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Thanks a Lot for Actively Participating in the Bitcratic AMA Held on 25Th August 2020 at The​ ​Game of Bitcoins Channel​

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Thanks a Lot for Actively Participating in the Bitcratic AMA Held on 25Th August 2020 at The​ ​Game of Bitcoins Channel​ Thanks a lot for actively participating in the Bitcratic AMA held on 25th August 2020 at the​ ​Game of Bitcoins Channel​. We really appreciate all your support. This post is a recap of the entire session held with ​Bitcratic We have with us Amrendra Mishra My Name is Amrendra Mishra, I am a Founder of Bitcratic, I have over 17 year experience in IT Project Management/ New Service Development. We have been running business since last 9 years in Software/IT. We moved to crypto in 2018, launched Bitcratic in Nov 2018, currently we are team of 6 based in New Delhi, India Since Crypto is here to decentralized the most inportant thing “Money” we had a clear vision to go for Decentalized Exchange over centralized Exchange. We know develping decentralized exchange is complicated and the progress will be slow as less peoples are using decentralized exchange. but we know sooner or later people will move to decentralized exchanges. Things are moving in a positive direction now. Bitcratic is Ethereum based Decentralized Exchange. Users don’t need to Register/Login to Trade. You can just Meta Mask, MEW or Legder Neno to trade. We recommend to use Meta Mask The most important thing about Bitcratic is. User has full control over their funds. No one have access of users funds expect user himself. User can also withdraw funds through myetherwallet, etherscan or many other ways. Q1. Can you tell us some of the latest achievements made by the Bitcratic project & can you describe in detail the current development efforts, such as market expansion plans, expected applications & new upcoming events? Not much achievement, but if I put the number In last 6 months combined over 32000 Transaction has been done on Bitcratic.(Transaction includes Deposit/Withdraw and Trade) all data are available on Etherscan) We are ranking on 10th position as per Etherscan Dex Tracker https://etherscan.io/stat/dextracker since developing decentralized exchanges is little complicated. We are the first and only Decentralized Exchange based in India ( I personally don’t know any other) We have now good marketing budget, we will bring liquidity Q2. With the high costs of gas, the DEX have been affected. How do you think Bitcratic can overcome these drawbacks? Will it only be possible to make transactions between ERC-20 tokens? Till 3 month ago average cost of transaction was 0.03$ to 0.05$. now between 1$ to 2$. these days Ethereum network is overloaded because of complex swap and evolution of DeFi . this is temporary issue, I am sure it will be resolve very soon Important things to note is . what you see on Meta Mask before making transaction is not the actual cost. actual will be much more less. let say you see 6$ but actually 90% of time it won't cost more than 2$ Trading between 2 blockchain is technically complicated we all have seen in Binance dex. you need another chain to manage. now how many people have wallet in Binanace chain. will it be secure? is it not controlled by limited peoples. Bitcoin and ETH are different thing from rest of the crypto. in centralized exchange there are no actual transactions, just a database management of trades, do you think it is possible to such a fast transaction in Blockchain. Centralized exchanges lack primary vision of Crypto. Your money Your control. Q3. What are the criteria or things to consider before listing a token/coin project and start trading on BITCRATIC EXCHANGE and how do you identify a project is a scam? Technically anyone can trade any ERC20 Token through token contract on Bitcratic not needed to be officially listed. We do basic research before listing officially To check if right Token contract is listed on exchange. Just replace token contract with symbol example https://www.bitcratic.com/#!/trade/BAT-ETH Just replace BAT with BAT Token contract. it will redirect to BAT again https://www.bitcratic.com/#!/trade/0x0d8775f648430679a709e98d2b0cb6250d2887ef- ETH We have no control over any deposit, withdraw. Q4. As a trader, I prefer to choose CEX for trading because of using DEX is more complicated. So, what can you tell to bring us using Bitcratic (as a DEX) rather than any CEX? And why must we use Bitcratic while there were more popular DEX, let's say Uniswap? DEX are little tough compare to CEX, but if you understand how to use any 1 DEX, you will have no problem using all DEX. It will just take 10 mins and you will learn. Trading on CEX is little risky. I assume everyone understand. DEX like Uniswap are popular and giving tough competition to CEX. but it is built on complicated system which is not easy to understand. you need both ETH and token to add in liquidity pool. you don't know what price your token will be sold. or what price you will buy the token. any hacker if planned properly can manipulate the price easily. recently Exchange like Uniswap - balancer hacked https://cointelegraph.com/news/defi-protocol-balancer-hacked-through-exploit-it-seemin gly-knew-about where as with exchange like Bitcratic you place buy or sell price and trade will only happen if price matches Q5. What is use case of BCT? Can you give me some reason to buy and hold BCT? What are the benefits for long-term BCT holder? Bitcratic Tokens (BCT) is representing a Revenue Share of 50% of all Fees Collected by Bitcratic through Transaction fees, Each month revenue will be distributed in ETH to BCT Holders. If a holder is holding 1 percent BCT of total supply, he will get 1% share of all fees allocated for Revenue sharing. for more details please check https://www.bitcratic.com/bct-token.html We have explained how much you can generate in a month depending upon exchange volume and we are selling token for clear objective. we will put all collection in Marketing. We are able to manage our expenses from exchange revenue.. so all funds collected will be spent on Marketing. Ideally I should not speak much on fund raising let people think themselves, if they want they can invest small amount Q6. The 2 main issues plaguing DEX are Liquidity and Speed. How does BITCRATIC deal with these issues We are giving liquidity support for top tokens. please have a look to it https://medium.com/@bitcratic/liquidity-support-on-bitcratic-6395f05be57e We will put more funds. so it will put liquidity to exchange. What we want is for small traders to easily buy or sell token instantly. Not needed to go elsewhere...we have plan to put liquidity on top 200 Ethereum based token. So we will put small liquidity with our funds and rest traders will put Q7. For users who only use the mobile phone, will you have any applications for them in the future? You can use Bitcratic with Mobile phone. Although we have no app developed, but it is in our plan Q8. How do you distinguish BITCRATIC with other exchanges in terms of security? Only 1 risk. dns hacking. which we have taken care. but that will only effect to people who are using exchange through private key. and that perticular time. like etherdelta and myetherwallet was hacked. It was dns hacked. but just small loss.. always use Meta Mask.. you will be safe.. never override ssl warning. Even if hacker get full control over exchange. he will not not get much because its user who control their funds not us Q9. Most exchanges have their own token! Does Bitcratic have its own token? If so, what is it and what is its use? Is it available to trade on the platform or other exchanges? Thank you! On your website, there is a specific section for the list of new tokens! What is the application process that a project must do to be able to list its token? Also, how do you verify that they are not scam projects? Thank you! Yes. we do have BCT, which we already discussed Q10. Do I need to do some kind of KYC to be able to use your platform how to withdraw funds and deposit? No registration/ KYC. you can free to deposit/ withdraw. we have no way to stop you. We can only stop to trade on specific token...but we can not stop anyone to deposit or withdraw Q11. Does Bitcratic use cold wallets to protect users' asset? What procedures do you use other than this method? We don't control users funds. users funds are in users control. All decentralised exchanges have smart contract.. which take care of transactions. funds. Smart contracts are not controlled by exchange and funds deposited to smart contract can only be accessed by user wallet.. no one including we have any access of that funds Q12. Do you think that DeFi will disrupt the existing financial system? What is Bitcratic approach towards the DeFi sector? I am not FAN of Defi. it is just like gold loan. not more than that Q13. Can we change GAS fees on Bitcratic? If yes, how? And gas fees Does the change have any effect on the speed of the transactions? Yes. you can change gas price https://www.bitcratic.com/guides.html depending upon the price.. transaction will happen. if you are not in hurry use less gas price. it will take time.. but transaction will be done sooner or later Q14. Currently, Staking is also popular in Crypto Space! So, Is Bitcratic supports Staking where users can stake their coins for Passive Rewards? If No, Any plans to enable Staking? Staking we have planned Q15.
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