AMA RECAP : CRYPTO CHALLENGERS x BIT.STORE

Venue : CRYPTO CHALLENGERS

Date :07 SEPT 2021

Time : 12:00 PM UTC.
Published: 2021-09-14 11:11:02

Guest : Catalina Jimenez.

She shared detailed information and her opinion about the project BIT.STORE.

🔴 SEGMENT 1 INTRODUCTION

1) Please introduce yourself.

Catalina Jimenez Rivera:

As you know, most of my previous professional experience is in the international investment banking sector, which has provided me with a lot of financial and legal compliance knowledge. As well, most members of the Bit.Store team come from financial companies such as internet financing companies and investment banks, with remarkable experience in blockchain and finance.

2) Can you tell us something about Bit.Store?

Catalina Jimenez Rivera:

Bit.Store is a convenient digital asset trading platform, created mainly for beginner investors around the world. This platform intends to reduce the existing high barriers in currency exchange platforms for fledgling users.

Many people who are interested in digital currency want to leverage cryptos to set off the risk coming from inflation and a single unit of asset, but they may not be familiar with concepts such as candlestick charts and pending order transactions. Bit.Store is a simple but convenient and safe platform which provides a channel to purchase digital assets with fiat currency.

Imagine how people used to buy gold to fight inflation. They often went directly to the gold store for it, and they didn't talk to the clerk like this: “Could you show me the candlestick chart of gold futures?”

Bit.Store is an inclusive tool that gives everyone the opportunity to buy digital currency. You will have the opportunity to enter the new financial world despite your background, cognitive ability, financial resources and geographic location.

3) With the rapid development of projects such as DeFi and NFT, more and more people are paying attention to digital currency transactions. How does Bit.Store lower the threshold for users to participate in digital currency transactions?

Catalina Jimenez Rivera:

1) Direct: In Bit.Store, users can directly use Visa and Mastercard to purchase digital currency, just as easy as regular shopping. It is necessary to know that for many people the process of buying cryptos is to first purchase USDT and USDC through C2C, and then exchange USDT for other digital currencies. The process is very troublesome.

2) Secure: Bit.Store is different from what exchanges can offer. Our assets are separately hosted in a third-party custodian and are regularly audited by PWC. Users can safely store their assets on our platform.

3) Simple: Users only need to know the approximate price of the current digital asset, then determine the purchase amount, and they can get the cryptos with just one click. They don't need to know the jargon like “buy stop” or “pending order purchase”, and they don't even need to care about complex contents like candlestick charts.

Our official website is www.bit.store. You can download our APP from the website. Currently Android and iOS versions are available.

4) Who are Bit.Store’s competitors? What are the advantages ?

Catalina Jimenez Rivera:

Before Bit.Store, some industry giants have actually begun to explore and facilitate the convenient purchase of cryptos. For example, Paypal and Square's Cash App have just been online for some time, and they have already achieved very good results.

Cash App’s financial report last quarter showed that the Bitcoin business contributed approximately $2.2 billion in revenue to the company, making it the fastest-growing core business. In addition to opening up the Bitcoin purchase function for users in the United States, Paypal now provides this service for users in the United Kingdom.

Although these two giants are doing well in developing the Bitcoin business, Bit.Store will not be negatively affected. On the contrary, it will be able to expand the business to a greater degree. The global demand for convenient purchase of cryptos does exist and no other major economies except the United States can provide this professional service.

As a company that is focused on globalization and compliance, Bit.Store has operated well in Southeast Asia and is currently expanding its business to the Middle East and some developed countries. Bit.Store's more flexible and rapid expansion capabilities will become an important growth advantage.

5) We learned from the white paper that Bit.Store will issue STORE. Can you explain STORE’s economic model and token rights?

Catalina Jimenez Rivera:

STORE represents Bit.Store to manage its token equity, the total amount is 1Billion.

The distribution method is as follows:

- Private financing : 10%

- Public offering: 10%

- Consultant fee: 3%

- Community Leader Incentive: 5%

- Content Incentive: 2%

- User Expansion Incentive: 5%

- Eco Fund: 15%

- Liquidity and other marketing activities incentive: 35%

- Team incentive: 15%

At the usage layer:

a. In the early stage, STORE can be used for functions such as administering voting. After Bit.Store has fully shifted to DAO in product and community, STORE will be used as an administrative token to manage the entire system.

b. STORE will be used for Staking or Farming collateral in the STORE ecosystem for a variety of ecological benefits.

c. Users can use STORE for commission credit when trading digital assets in Bit.Store.

About the burning deflation:

In order to better enhance the essence and value of STORE, STORE uses the economic model of burning deflation.

In the commission discount scenario, 50% of the STORE used to pay for the commission discount will be burned.

In addition, Bit.Store will spend 20% of its revenue to buy STORE in the market and then burn it.

6) What is the current progress of Bit.Store? Where can I get the latest information on Bit.Store?

Catalina Jimenez Rivera:

Bit.Store is currently developing very rapidly, with hundreds of thousands of users from multiple countries, and users are very active in transactions. From a geographical point of view, the current users of Bit.Store are mainly from Southeast Asia, while only a small number of users are from the Middle East and Europe.

In terms of compliance, Bit.Store has currently obtained multiple licenses from Southeast Asia and Europe. Because our team itself comes from the traditional financial industry, we have ready resources to get the license in more countries.

At present, the fact that Bit.Store is placing advertisements on traditional channels such as Facebook has justified its compliance. The use of traditional channels can effectively reduce the cost of acquiring customers and enhance competitiveness.

7) What is the future plan for Bit.Store?

Catalina Jimenez Rivera:

In order to build a stronger core competitiveness, Bit.Store will focus on the two dimensions i.e., the full-value utilization and socialization of users.

Specifically, the so-called full-value utilization of users means that users not only exist as traders in Bit.Store, but also have greater value space.

For example, they can act as community promoters to communicate the brand and value of Bit.Store to more users, and they can also help STORE on a larger stage through voting and other methods.

And socialization is to guide users to establish mutual connections and produce UCG contents, making Bit.Store a community with transactional attributes. For a trading application, its value is proportional to the number of users, and for a community, its value is squared with the number of users.

Through these efforts, Bit.Store is very much expected to defeat strong competitors like Paypal in many areas, because at a certain level, what Bit.Store is trying to do is like Discord+Paypal. This dynamic integration will bring a chemical reaction full of surprises.

In order to know all our future plans you can join our Telegram group and our Twitter www_bit_store.

🟡 SEGMENT 2 TWITTER QUESTIONS.

Q1) How many killer features of your project that makes it ahead of its competitors Could you tell us 2-3 features the Project? @Sophiamangak

Catalina Jimenez Rivera:

3 features help us win our competitors

The first is security, we cooperate with the world's most famous third party as custodian, which means that the operation and repository of assets is done separately, just like the compliance relationship between brokers and banks.

Secondly, the operation is designed easily for junior investors who have a majority share of the investment market. This feature of Bit.Store facilitates junior investors to buy digital currency, there are no complicated charts, maker and taker system, and no need for a C2C exchange system. Investors can buy digital assets through the platform as long as they have a bank card.

Thirdly, the cost is reasonable. Investors do not need to pay any surcharges in order to buy digital assets and they are encouraged to be long-term holders. Meanwhile, Bit.Store has established partnerships with other platforms such as Binance, Huobi, and Coinbase, it helps investors buy digital assets at the lowest cost.

Q2：What is the profit of those who hold the token? Will this coin be listed in any big exchange? @Ipman15547444

Catalina Jimenez Rivera:

Holding STORE has the following benefits

a. Community incentives mechanism, for Bit.Store transactions, participation in various Bit.Store promotions and user functions, and for new user referrals.

b. Staking and pledging, for Bit.Store user privileges and discount rates.

c. Voting privileges, both for matters of governance and promotional activities that can involve voting.

Through the established partnerships with key exchange platforms, we believe it will be an advantage for the token to be listed in world 1-tier exchange platforms in the near future.

Q3：Do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment. attractiveness? @DavidDean78

Catalina Jimenez Rivera:

Yes, of course. We will keep thinking in strategies on how to increase the value of STORE, burning is the common way to do it. Bit.Store will burn a percentage of STORE in a set proportion to transaction incentives. In addition, Bit.Store will buy and burn a STORE at market value in a set proportion to revenue. We will also bring profits for users through doing investments cautiously.

🟢 SEGMENT 3 TELEGRAM LIVE.

Q1- Diedre Rountree:

Have you been audited ? Have not heard you talk about that the security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?

Catalina Jimenez Rivera:

Yes there has been an audit of the system security made by PWC. Additionally assets are under custody and 100% compensation will be paid if they are lost.

Q2-Danae France NATASHA:

Do you have a Token Burning plan to increase Token value and attract Investors to invest?

Catalina Jimenez Rivera:

Yes, in order to better enhance the essence and value of STORE, STORE uses the economic model of burning deflation.

In the commission discount scenario, 50% of the STORE used to pay for the commission discount will be burned.

In addition, Bit.Store will spend 20% of its revenue to buy STORE in the market and then burn it.

Q3-Kathrin ledford ❤️:

What corner of the world do you plan to visit? That is, to what extent in the world do you think your Project will be solving people's problems with their infrastructure?

Catalina Jimenez Rivera:

In phase 1 we intend to reach southeast asia countries, after that we will continue with phase 2 were we plan to reach middle east countries, russia and south america and by last we plan to reach north america, europe and australian market. We believe our platform will help all beginner investors that are willing to reach the cryptocurrencies market in an easy way.

Q4-Kayleen Best Goal 0:

Many projects are just projects that make deceptive promises created by cloning existing ones and are similar to existing ones. Do you have features that are unique to you, that you have developed and that make you special?

Catalina Jimenez Rivera:

Our platform is different since it is easy and safe to use and on the other hand we look forward to bringing an interesting community with various benefits including acquiring blockchain knowledge and having communication with other users.

Q5-Primordium HENTO:

How old is Your project? What are the major plans ahead? Could you show us an image of your roadmap?

Catalina Jimenez Rivera:

Our project started two years ago. We intend to expand to different geographic locations and develop an interesting blockchain community and media.

Thank you so much for this interesting space to talk about our project. All of the questions were really interesting!