent of course. We are expanding aggressively in these 2 regions by engaging local partners. This is the only way to expand. Partnerships partnerships
Its never easy to operate on a global field. It has a lot of challenges. We need to be adaptive & improvise always as the saying goes
Q7. Any Special plan of Paycent for India? Will this complete as per roadmap -> Merger and Acquisition with an existing banking structure in the Asia Pacific region Any plan to start office in India? What plan to bring Paycent card to mainstream? With which big company Paycent can collaborate next to expand more? When to expect to trade PYN Token in big exchange? Can answer simple that why we people trust Paycent for use? How safe is our KYC details with Paycent? Can we cash-out that $5 instantly after sign up and after referral sign up with KYC?
Indian market is very exciting. We actually have presence in India. Texcent which is the parent company of Paycent maintains our IT development office in Gurgaon. Indian market right now is in a bit of a limbo. Texcent already has a Wallet License from the Reserve Bank of India. We welcome Indian users with open arms and do provide cards as well. But i do not believe that Paycent will set up an Indian office till there is no proper clarity from the GOI
Q8. What's your greatest threats going forward and what plans are in place to overcome them? Am concerned with the process by which crypto can be converted to fiat using the Paycent card. Has this been successfully implemented and when is it coming to NIGERIA Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period. What major milestones do you want to achieve by end of 2019
The greatest threat that this industry faces is lack off a coordinated Regulatory Framework. Its still like the Wild Wild West. This is the biggest threat. The trash in the industry needs to be cleared. Regulations need to become standard and accepted in all regions. Once this happens then the next phase of real adoption will come. Till this does not happen it will always be rough seas.
Paycent being a product of Texcent has a very strong fundamental base & is financially very strong. So the bear market has not effected us. We continue to build & expand.